Other than the fact that diamonds are the hardest materials on earth there truly isn't anything unique about them. Despite popular belief, diamonds happen to be one of the most common gemstones on earth today so it's time to start asking ourselves, "What's with all the hype about diamonds?".
Here are some of the most common myths that exist today when it comes to diamonds and the diamond industry:
Diamonds are extremely rare. False!
Diamonds are the opposite of rare. In fact, there have never been more diamonds in existence than there are in the world today. Want to hear something even crazier? In order to keep the price of diamonds high the monopolized industry limits the yearly release of new stones, storing the excess yield in warehouses all over the world in order to maintain the perceived and false reality of diamonds being lower on supply then they are of their demand. Fun fact: 133 million cts of diamonds are mined every year!
Diamonds are expensive to mine. False!
One of the many ways consumers try to rationalize the high price tag of diamonds is as a result of the high cost of mining the stones themselves. This is simply not true. Diamonds are not much harder to mine than other gemstones are, especially given the technological advancements of the 20th and 21st centuries which have dramatically reduced the cost of labour across the industry.
Diamonds are a great investment. False!
The retail industry is a crazy place full of unknown back end operations that the majority of average daily consumers would never have the opportunity to become aware of. That said, when purchasing a diamond from a retail store you are most likely paying a 50-70% markup on your stone right off the bat. That means that the second you walk out of the store with it, the worth of your 'incredible investment' has immediately gone down up to 70%. The appraisal value that you often receive with your stone/ring purchase is really only useful for insurance purposes because you will most likely never be able to sell your diamond ring to someone else for what that appraisal says it is worth. It's no wonder that family heirlooms are more often passed down to future generations for their sentimental value, rather then being sold off for cash.
These are just a few of the main myths surrounding diamonds that the industry tries to keep alive so that consumers will have something to continue to justify the extremely high price tag for these not so special, not so rare precious gemstones. Diamonds are definitely beautiful, I myself am a big fan of their look, but that doesn't mean they should be so expensive for absolutely no reason! If you can afford to and feel comfortable spending that amount of money on the diamond that truly checks off all your boxes (carat size, colour, clarity, cut, etc) then of course you should go ahead and get it. However, if you find yourself settling for a lower quality diamond (warmer in colour, low clarity and quality of cut resulting in less sparkle, and smaller than you would really want to admit) just to say that you own a diamond, I would definitely recommend thinking long and hard about why exactly it is you feel the need to settle for less than exactly what you want and deserve.
Hope this helps!
Xoxo Ring Come True