Diamonds

Diamonds have been used as an adornment, a token of affection, or as a statement of social position or title for thousands of years. Historians tell us that they were first used as an adornment on religious icons in India more than three thousand years ago. The Greeks believed that diamonds were the ‘tears of God and splinters of the stars”, and that jewelry made with diamond “reflected the constant flame of love”. Kings adorned their armor in diamonds and they were believed to have mystical powers. From the thirteenth century, European royalty wore diamonds as jewelry and in 1477; Archduke Maximilian of Austria gave a diamond ring to Mary of Burgundy beginning the tradition of diamond engagement rings. It was not however, until the twentieth century that diamonds became wholly accessible and affordable to the general public. This is in large part due to the discovery of diamonds in South Africa in the late ninetieth century and the formation of the De Beers Mining Company in 1888.

No description of diamonds and the diamond business would be complete without an understanding of the role of the South African, De Beers Company, founded by Cecil Rhodes. By the end of the First World War this company controlled approximately 80% of the distribution of all the rough diamond in the world. They in turn, controlled both the supply and thus the price of diamonds. As new mines were discovered in different parts of the world De Beers worked to form alliances to continue this influence. In 1939, De Beers created the 4C’s, color, cut, clarity, and carat, as the criteria to judge all diamonds, and since that time has worked to create marketing strategies to educate and influence the buying habits of consumers. In 1949, De Beers began its “A Diamond is Forever” campaign, which has successfully marketed diamonds as the ultimate symbol of love and commitment. While business conditions have changed over the years and De Beers control of the worlds diamond supply has diminished to a little over 40%, De Beers continues to have a tremendous influence in the price, sale and marketing of diamonds around the world.

In defining the color, cut, clarity and carat of diamonds, De Beers clarified and in many ways simplified many technical aspects of diamond manufacture and polishing. These ‘4C’s”, however, do provide the consumer with a basic understanding of the characteristics of all diamonds. Over the years the purchase of a diamond has become more affordable and available. Through careful selection and grading there are diamonds and diamond jewelry in all price ranges and qualities. Diamond jewelry and especially all jewelry surrounding one’s engagement or wedding can be a significant purchase, second or third in line with the purchase of a house, apartment or car. For this reason it is important that the consumer thoroughly understand the diamond guidelines of color, cut, clarity and carat. For every budget and at every price an understanding of these diamond characteristics can give the consumer a realistic picture of what they should expect from the diamonds or diamond jewelry they purchase. The purchase of a diamond in whatever capacity, whether an engagement or wedding gift, a simple pendant or token can provide many years of warm memories. It becomes part of an event, a history, and a life, just as it has for thousands of years.