History Of Diamonds

The Ancient Greeks believed them to be splinters of fallen stars. Others regarded them as tears of the gods. The myths and legends that originally surrounded diamonds began over 4,000 years ago in ancient India and have, since, transformed into a cherished, valuable symbol of love and eternity.

From Magical to Valuable

Mystical meanings were originally associated with diamonds, far before they became popular jewelry components.

The word diamond is derived from the Greek adamas, which means unconquerable. Therefore it is no surprise that diamonds were regarded as an indispensable means of protection and a powerful treatment for warding off evil spirits. Some went so far as to ingest them in the hope of reaping their healing powers, such as Pope Clement during the Middle Ages. During the Dark Ages, when diamonds were largely used for medicinal purposes, many believed that holding them in your hands while making the sign of the cross would produce healing and curing powers.

Although they were formed billions of years ago in Kimberlite pipes and were deemed valuable from their initial discovery, diamonds weren't popularly worn for decorative purposes until the Middle Ages. It was only during this time that increased attention was placed on the worth of diamonds. After the discovery of several large famous stones such as the Koh-I-Noor and the Blue Hope, the popularity of diamonds substantially grew. As the demand for diamonds grew, so did the number of attempts to obtain them. To dissuade miners from smuggling diamonds through ingestion, mine owners perpetrated the myth that they were poisonous.

The Ultimate Symbol of Love

Although diamonds were not immediately used for decorative purposes, their association with love dates back to the time of the ancient Greeks. They believed that the fire, or brilliance, of a diamond reflected the constant flame of love. They were not introduced into bridal jewelry fashions until 1455 when Archduke Maximilian gave a diamond engagement ring to Mary of Burgundy. They have served as the ideal version of engagement rings since the late 1930s when the DeBeers Company created the slogan A Diamond is Forever.

Mine Discoveries Shape Diamond Production

The biggest diamond discovery of all time occurred during the mid-19th Century near the Orange River in South Africa which in turn, sparked the world's biggest diamond rush. Subsequently, the 1979 discovery of the Argyle pipe near Lake Argyle in Australia became the richest diamond deposit in the world. Furthermore, this deposit remains the largest producer (1/3 of all the world's diamonds) by volume.

A Diamond Cartel is Born

The mid-19th Century discovery of large diamond deposits in South Africa sparked both the beginning of a diamond monopoly as well as the artificial idea of diamond scarcity. Each began with the single entity known as the DeBeers Mining Company. The company's founder Cecil Rhodes bought the majority of South African diamond mines in the late 19th Century, laying the foundation for the cartel that his company would later become. Ernest Oppenheimer took control of the company in 1929 and ensured the stockpiling of all its diamonds throughout the Great Depression, instead of selling them at reduced prices. When the United State's economic struggle finally subsided almost ten years later, his son Harry took over.

The ingenious efforts of an American advertising firm aided in reestablishing the world's demand for diamonds after this period of economic turmoil. Here the famous slogan, A Diamond is Forever was coined. Appeasing to a young male market, this advertising was responsible for making the diamond the world's ideal definition of an engagement ring. By 1938, ¾'s of all diamonds were being sold for engagement rings in the United States. Clearly this fascination with the stone that became known as the ultimate symbol of love has not yet wavered as the U.S. still accounts for 50% of the world's diamond market.

While diamonds once were legitimately a rare stone, the availability of this gemstone soared with the South African mine discovery. Mining companies could not afford to make this news public out of fear that the demand for diamonds would lessen and their price would drop. A monopoly was the answer, and DeBeers was the leader. Many prospectors merged to control the production of diamonds, finally solidifying the diamond cartel that DeBeers had been building for years. DeBeers helped maintain the idea that diamonds were rare and valuable, keeping prices high through strict regulation and stabilizing the world market. Although several mining companies in countries such as Russia and Canada have recently challenged the DeBeers monopoly, it still remains the largest diamond mining company in the world, annually producing 2/3's of the world's diamonds.

A Classic Jewelry Choice

Today over 100 million women wear diamonds, with a total carat weight of over 500. About 130 million carats are mined annually throughout the world, with a total value exceeding $9 million. Nearly four times as many diamonds are artificially produced as synthetic diamonds. They still remain the ideal standard for engagement rings and other bridal jewelry and are beautiful, timeless gemstones that have been treasured for centuries.