The diamond (from the ancient Greek adámas, meaning "proper" or "unalterable") is one of the best-known and most sought-after gemstones. Diamonds have been known to humankind and used as decorative items since ancient times; some of the earliest references can be traced to India. Diamond's hardness and high dispersion of light make it useful for industrial applications and jewelry. One of the characteristics of diamonds that make them so desirable as jewelry is their tendency to disperse white light into its component colors, giving the diamond its characteristic "fire". Diamonds are such a highly traded commodity that multiple organizations have been created for grading and certifying diamonds based on the four Cs which are carat , cut , color , and clarity . Other characteristics, such as shape and presence or lack of fluorescence also affect the desirability and thus the value of a diamond used for jewelry. Perhaps the most famous use of a diamond in jewelry is in engagement rings, which became popular in the early to mid 1900s due to an advertisement campaign by the De Beers company, though diamond rings were used to symbolize engagements since at least the 15th century. The diamond's high value has also been the driving force behind dictators and revolutionary entities, especially in Africa, using slave and child labor to mine blood diamonds to fund conflicts.
History
Early references to diamonds in India come from Sanskrit texts. The Arthashastra of Kautilya mentions diamond trade in India. Buddhist works dating from the 4th century BC describe the diamond as a well-known and precious stone but don't mention the details of diamond cutting. Another Indian description written in the beginning of the 3rd century describes strength, regularity, brilliance, ability to scratch metals, and good refractive properties as the desirable qualities of a diamond. Golconda served as an important center for diamonds in central India.
Diamonds eventually spread throughout the world, even though India had remained the only major source of the gemstone until the discovery of diamonds in Brazil. A Chinese work from the 3rd century BC mentions: "Foreigners wear it in the belief that it can ward off evil influences". The Chinese, who did not find diamonds in their country, initially did not use diamond as a jewel but used as a "jade cutting knife". The diamonds reached ancient Rome from India. Diamonds were also discovered in 700 AD in Borneo, and were used by the traders of southeast Asia. With the depletion of India's diamond resources, the exploration for seeking out and finding diamonds from other parts of the world began, which led to discoveries in Brazil (1725) and South Africa (Kimberley, 1867). South Africa became the favored center for diamond resources, and quickly rose as the world's biggest diamond producer.
Diamonds were traded to both the east and west of India and were recognized by various cultures for their gemological or industrial uses. In his work Naturalis Historia , the Roman writer Pliny the Elder noted diamond's ornamental uses, as well as its usefulness to engravers because of its hardness. It is however highly doubtful that Pliny actually meant diamonds and it is assumed that in fact several different minerals such as corundum, spinel, or even a mixture with magnetite were all referred to by the word "adamas".
Today, 92% of the world's diamonds are cut and polished in India, mostly in the city of Surat. Some 85% of the world's rough diamonds, 50% of cut diamonds, and 40% of industrial diamonds are traded in Antwerp, Belgium - the diamond center of the world. Antwerp's association with diamonds began in the late 15th century when a new technique to polish and shape the gems evolved in this city. The diamond cutters of Antwerp are world renowned for their skill. More than 12,000 expert cutters and polishers are at work in the Diamond Quarter, at 380 workshops, serving 1,500 firms and 3,500 brokers and merchants.
In the 21st century, the technology to produce perfect diamonds synthetically was developed. Diamonds produced by the latest technologies are visually identical to mined, naturally-occurring diamonds. It is too early to assess the effect of future wide availability of gem-quality synthetic diamonds on the diamond market, although the traditional diamond industry has already taken steps to try to create a distinction between diamonds dug from the ground and diamonds made in a factory, in part by downplaying the fact that diamonds from both sources are actually identical.
Gemological characteristics
The most familiar usage of diamonds today is as gemstones used for adornment - a usage which dates back into antiquity. The dispersion of white light into spectral colors, is the primary gemological characteristic of gem diamonds. In the twentieth century, gemologists have developed methods of grading diamonds and other gemstones based on the characteristics most important to their value as a gem. Four characteristics known informally as the four Cs are now commonly used as the basic descriptors of diamonds: carat , cut , color , and clarity .
Most gem diamonds are traded on the wholesale market based on single values for each of the four Cs; for example knowing that a diamond is rated as 1.5 carats (300 mg), VS2 clarity, F color, excellent cut round brilliant, is enough to reasonably establish an expected price range. More detailed information from within each characteristic is used to determine actual market value for individual stones. Consumers who purchase individual diamonds are often advised to use the four Cs to pick the diamond that is "right" for them.
Other characteristics also influence the value and appearance of a gem diamond. These include physical characteristics such as the presence of fluorescence as well as the diamond's source and which gemological institute evaluated the diamond. Cleanliness also dramatically affects a diamond's beauty.
There are three major non-profit gemological associations which grade and provide reports or certificates ("certs") on diamonds; while carat weight and cut angles are mathematically defined, the clarity and color are judged by the trained human eye and are therefore open to slight variance in interpretation. These associations are listed below.
- Gemological Institute of America (GIA) was the first laboratory in America to issue modern diamond reports, and is held in high regard amongst gemologists for its consistent, conservative grading.
- American Gem Society (AGS) is not as widely recognized nor as old as the GIA but garners a high reputation. The AGS employs a number system for grading cut quality, color grade, and clarity. The highest grade being '0', and the lowest being '10'.
- Diamond High Council (HRD) Official certification laboratory of the Belgian diamond industry, located in Antwerp.
Within the last two decades, a number of for-profit gemological grading laboratories have also been established, many of them also based in Antwerp or New York. These entities serve to provide similar services as the non-profit associations above, but in a less expensive and more timely fashion. They produce certificates that are similar to those of the GIA.
Carat
The carat weight measures the mass of a diamond. One carat is defined as 200 milligrams (about 0.007 ounce avoirdupois). The point unit—equal to one one-hundredth of a carat (0.01 carat, or 2 mg)—is commonly used for diamonds of less than one carat. All else being equal, the price per carat increases with carat weight, since larger diamonds are both rarer and more desirable for use as gemstones.
The price per carat does not increase linearly with increasing size. Instead, there are sharp jumps around milestone carat weights, as demand is much higher for diamonds weighing just more than a milestone than for those weighing just less. As an example, a 0.95 carats (190 mg) diamond may have a significantly lower price per carat than a comparable 1.05 carats (210 mg) diamond, because of differences in demand.
A weekly diamond price list, the Rapaport Diamond Report is published by Martin Rapaport, CEO of Rapaport Group of New York, for different diamond cuts, clarity and weights. It is currently considered the de-facto retail price baseline. Jewelers often trade diamonds at negotiated discounts off the Rapaport price (e.g., "R -3%").
In the wholesale trade of gem diamonds, carat is often used in denominating lots of diamonds for sale. For example, a buyer may place an order for 100 carats (20 g) of 0.5 carats (100 mg), D–F, VS2-SI1, excellent cut diamonds, indicating a wish to purchase 200 diamonds (100 carats (20 g) total mass) of those approximate characteristics. Because of this, diamond prices (particularly among wholesalers and other industry professionals) are often quoted per carat, rather than per stone.
Total carat weight (t.c.w.) is a phrase used to describe the total mass of diamonds or other gemstone in a piece of jewelry, when more than one gemstone is used. Diamond solitaire earrings, for example, are usually quoted in t.c.w. when placed for sale, indicating the mass of the diamonds in both earrings and not each individual diamond. T.c.w. is also widely used for diamond necklaces, bracelets and other similar jewelry pieces.
Clarity
Main article: Diamond
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