“Her engagement diamond is a drop of magic flame fashioned through eons,” says a 1940s advertisement from De Beers, one of the biggest diamond mining and export companies in the world.
From this ad comes the timeless “diamonds are forever” quote.
There is a reason why women love diamonds. From engagement rings to wedding rings to everyday trinkets, women wear diamond jewelry whenever and wherever they can.
Unlike other gemstones, diamonds exude minimalist sophistication. They will always look classy and elegant on any occasion without appearing too overbearing.
Brief History of Diamond Engagement Rings
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Diamonds have a colorful history. Not many people know that diamonds have existed for a long time, treasured since ancient times. Even to this day, there are bizarre stories and legends about diamonds.
The hardest known gemstone on earth, civilizations across history associated the diamond with power and invincibility. Ancient Greek warriors once wore diamonds to train their bodies and increase their battle prowess.
It wasn’t until 1477 that diamonds took on a more feminine appeal when Archduke Maximillian of Austria commissioned a diamond ring for his fiancee. Since then, diamonds became staple gemstones in engagement rings and wedding trinkets.
Are Diamonds Really Forever?
The exact lifespan of a diamond is still unknown. While diamonds are not necessarily forever, they can last for a very long time.
With proper care and maintenance, a diamond jewelry can last for several generations and, in some cases, for lifetimes thereafter. This is the reason why they make for some of the best heirloom jewelry.
A diamond’s atom composition may loosen up over time. When this happens, they turn into graphite, a mineral with lesser market value. Though not a celebrated stone, graphite is a good conductor of electricity and has many uses.
The World’s Top Diamond Producers
Belgium is a well-known trading point and considered the world’s biggest diamond district. 80 percent of the world’s rough diamonds pass through Antwerp’s Diamantkwartier (the Square Mile) before they’re cut and polished elsewhere.
The top five diamond producers, however, are Russia, Botswana, Canada, Australia and the Democratic Republic of Congo – Australia being the largest producer of colored diamonds.
The mine produced an impressive 12.6 million carats in 2014 but the diamond and gemstone production in Australia may likely decline once the Argyle mine closes in 2020. All mines will eventually run their course and Argyle is no exception.
Where to Find Rare Pink Diamonds
Diamonds in Australia are mostly produced by the Argyle mine, the world’s second largest gemstone mine and the number 1 producer of rare pinks and reds.
Argyle pink diamonds are a rarity and constitute only 1 percent of the mine’s overall production. They are some of the most in-demand gemstones for engagement rings. Depending on quality or color, a single carat could fetch up to $200,000 AUD.
There is no word yet of a new replacement mine and other influential gemstone mines are nowhere near Argyle’s level. But once the mine closes and production declines, diamond prices in Australia – especially Argyle pinks – are expected to surge regardless of color or grade.
Why People Buy Diamond Rings and Trinkets
Diamonds symbolize beauty, strength, courage, and purity. Many people prefer diamonds over other gemstones because of their longevity and versatility.
Despite the looming closure of the Argyle mine, diamond engagement rings in Australia remain in high demand. The local handcrafted jewelry market offers competitive prices, which attract buyers from within and outside the country.
But how far will people go to obtain their dream diamond?
Research shows that men and women are both willing to spend more than $3,000 for a diamond engagement ring. In as far as weddings and engagement are concerned, diamonds are worth the investment.
Diamond valuations tend to fluctuate based on supply in demand, but those with a rare color, cut, clarity or carat usually appreciate over time. This is a classic rule of thumb.
A diamond is not only an ideal gemstone for engagements and weddings, it can also be invested in the future.
Choosing the Right Diamond Engagement Ring
If you consider buying rare colored diamonds for a unique engagement ring. Below is a hierarchy of colored diamonds, ranked from the rarest to the most common:
- Red diamonds– the rarest type of diamonds
- Blue diamonds– also extremely rare; used in several crown jewels
- Pink diamonds– just as rare as blue diamonds; in demand by women
- Orange diamonds – rare but low market demand
- Green diamonds – rare but usually produced through enhancements
- White diamonds – most common type of diamonds; rank varies depending on carat weight, color, cut or clarity
If you plan to invest in diamonds, ensure your stone retains and increases in value for years to come. While you cannot prevent diamonds from natural wear and tear, you can delay the process by taking measures to protect your jewelry.
First thing’s first, have your diamond certified by the Gemological Institute of America (GIA). The organization developed the international Diamond Grading System and the Four Cs (cut, color, clarity, and carat weight).
Getting a professional certificate from GIA means your diamond passed international standards and is considered investment grade. You will also receive a detailed assessment of the stone’s advantages and imperfections.
You can present your GIA certificate to an appraiser. The appraised value can serve as the basis for determining future gains or likely profit.
Be a Wise Investor
As long as you have the right budget in place, there is no such thing as too expensive or too pricey. When you purchase a piece, however, make sure the price is commensurate with your financial capacity.
Whatever your reason for buying diamonds, always remember to begin with the end in mind. In other words, think ahead and take into account future events beyond your control.
The right jewelry ensures a higher return on investment. Should you decide to sell it in the future, it will fetch you a much higher price than when you first bought it.
Choose a diamond jewelry whose value will not depreciate. Pay attention to carat, color, clarity, and cut. Who knows your purchased engagement ring in Melbourne might help you out of an emergency situation in the future.