Although diamonds are known for their high sticker price, why are they so expensive? Let’s dig into why diamonds are so valuable.
What Affects The Price Of A Diamond?
Supply And Demand
Diamonds are a hugely popular item, putting massive pressure on the limited supply. Diamonds are challenging to find, as they are only found in certain parts of the world with a high activity level. This means that the cost of digging for diamonds is exceptionally high, which drives their price to be much higher than other types of jewelry. Diamonds are considered relatively rare because it costs a lot to find them.
The weight and size are significant factors in determining a diamond’s price. When you consider that the rough cost of diamonds is around $10 per carat, a diamond that weighs over two carats will be costly. The more money you spend on your diamond, the better the quality and attractiveness to customers.
Cut, Shape, And Polish
This is another factor in determining the final cost of a diamond. The stone must be cut with facets to maximize sparkle, which requires a lot of skill and time. The artisans who take on the challenge of cutting diamonds are very highly trained, and they have to spend a lot of time to get it right. Once they have successfully cut it, they polish it to give it the required shine.
These are considered to be the icing on the cake for diamonds. They add that little bit of extra sparkle and shine to diamonds and make them desirable. You can get diamonds with absolutely any feature, from blue and green colors to rainbows or even stars in them! Of course, whether you have one of these unique features in your diamond will affect its price significantly.
You are probably beginning to understand why diamonds are so expensive. The limited supplies and their demand make it very difficult to get hold of a good quality diamond at a reasonable price. At Winston’s Crown Jewelers our in-house gemologists scour the globe for only the best quality diamonds. For the best diamond deals and highest quality, contact us today.