Have you ever wondered why Canadian diamonds are more valuable compared to your regular diamond? Unlike other kinds, diamonds aren’t particularly considered a commodity. You won’t find diamond exchanges on Wall Street or hear of investors buying and selling diamonds.
The DeBeers Corporation has been regulating, controlling, and pricing diamonds on the global market for over a century. Recently, though, there have been a lot of new independent diamond mining companies emerging. However, despite the competition, DeBeers has maintained its stronghold in the world’s market.
Some diamonds tend to be costlier than others owing to the location in which they are mined. Diamonds that are mined in Canada are more expensive to extract from the earth than diamonds from Africa where labour is a lot less expensive.
There are multitudes of diamond trading companies situated in different cities all around the world. Approximately every five weeks, the DCT ( a distribution subsidiary of DeBeers) calls the small groups of pre-qualified representatives that they consider major diamond cutters. They then buy a particular quantity of raw stones. Each buyer has an invitation and is then assigned a specific seat and a large, long table.
At the table, each buyer is presented with a box. In the box there are uncut diamonds and a stated price. Buyers may inspect the stones first, but cannot exchange the stones. No bargaining of the price is permitted, but they are allowed to refuse to buy the stones. Refusing the box is very rare, though, since once refused, buyers may find it rather difficult to process to the next business agenda.
Diamond business agendas tend to be well regulated. The business deal doesn’t particularly require any paper work and usually ends with a handshake or even the Yiddish phrase “mazel and broche,” meaning luck and riches.
Buyers expect full honesty throughout the entire business deal. Some may even leave their boxes on the table when they are busy socialising. This is the first phase of a diamond’s price being generated, also known as the wholesale price.
Diamonds with less than a carat aren’t really rare, but they’re also not in abundance. There are loads of gorgeous gemstones that are rare, but if they are too few, then they have no value on the global market.
Benefits of Canadian Diamonds
In Canada, there are just four diamond cutting companies that handle small amounts of gems mined in Canada. There are a multitude of advantages to Canadian diamonds, which contribute to their higher value.
For starters, the companies that sell them guarantee that diamond mining in the country is carried out in strict accordance with the rules of environmental protection, sustainable development, and human rights compliance.
The Code of Conduct in the diamond industry of Canada – a body composed of cutters, polishers, and miners – publishes a list of retailers on its website that guarantee the authenticity of the Canadian diamonds.
One of these providers includes Serendipity diamonds which only sells conflict-free diamonds. So should you decide to purchase an amethyst and diamond flower ring from them, you can rest easy knowing it is made out of ethically sourced diamonds.
What’s more the stones are very easy to track as the opening of the first mine in Canada in 1998 ensured that all diamonds produced in the country are appointed numbers that are engraved on the stones. This allows users to know their exact origin and ensure they are getting ethically mined diamonds that won’t contribute to blood-riddled wars.
If you’d like to know more information about Canadian diamond, feel free to visit Serendipity Diamond’s website.
Serendipity Diamonds are among the jewellers that provide CanadaMark diamonds. When you buy any diamond jewellery from them, you are rest assured that what you get is ethically sourced.
By supporting ethically-sourced diamonds, you are not only supporting humane practices of mining diamonds but you also help weaken the system that allows conflict diamonds to flourish. Before buying diamond jewellery, it pays to buy diamond which you know was mined in the most humane way possible.
* Post contributed by Media Buzzer