Demand for both gem and industrial diamonds is very strong. To fulfill this demand these days Synthetic diamonds are being produced in sufficient amount, this synthetically produced diamonds are being supplied for industrial uses, but these synthetic gems remain inferior and expensive, not suitable for the large jewellery market. The large gem market is still dependent on diamonds supplied by mining.
Demands for Diamond – A Simple Study
Demand for diamond is strong globally. The US$0.7 billion per year market for industrial diamond is now almost exclusively supplied by annual synthetic production of about 1000 million carats. Gem-quality synthetics remain inferior and expensive to produce, so the diamond jewellery trade is supplied by mining of natural diamond, derived from kimberlites, lamproites, and gravels.
Diamond Sales and Uses – A Global Scenario
Recently the world diamond selling market has achieved record sales, especially in the US where half of all gem diamonds are sold. Annual production of natural diamond, at a cost of about US$2 billion, has reached a total of over 110 million carats per year, and this production sells for about US$7 billion, resulting benefit of US$2 billion. Botswana, South Africa and Russia dominate the high quality production mostly handled in Antwerp and Tel Aviv, while Australia and Congo are leading suppliers of the low quality stones that are cut in India. The two-thirds or so of this annual supply of rough that is gem quality is reduced to between 20 and 30 million carats of polished goods and sold in jewellery for about US$55 billion. The one-third of all natural diamonds used for industrial purposes fetches only about 1% of mining revenue.
Diamond Needs in Future
The demand for diamonds is going to increase more in future. Both industrial uses as well as use of diamonds as gems in jewellery products will increase. So there is strong need of discovery of new sources of diamond along with new scientific approach of mining diamonds.
Rivazge.com is an U.K. based Diamond jewellery manufacturer, engaged in production of high quality diamond jewellery. Diamond jewellery manufactured by Rivazge contains 100% certified diamonds. To know more about our products, visit: http://www.rivazge.com
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