Nothing brings a brighter smile to a woman’s face or fills her eyes with more joy than the gift of a precious diamond ring. Diamonds, whether in the form of a ring, earring, necklace, or bracelet, have long been symbols of love, passion, and devotion. They embody eternal love, making them one of the most cherished gifts and a powerful testament to deep emotional connection. While diamonds have always been highly prized, their value is not rooted in rarity like a masterpiece painting or a one-of-a-kind sculpture.

Instead, their allure stems from a combination of historical mining limitations, controlled supply by powerful market forces, and brilliant marketing strategies. In fact, just 80 years ago in 1947, a diamond ring lacked the brilliance, global prestige, and romantic symbolism it holds today. Good-quality diamonds, whose name comes from the Greek word “adamas”, meaning “unbreakable” or “hard”, are among the most abundant gemstones, especially in regions like Africa, Russia, Australia, and Canada.

While high-grade diamonds make up only a small fraction of total production, the overall supply is sufficient to meet global demand, particularly with the growing availability of lab-grown diamonds. The South African company De Beers has controlled diamond extraction, manufacturing, and pricing since in 1888. It was established by British businessman Cecil Rhodes after he acquired several mines, including one owned by the Dutch De Beers family, whose name he adopted for the company. Within a few years, De Beers controlled 90 percent of the global diamond market, though its share has declined in recent decades. De Beers has withstood crises, wars, natural disasters, and major financial collapses due to its conservative policies, market dominance, and highly successful marketing campaigns, most notably the creation of the iconic slogan “A diamond is forever.” This campaign sparked global demand and gave diamonds a modern, attractive appeal.

However, some critics consider De Beers’ strategy to be one of the greatest marketing hoaxes of the 20th century. Diamonds, they argue, are not truly rare, and therefore not inherently as valuable as the market suggests. To ensure the success of their marketing strategy, De Beers deliberately linked diamond gifting and ownership to love and marriage, creating a deep desire in women to possess them.

The company employed various tactics such as featuring diamonds in popular novels, blockbuster films, and romantic songs, launching lavish and persuasive advertising campaigns, and enlisting famous women to wear them. High-quality natural diamonds are much rarer than synthetic ones, even though both share similar geological origins. Lab-grown diamonds, while chemically identical, often lack the clarity, color, and brilliance needed for fine jewelry and are typically unsuitable for cutting, grinding, or drilling tools.

Only about 20 percent of mined diamonds each year are classified as high-quality, with an even smaller percentage considered exceptionally valuable due to their superior color, clarity, and size. Diamond clarity is graded using the Gemological Institute of America (GIA) scale, which ranges from FL (Flawless), indicating no visible imperfections under magnification, to I (Included), where inclusions are clearly visible. Clarity is assessed based on the number, size, and position of internal flaws or inclusions under specialized magnification. The belief in exchanging something valuable for a few otherwise worthless banknotes is not so different from our belief in the market value of diamonds. Just as currencies rely on central banks to maintain their value, diamonds have their own equivalent in the De Beers Corporation.

By Ahmad alsarraf
email: [email protected]