People often think that diamond mines must make a fortune from the loose diamonds they mine. They think that the profits from uncut diamonds must be massive. The reality is more different.
Did you know that 85 per cent of the diamonds that are mined are only suitable for Industry. This leaves us with 15 per cent available for the jewellery industry and imagine refining that into colour grades cut grades and clarity and you will have an idea as to how imperfect the average diamond is. It is only the really good quality stones that make it into the top dealers and suppliers and this is a tiny percentage.
Only one diamond in a million is a carat or more. A one carat diamond can often cost 3-5 times the price of a half carat diamond. The average mine costs about 1 billion to identify and a further 1 billion to develop. Some of the stones are up to 5 miles below the earth’s surface.
The young diamonds are 100 million years old and some of the older ones up to 200 million years old-so the next time you see a diamond show some respect! Your diamond will significantly in your new bespoke ring – wouldn’t you, having been in the dark for 100 million years or more!