22 Sep An Unexpected Source Of Diamonds?
If you’ve ever seen the movie Blood Diamond, you may be under the impression that Western Africa is the leading producer of diamonds in the world. In fact, we asked our intern today who she thought the leading diamond producer was, and she immediately said “Sierra Leone”. As of the end of 2014, Africa has been surpassed by a country that most people wouldn’t think of when speculating where a diamond comes from. Russia is actually the leading producer of diamonds in the world both by volume and by value, beating out number two producer, Botswana, according to KPCS. Over the past year the global output of diamonds grew by 4 percent as the average price jumped 8 percent to $116.17 per carat. Despite these numbers, overall global diamond production, in terms of volume, fell to 124.8 million carats.
Like any number of other things, the price of diamonds is controlled by the market and the principle of scarcity. There are a finite number of diamonds and a lot of people that want diamonds. A number of additional factors are attributed to the final cost like cut, clarity, and so on, but everything begins with that one raw stone. The next time you see light dancing off of that multi-faceted diamond, remember that every diamond has a story to tell and the most important one is yours. Right now, you can take advantage of Hemming Plaza Jewelers’ Summer Savings Diamond Blowout and start telling a story that endures for generations.