Diamonds are considered as very valuable possession one can have. The phrase ‘Diamonds are forever’ was accepted literally by the people. With time, the diamond industry has undergone drastic changes that have contributed to the demand and love for different types of diamonds. At present, there are several diamond cuts and shapes available in the market. Some among them have gained much recognition and popularity, which keeps them in the trending list, even today. However, regardless of the different diamond cuts available in the market, diamonds are generally considered very expensive, when compared to other jewelry.
There are several reasons for the high price of diamonds.
• Diamonds, in general, are not that rare, but high-quality diamonds are very rarely found, and hence, they are very valuable and costly. Statistics say that only 30% of gem-quality diamonds are mined around the globe.
• The diamonds are formed under the earth’s surface by natural processes that occur at high pressures and high temperatures. However, mining of these naturally formed diamonds is not that easy. Mining of diamonds requires the use of heavy machinery and laborers. There are many challenges to overcome in the mining process. Even after the extraction of the diamond, it needs to be cut and polished to make it usable. All these processes are time and energy-consuming, which makes the price of these diamonds very high.
• The high price of a diamond is also because of its long durability. Diamonds are undoubtedly, the hardest mineral on earth and it is difficult to scratch or break a diamond. Among all gemstones, diamonds are considered as the most durable ones and this contributes to their high costs.
The cost of diamonds can vary depending on their features. The cut, clarity, color, and carat weight of a diamond can affect its price greatly. If a diamond has a cut of high quality, it will have high sparkle, and hence the price will be high compared to other diamonds with less sparkle and lower cut quality. While normal diamonds are colorless, there are also diamonds with fancy colors. The colorless or white diamonds are usually more expensive than colored ones.
A diamond is of high clarity if it has no inclusions in it. This will also make the stone very valuable. Carat weight speaks of the weight of a diamond. The more the carat weight, the higher maybe the price of the diamond.
Though it is true that diamonds are expensive gemstones, there can be diamonds, which are affordable for you. If you are planning to purchase a diamond on a budget, you have to look for a store with huge collections from where you can choose the ideal one for you.