From mythical guardians to global markets: the epic journey of the diamond
In short: For centuries, diamonds were whispered to be magical gems guarded by supernatural creatures in a single, unreachable location. Today, they are a global industry, but their path from Indian riverbeds to massive industrial mines is a saga of shifting empires, colonial expansion, and unprecedented market control.
The diamond's history begins in India, where stones were harvested from rivers and streams. Historians estimate that diamond trading in India dates back as early as the fourth century BC. By the first century AD, the Roman naturalist Pliny famously declared the diamond to be the most valuable of all things in the world. As trade routes expanded, these gems traveled via caravans to the medieval markets of Venice, eventually becoming essential accessories for the European elite by the 1400s.
The geography of supply has shifted dramatically over the millennia. When Indian supplies dwindled in the early 1700s, Brazil emerged as a major player after miners discovered diamonds in gold-panning gravels. Brazil would go on to dominate the market for over 150 years. Later, the late 1800s saw the discovery of massive deposits in South Africa, specifically following the 1866 find in Kimberley. This era also saw the rise of De Beers, established by Cecil Rhodes in 1888, which by 1900 controlled an estimated 90 percent of the world's rough diamond production.
As mining transitioned from surface collection to deep underground operations, the industry faced immense technical challenges. The high costs and low yields of deep mining necessitated breakthroughs in efficiency, cutting, and polishing. This industrial evolution is reflected in global production numbers: annual rough diamond output grew from under one million carats in the 1870s to roughly three million carats by the 1920s. By the 1990s, the industry had expanded significantly, with annual production surpassing 100 million carats.
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Sources
- Summary by Intellect · source: The Surprising History of Diamonds
- Also: Diamond History and Lore
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