The Foundry Journal

By Category: Diamond Industry Articles

The Foundry Journal

Mined Diamond Myths — They Are More Rare, Inherently Valuable, Or Any Different

November 15, 2015

In the News

Style Guide

Diamond Industry

Mined Diamond Myths — They Are More Rare, Inherently Valuable, Or Any Different

November 15, 2015

Mined Diamond Myths — They Are More Rare, Inherently Valuable, Or Any Different

November 15, 2015 BY Diamond Foundry IN Diamond Industry

Myth: Mined diamonds are rare. Truth: More than five billion carats of diamonds have already been extracted from the Earth. There is an almost unlimited supply of diamonds stored deep in the Earth.

The supply of earth extracted diamonds is solely limited by their pace of extraction, which is carefully controlled. Dig up twice the amount of soil, and you have twice as large the supply.

Industrial mining occurs at a scale unlike that of any other human activity; it is capable of any output.

Our own production is less than 0.01% of all diamonds on Earth. We produce fewer diamonds than the number of bottles in the 1971 vintage of Chateau Petrus. See also Diamonds: How rare are they?.

Myth: Mined diamonds take billions of years to form. Truth: Diamond forms very fast in the Earth — within just a few hours in fact. They then just reside there for a long time. The process of the formation of diamond is not fundamentally different underground versus man-made above the ground — it’s carbon atoms arranging in a crystal lattice called diamond.

Myth: Mined diamonds are inherently valuable. Truth: Diamonds found underground are actually free in that they do not even cost anything to make. Mined diamonds have zero cost of production and only some cost of extraction.

Myth: Mined diamonds are a store of value. Truth: Retail diamonds are a luxury product and nothing else. There exist some rare large diamonds that are akin to an authentic Picasso painting — a collector’s item. But those collector’s stones have nothing to do with what’s available in any retail environment.

Myth: Mined diamonds are different because they are natural. Truth: What is the difference between an apple from an orchard versus an apple from a wild tree? Or a piece of ice from a lake versus ice from a refrigerator? Or a baby born via IVF fertility? No-one would call this “synthetic” versus natural. Their point of origin is different. That’s all. Further, for an apple or a piece of ice, one can see the benefit of something being wild instead of farmed. But for diamonds, being mined in the wild is destructive to nature and humanity. So the farmed version is actually better.

Myth: Diamonds on Earth are from Earth. Truth: Diamonds on Earth are either formed within hours inside the Earth; or they are from outside the Earth from diamond containing meteorites heading towards the Earth. Many planets are diamonds only!

Related Articles

×
×
Contact us

Please leave this field empty.

We look forward to hearing from you. If you would like to speak by phone, please leave a call-back number in your message.

Create an account

Receive member pricing, track orders, etc.

Please enter corrent email

Reset your password

Enter your email address below and we'll send you a new password.

Please enter corrent email

Save and share your favorite jewelry, please sign in:

By proceeding, you agree to our
Terms & Conditions.