The Economic Value Of Diamonds

Diamond windows are made from thin diamond membranes and are used to cover.

The economic value of diamonds.

The two countries russia and botswana together produce 43 of the total volume and 53 of the total value of rough diamonds in the world. Thanks to diamonds botswana has one of the fastest growing economy average annual growth of gdp of 7 since 1966. Lets say a 0 50 carat diamond has a price of 1400 per carat. The diamond industry creates a lot of jobs.

Once a price has been determined based on this report jewelers will make adjustments based on cut girdle culet and other secondary factors. This one is easy to calculate since the diamond is 1 carat the price for the stone is exactly the same 4 100. However there are many uses economic values of diamonds. But since the reality is that 1 carat diamond prices range from 1 900 to 16 000 and 2 carat diamond prices range from 8 000 to 84 000 which is a huge difference so as a general rule of thumb in today s market my recommendation for best value for money diamond would be g color si1 clarity no fluorescence and at least very good cut and very good polish symmetry.

Diamonds have no intrinsic value beyond their scarcity and so the discovery of new diamond mines in 1870 caused existing diamond producers to band together and form a cartel called de beers. It is the strongest type of chemical bond. Or let s say that a 1 carat diamond has a price of 4 100 per carat. The impact diamond revenues have on world economies includes.

Diamond is one of the most durable and versatile substances known. The huge influx of supply meant that de beers had to find a way to ensure that diamonds were never resold. That diamond s price for the stone would be 1400 0 50 or 700. These unique stones are almost as old as the earth itself and have become culturally socially economically politically and even scientifically significant.

The diamond trade contributes approximately 7 6 billion per year to africa. Per point value of diamonds increases the larger the diamond is so a 1 01 carat diamond may cost significantly more than a 99 carat diamond despite the fact that they are almost exactly the same. The diamond value chain from exploration to mining processing and retail employs over 10 million people around the world and jewellery sales alone having grown three fold in 25 years. In this case the total utility of diamonds is 200.

But you may only want to buy two in your lifetime. The marginal utility of one diamond may be 100. Figures from the world diamond council state that each year around us 13 billion of rough diamonds are mined 65 of which come from africa. This industry employs around 10 million people worldwide.