Diamonds Are Not Actually Rare

The perception of a diamond's immense value stems from a carefully crafted illusion of scarcity. Geologically, carbon atoms crystallize into diamonds under extreme heat and pressure deep within the Earth's mantle, and this process has created a staggering supply. While most of these natural diamonds remain inaccessible, the deposits that are reachable through mining are far more abundant than other truly rare gemstones. The challenge lies not in their existence, but in the cost and effort of extraction.

This discrepancy between abundance and price has historical roots. In the late 19th century, massive diamond discoveries in South Africa threatened to flood the market and collapse prices. To prevent this, mining operators consolidated into the De Beers cartel, which meticulously controlled the global diamond supply for much of the 20th century. By stockpiling diamonds and releasing them in limited quantities, they artificially maintained high prices and the illusion of rarity.

To solidify this economic control, De Beers launched one of history's most successful marketing campaigns in the 1940s. With the slogan "A Diamond Is Forever," they inextricably linked the gemstone to engagement, love, and permanence. This campaign single-handedly created the modern cultural tradition of the diamond engagement ring, manufacturing a demand that has sustained high prices for generations. Today, the growing market for chemically identical, lab-grown diamonds further underscores that the value of a diamond has always been more about masterful marketing than geologic rarity.