Why do people buy diamonds even though diamonds are expensive?
“Diamond is the most valuable, not only of precious stones but of all things in this world.” - Pliny.
Let's have glowing insights from a detailed study on diamonds that will show why diamonds are precious, valuable, and expensive. We will gain information about what makes people buy those expensive gems!
Let's assess some factors that have played a great role in making diamonds expensive.
It's all about the origin.
Do you know challenges always pay off? Diamond mining is a time-consuming and costly process. If diamond mines are located in frozen terrain or in remote areas, the situation becomes even more grueling.
Was it a diamond from a mine that doesn't produce a lot of them? Was it difficult to mine? Was it sunk beneath the sea and drilled with specialized equipment? Answers to all these factors are a cause behind the hike in diamond prices.
How can we forget 4C's?
The next factor that adds to the Diamond price is the process of balancing the 4 important C's of a diamond. No, we are not going to discuss what these 4'C's are, but the details about how different elements contribute to creating a diamond that matches the standards of 4C's.
The majority of diamonds found in nature have numerous inclusions (minor imperfections within a diamond), and finding a stone with only a few noticeable flaws is difficult. It's challenging to find a diamond with both good color and clarity, and it's even more difficult to find one diamond with both qualities.
Miners have to process about 100,000 tonnes of rock, depending on the mine, to produce a single piece of rough diamond that could be cut into a 1 carat D Flawless faceted diamond.
Size and craftsmanship are two other important factors. When comparing diamond prices of various carat weights, you'll notice that the larger the stone, the more expensive it is per carat. This is because larger diamonds are more difficult to come across than smaller ones. Larger diamonds with excellent clarity and color are even rarer. And everyone knows, the rarer, the higher.
These rough diamonds are cut, faceted, and polished by different skilled diamond artists to make them shine, increase their durability, and make them presentable enough to increase their values.
Based on the cut quality, to show maximum brilliance, the stone has to undergo certain processes. In addition, diamond cutters aim to maximize carat weight while keeping a high level of clarity.
It is usually impossible to cut a diamond while keeping it highly proportional, clear, and large. Achieving an excellent balance of cut, clarity, and carat weight is difficult, so large, clean proportional stones are rare and expensive.
Fluorescence in a diamond refers to its behavior of reflecting a soft, colored glow when exposed to ultraviolet light.
Fluorescence is considered a flaw in a diamond because it can make it appear blurry and murky rather than clear and brilliant, which acts as a reason for dulling and concealing the diamond's fire and scintillation caused by light interaction.
The diamond price with fainter fluorescence can be valued at 10 to 20 percent costlier than that with a strong fluorescence.
Did you know, a diamond's polish and symmetry can reduce its value by 7 to 10%?
The amount a buyer will pay for a diamond is also impacted by its polish and symmetry. Polish refers to the smoothness of the diamond facets' surface which is performed after cutting, whereas symmetry refers to the overall precision of the shape's cutting.
These two are crucial factors in stone's finish, and they have an impact on the final polished diamond's appearance.
But why do people buy expensive diamonds?
First thing first: Diamonds offer fair returns. Diamonds have witnessed a constant price hike in recent years, but there are various factors that have caused the hike in the selling of diamonds.
Its size is the first and most obvious advantage it has over gold. Diamonds, unlike gold bars, do not take up a lot of space. And with its small size, it takes very less storage space. So much that even a small safe can hold a diamond worth lakhs or crores of rupees.
The hardest thing on Earth, Diamonds are also known for their durability, which is a benefit conferred upon them by nature. One can be worry-free because nothing can harm them!
And how can one resist themself from the alluring aura it radiates? As diamonds are also considered symbols of love, people tend to buy diamonds online or from shops in order to show their eternal relationship.
So in spite of the fact that diamonds are expensive, people buy them because they have so many qualities and benefits. Diamonds amplify one's statement, give a luxurious look, and it shines forever!
At HK, we understand the preciousness of diamonds and equally value the importance the purchaser has for them, so we have a fair and fixed price policy for buying diamonds online and in person, too. To learn more about our buying policy please click here: - Fair & fixed price policy