
Diamond is a special substance that captivates human interest like no other thing in existence. Its alluring charm and the difficulty of acquisition has made it one of the most expensive objects in existence. However, the glittery look of diamonds is a result of a long manufacturing process, and there is a lot to how it ends up on the fingers of the buyer. Below is a quick look at the steps involved in the diamond manufacturing process as well as how the diamond trade goes.
The Mining Process
A vast majority of diamond comes from the African continent, and the rest from countries like India, Russia, and Canada. These diamonds are forced up initially by volcanic activity. Then, mines that consist of large vertical shafts and tunnels bring up the ore is brought up.
Hundreds of tons of rock and gravel are blasted and processed every year to give an annual yield of 27,000 kilos of diamond rough, but out of all the diamond mined, only 20% can be utilized for polishing and jewelry; the rest is used for industrial purposes.
Entering the Market
A major proportion of world’s diamond types are acquired by De Beers’ Central Selling Organization (CSO) and it is sorted into 5000 categories. After the price of the diamond rough is sorted, it is sold in ten sites. After that, the remaining is sold to private buyers by conducting private auctions.
The Processing Phase
Nearly all the rough diamonds end up at the major cutting centers across the world. Globally, the most renowned centers for cutting are Mumbai, Johannesburg, Israel, and New York.
Nowadays, there are advanced computerized tools to examine a diamond and decide the mechanics of the cut to be made. Parameters like shape, size, quantity, and position of the stone’s internal inclusions are determined and the markings corresponding to the readings are made on the diamond to be cut. After that, the rough diamond is passed through a series of cutters, each with unique specifications. The next step is polishing and cleaning, after which, the diamond is deemed ready for sale.
The Diamond Trade Business
Once the diamond is processed and polished, the manufacturers sell it to wholesalers as well as diamond rings and other jewelry manufacturers. They further sell it to jewelry diamond dealers as well as retail buyers. However, today’s internet technology has facilitated a direct link between the diamond manufacturer and the customer too. It has thus become possible to remove the middleman from the diamond trade business, which has, in turn, paved way to an overall reduction in costs of the diamond products.