Diamonds are beautiful and rare, but their practical uses are limited. Diamonds are one of the hardest naturally occurring substance found on Earth and serve two main functions today: jewelry and industrial uses. Approximately 50 percent of the volume of diamonds extracted becomes gemstones for jewelry, yet they account for more than 95 percent of the total value. Sure, you could argue that diamonds for the purpose of making industrial grade drill bits are useful, but those aren’t the kinds of diamonds found in a retail jewelry store.
In 1940s era, where men often went out to work and earned the pay, while women stayed home and minded the children and the house. In those days, a diamond, given by the man to his wife, was seen as a form of security for an unemployed wife who had no money of her “own”. While today, this scenario still exists, it is less common, however, the tradition remains in place.
Industrial Uses for Diamonds
The most common uses for diamonds outside of fine jewelry are for industrial applications. Because diamonds are so strong, they are extremely effective at cutting, drilling and polishing. Many industries including mining, automotive and military use diamond drills and saws. Small diamond particles are added to drill bits and saw edges to make them more powerful for cutting tough materials. Industrial grade diamonds are the best and strongest material to use for cutting and polishing their jewelry-grade counterparts.
Diamonds as a Symbol of Longevity
The qualities that make diamonds so valuable in the industrial sector – qualities like longevity, durability, and clarity – are transferred in a symbolic way to diamond jewelry, especially when the diamonds are given as a gift. That is why iGaming industry also uses the name Diamonds in various games to attract more player’s shiny diamonds in slot games is one of them. The value of longevity, or a diamond’s endurance under tremendous stress, may influence a purchaser’s decision. Reason why people want diamonds is also one of the simplest: they are beautiful. Clear, sparkly and filled with light, their brilliance is unmatched among other gems. And, with the prevalence of media in today’s generation, advertising also plays a huge role in the desire for a diamond. After all, who wouldn’t want to invest in something that lasts “forever”?
The Diamond Price Marketing Strategy
Law of demand and supply doesn’t apply on diamonds as every diamond dug will diminish its market value because, as we all know, diamonds are forever. But this doesn’t happen actual; the prices of diamonds are not dependent on supply, but just on market demand. It’s the effect of the same marketing strategy that drives this demand till now. Unlike gold and silver, not all diamonds can be used as an investment instrument. The usual diamonds which customers buy as jewelry are not of investment grade and have very less resale value. This is because the wholesale and retail value of diamonds has huge differences and the retailers desire to buy them at wholesale prices. Hence, diamonds are just pretty (expensive) stones with not much value.
Why do People Purchase Diamond Jewelry?
- The rarity of a diamond itself, and its combination of the 4Cs, make all diamonds one-of-a-kind. Presenting a diamond to a loved one can be an expression of this. “Your inner beauty is as unique as this diamond. Please accept this gift as a reflection of all of your virtues.”
- in a society highly invested in media, movies, television, music and social media, following trends is of particular importance. Hollywood stars, whose appearance dictates many fashion choices throughout their massive following, deck themselves out in carats of beautiful diamond jewelry, feeding the desire of those who idolize them to create similar fashion choices.
- Diamonds are often looked at as a status symbol. People who wear them are marked as having money or being successful.
- Some may buy diamond jewelry for himself or others as an expression of an individual’s dazzling, distinctive, radiant personality.
- Most importantly giving diamond jewelry means expecting nothing in return. It’s still the best way to show love to your loved ones.
Right or wrong, some people measure self-worth by the size and quality of the diamond jewelry they receive. We have been fascinated by the mineral for thousands of years. Although the romance of discovering a huge diamond may be over – perfect diamonds can now be created in the lab. But we're not about to stop now, this obsession of diamonds will never end among mankind.