The economy of diamonds is felt in all corners of the world. Here are some facts about
diamonds and how they may have an impact on you:
The Ecological footprint
Considering the effects of other mining techniques (crude oil, etc), diamond mining has a
minimal ecological footprint. It is proven that the total energy it takes to extract one diamond
from the earth is less energy than to produce of one CVD (synthetic) diamond.
The Real Demand
According to statistics, last year was the biggest year for diamond demand. With American
Millennials (born 1981-1996) surprisingly creating the largest demographic, even though they
only represent a quarter of the entire population. Perhaps the appeal of diamonds can be linked
to their sentimental value that still holds true in North America. They can represent commitment,
authenticity and tradition- values that the Millennial population are trying to keep hold of in the
ever-changing landscape of technology and innovation.
Diamonds Are Rarer Each Year
Production of mining is decreasing due to the lack of diamond bearing kimberlites, which are
actually pre-historic underground volcanic pathways where diamonds have been dispersed.
Most of these pathways have already been tapped into decades ago, and therefore their
resources have since been depleted, although, not entirely.
To get a better sense of how many diamonds are produced each year, the volume of 1 carat and
under fit equal the volume of two basketballs. The higher the carat, the less volume, diamonds
over 5 carats can fit into a single tennis ball. Ensuring that natural diamonds will always
maintain their value.
Moral Conflicts With Sourcing
The sourcing of diamonds has made waves throughout Hollywood with several documentaries
and most famously the film Blood Diamond about the danger involved with diamond trading in
African countries. However, the industry has responded to these conflicts by putting in place
strict regulations on diamond sourcing, with most famously – The Kimberly Process – which
prevents conflict diamonds from entering the mainstream diamond market. Not to mention that
all major diamond mines, traders and producers have strict safeguards in place to ensure safe
Diamonds Are Ancient
As the story goes, these gems have been around for billions of years, well below the earth’s
crust. Years of pressure and heat from the earth’s core have condensed carbon into these
precious stones. The only reason we are able to mine them, is because of volcanic eruptions
that have pushed them almost to the surface over time. Attributing to their value, diamonds are
the oldest things that are in circulation today.
Supporting A Global Economy
Last but not least, did you know that the diamond economy supports over 10 million people?
Including small scale producers in African and South American countries. Much like the
Canadian oil field, many local economies are based on the abundance of these natural and
valuable resources, and their demand within the global market. For example, with the discovery
of diamonds in some struggling African countries, it has completely overhauled the economy of
the entire country. With the proceeds trickling into their social spending for education and heath
Producers in the diamond industry have heard the call to the appeal of processes that don’t
have a damaging ecological footprint or use chemicals in the extraction process. Luckily
diamond production have neither- many producers are heading toward a carbon neutral status.
The demand for diamonds has never been higher, and the production and distribution of
diamonds has never been safer. Making the diamond economy a crucial one on a global scale
as it is keeping up with innovation.