Diamonds have been a symbol of wealth and richness for quite a long time now. Humans are just so fascinated and enamoured by these little rocks that they often overvalue these gems’ price. From being used in engagement rings, necklaces, and whatnot, diamonds have become essential for wedding rituals. When was the last time you were part of a wedding setup and did not hear of the diamonds? Most of you won’t be able to remember. Why? Cause the hype and prestige we have associated with these rocks is just unmatchable and unparalleled. Today, we are debunking the common belief diamonds are rare, which makes them pricey.
Here are the Reasons why Diamonds are Not Rare Gemstones:
1- Common Myths Overhype the Rareness of Diamonds
The International Gem Society (IGS), perhaps the most trustworthy source to get knowledge about diamonds, has revealed that these shining rocks are actually the most popular gemstones in the world. Talk about being rare; not even a million miles close to that. To be fair with diamonds a bit, we can say that all gemstones, whether it be ruby, pearl or sapphire, are actually rare in nature cause there is a limited supply of them. However, among the gemstones, diamonds are not rare at all. The Atlantic that by 1982 more than 100 million women in the world were in possession of diamond jewellery.
If that’s not enough to make you believe in the commonality of diamonds, then here is another fact for you. It was estimated by The Atlantic at that same time that there were 500 million carats of diamonds in possession of the general public. Astounding figures, aren’t they? Fast forward to 2022, and you hear about diamonds being used in almost every other engagement making the availability of them so common that pretty soon, we might all shift to some other fascinating gem for our wedding rituals.
2- Diamonds are Marked Up:
Do you know why we pay a hefty price for diamond rings, necklaces and more? Cause we all believe them to be highly rare and scarce in availability. It’s a constructed fact that has been taught to us from the beginning of our lives as people of sound mind and body. However, we all already know by now that diamonds are not rare at all. Now you must be wondering why their prices are so freaking high. Well, it’s cause the diamond sellers are charging you an outrageous sum for diamond purchases by using the common myth to justify their unordinary price tags.
The Atlantic has revealed that diamonds are actually marked up about 100 to 200 percent of their original value. We were as stunned as you are right now when we first heard of this shocking price rise strategy used by the diamond sellers. This also contributes to the fact that diamonds are possibly the worst investment ever. The sellers depreciate the value of your purchase as soon as you walk out of the shop. It’s loot business that’s fooling us all in plain sight.
3- A Few Gemstones Surpass the Value of Diamonds
Let’s just assume for a moment that diamonds are actually the rarest gemstones available on the Earth. This means that their price should be higher than any other gemstone that’s found in our homeland. However, that’s not the case in reality. Gemstones like Ruby, Emerald, Sapphire and Alexandrite are so much rare that their value far surpasses diamonds. Surprised? Well, get ready to be more astounded by these facts listed below.
- In common trade, 1 carat of a diamond is valued at around $4,300, while a diamond of 5 carats is sold at about $44,500. Quiet expensive, isn’t it? Wait till you read about the pricing of ruby.
- Alexandrite, a rare gemstone that many may not have heard of, values $3,600/ct, and for 5 carats, it’s traded at around $70,000.
- We all have heard of rubied, but did you know that 1 carat of these beautiful gems will set you back at about 5k dollars? For 5 carat, it’s traded in the market for a whopping $1,00,000.
By now, you may have already realised that the marketing campaigns run by jewellers have taken advantage of our preset notion about the diamonds’ valuableness to overhype the prices of diamond jewellery and continue earning millions. Diamonds are not rare at all, and now you know the reasoning behind that. So, next time when you are out shopping for valuable gemstones, consider spending on those shiny little rocks that can actually turn out to be a significant investment.