Diamonds are beautiful stones, but why are they so expensive? Why are they more valuable than other stones? For those who are genuinely curious or wondering why that engagement ring costs so much money, here are some of the most common myths about diamonds – and why they are not true at all.
The bigger it is, the more expensive
While size is a factor, it is weight that determines part of the value. The four main factors are carat, clarity, color and cut, and they underpin the whole classification process. One trait will not win against the others. If you see a huge diamond, you might assume that it’s expensive beyond imagination. However, if it is dull and has a low level of clarity, the value plummets and it is no more expensive than the miniscule but crystal clear Diamond Eternity Rings sitting next to it.
Diamonds are rare
Given the price that many pieces can be, one would assume that diamonds are rare and difficult to obtain. The reality is that diamonds are more common than many other gemstones. They might even be the most common.
Gemstones are generally classified according to their weight and rarity, which is why rubies, emeralds and sapphires are far, far more expensive. The next time you see the price of a diamond on https://www.comparethediamond.com/diamond-eternity-rings and wince, you had better not look in the sapphire section!
After all this, you still may ask why they are so expensive. The answer is as simple as this: because you want them to be.
Market demand is a fickle thing. If people suddenly stopped buying diamonds, the value would automatically fall. People frantically buy more diamonds, and the market responds by pushing up the prices. Diamond prices are in the same market as houses, clothes, and any product with a level of demand.
In the 1800s, a treasure trove of diamonds was discovered in South Africa, destroying the impression that the stones were exceedingly rare. Suppliers responded by only releasing enough diamonds to meet annual demand, keeping up this impression.
Of course, now we know differently, but this strategy is still used to control the price of these sought-after stones. Nevertheless, we can’t deny how much we love these shining, dazzling additions to our jewellery boxes.