Why Are Diamonds So Expensive & Why Do We Love Them?
Why are diamonds so expensive? People often think diamonds are expensive because they are so rare. However, this is not the case. Diamonds are not particularly rare, at all. In fact, diamonds are abundant on earth and can be found in two different ways. One is through volcanic eruptions and the other is through, cosmic debris.
So why are they expensive then? Well, in this blog, we’re going find out exactly why diamonds are so expensive and share with you our Managing Director, Toby Bensimon's TEDTalk about Why We Find Carbon Beautiful, which contains some surprising facts about diamonds.
What you'll learn:
What makes diamonds expensive
The role that social media has played
Why we love diamonds
All you need to know about diamond engagement rings
What Makes Diamonds Expensive?
It's true when we say that diamonds are not rare. However, high-quality diamonds that can be used by jewellers ARE rare. This is because most of the diamonds found on earth are not of the quality or size required for jewellery. Diamonds of acceptable clarity, colour and carat weight are very hard to come by and that is one of the reasons why diamond jewellery can be expensive.
One of the other reasons why diamonds are so expensive is the craftsmanship that goes into your new diamond ring or jewellery item. Once a diamond of significant quality is found, they have to be converted into the piece of jewellery that you know and love. This is not an easy process, and it is why jewellers charge a premium for some of their diamond products.
Once the diamond is sourced, it has to be cut to a particular size and quality. This process requires modern technology, equipment and expert jeweller hands. Diamond cutting requires the optimal balance between, clarity, cut and weight. If there is a section of the raw diamond that is flawed, cutters will often remove them to create a more dazzling finished product. Once the diamond has been through the cutting and polishing process it can be put into your favourite diamond earrings, bracelets, necklaces and rings.
What Role Has Social Media Played?
Marketing also plays a huge role in diamond prices. To put it in simple terms, they are expensive because there is a demand for diamonds. If you are exposed to diamonds every day through social media, you are more likely to buy them. Toby Bensimon explained to the Jewellers Podcast about how social media has affected the diamond industry.
''I think now, the homogeneity of jewellery globally is driven by Instagram,'' he said.
''I mean, before anyone comes into our store, they've looked at 10,000 pictures of a ring. Whereas before that, they would get two catalogues, have a look and circle the ones they liked.
''Now they just have this extreme exposure and the influential people on those platforms really dictate and drive the tastes of the day. If they see Kim Kardashian with an oval-shaped diamond, you better believe it, the next day, that's what everyone's asking for.''
Because of the emergence of influencer culture, social media now serves as a primary search tool for people in the market for an engagement ring. It is also a bottomless source of information and inspiration for potential buyers.
Why Do We Love Diamonds?
The human brain is hard-wired to love beautiful things, and there is nothing more beautiful than a diamond. There are certain parts of the brain that are associated with judgment and then there are other parts of the brain that are associated with reward. These are the ones that release dopamine and norepinephrine. What happens when you're in love is those parts of the brain light up and shut down when exposed to objects of beauty, and diamonds are at the top of that list.
The love for diamonds dates back centuries. Throughout history, we've always had a deep fascination for diamonds and their origin can be traced back as far the 4th century BC. The supply of diamonds was even used in the Dark Ages as medical aid because they were thought to cure illness and heal wounds when ingested.
People are also obsessed with diamonds because owning something unique and expensive adds value to social status in society. That's essentially why people buy luxury items. However, as Albert Bensimon explained on the Jewellers Podcast, lower-priced diamonds can still bring a great amount of excitement.
''I think that with some jewellers that only sell certain qualities don't realise that if somebody buys a one carat ring, they might still get the same excitement as someone who has bought a $20,000 ring,'' he explained.
''There shouldn't be a prejudice that you won't sell certain quality. It doesn't matter about the price, you can identify if it's well-cut, or if it's got good colour.
''When you see the joy of someone buying a $3,999 ring and the excitement on their face, you will sometimes get people who are more excited than a person who has paid 20 grand.''
Diamond Engagement Rings
Another reason why we love diamonds so much is that they symbolise love and the bond of marriage. The use of rings as a symbol of commitment dates back to ancient history, specifically to the Roman era. Here at Shiels Jewellers, we know all about diamond engagement rings. Whether used in combination with coloured gemstones or by themselves, diamonds are a classic feature for an engagement ring.
Now you know why diamonds are so expensive and why we love them, you can shop our full range of diamond jewellery. Or you can check out some of our favourite diamond blogs:
More About Diamonds:
★ Diamond Buyers Guide
★ Diamond Types Guide
★ Diamond Cut Guide
★ Diamond Glossary
★ How To Care For Diamonds
★ What Are Diamonds Used For (Besides Jewellery)?
★ 15 Little-Known Facts About Diamonds (And Carbon)
★ What is the April birthstone?
★ A Look Into: Australian Diamonds
★ Trend Report: A Look Into Celebrity Diamonds