world-of-diamonds

INTRODUCTION:

The word ???diamonds??? has its origin from the Greek word ???adamas??? which means ???unbreakable.??? Indeed, as we all know, diamond is the hardest known substance in existence. Originally a compound of carbon existing in allotropic form of the element, diamond has a tetrahedral arrangement that gives it the necessary hardness. Pure and uncut diamonds are predominantly used in industries for cutting and machining purposes while in the cut and polished form, they are applied in the jewellery and fashion industry for the consumer populace of the world.

FORMATION OF DIAMONDS:

The formation of diamonds is a very difficult process as it requires very high temperature and pressure conditions. Although most of the diamond occurring in the world is formed by existence of carbon-bearing compounds under the lithospheric mantle below relatively stable plates, an occurrence of diamond in South America has been found to be due to meteoritic strike on the Earth???s surface.

 

DEMAND FOR DIAMONDS:

Diamond, in its cut and polished form, is of high value in the world market and considered to be a precious gemstone. Diamond jewellery and fashion accessories having diamond-studs are almost of an invaluable proportion. Many prominent diamond cutting centres have come into existence over the last century with the rapid increase in diamond mining activities and a better global economy craving for more of this precious gemstone. New York City happens to be one of these major diamond centres where almost 80% of the world???s diamond is cut and sold, occasionally through auctions. It is also one of the few diamond-cutting centres in the world which has the potential to handle large and more precious gemstones. With the economic boom in the world, diamond has seen an unprecedented growth in sales and value, primarily in the consumer market. Diamond also holds its fair share in the industries with the Rio Tinto Group valuation of uncut diamond sales for industries amounting to US$9 billion for the fiscal year 2011-12.