The price of diamond in India has come down from 1.25 lakh to 30 thousand, why is India lagging behi

Diamond demand in India: The price of diamond in India has come down from 1.25 lakh to 30 thousand, why is India lagging behind in the case of diamonds.

History of diamonds.

Diamonds were discovered in Kimberley, South Africa in 1866, after which in 1888 businessman Cecil Rhodes formed a company named De Beers Consolidated Mines Limited for the diamond business, which in the 1900s, South Africa's De Beers company was producing 90% of the raw diamonds in the world and since then it has been increasing the production of diamonds annually in million carats like this (This data is related to natural diamonds)

1870_ 1

1920_ 3

1970_ 50

1990_ 100

2024_ 117.

 If we look at 1954, the scientist of the American company GE made the diamond in the lab for the first time, then in 1940 the company started trying to make diamond in the lab and two scientists named Howard Tracy Hall and Herbert Strong are credited with making diamond in the lab. According to the International Institute of Gemology, natural diamond is made up of 99.95% carbon, after this it also contains 0.05% other substances. Even if this alloy is less, it can increase or decrease the shine and size of the diamond.

Decrease in demand for diamonds.

The price of one carat natural diamond has seen a 23% decline such as carat, RAPI 0.30 carat, index 1,206 July 2023 to July 2024 (drop in price %) 1,913 -23.3%.

RAPI 0.50 carat, Index 1,913 July 2023 to July 2024 (decline in price %) -20.2% and RAPI 1 carat

Index 5,328 which saw a decline of -22.8% from July 2023 to July 2024 (decline in price %).

4 Diamond below the surface.

Diamond is found 160 kilometers below the surface of the earth.

The earth has 4 parts

1. Crust 2 to 100 kilometers,

2. Mantle 2900 kilometers,

3. Outer core 2200 kilometers,

4. Inner core 1200 kilometers, if seen first,

The crust is the uppermost surface of the earth, under this, carbon keeps on changing into diamond in high pressure and temperature.

Sometimes diamond reaches the surface from inside the earth through volcano.

 Top 10 diamond producing countries.

Amount of diamonds found in these countries in million carats

Zimbabwe 4.5, Congo DR 9.9, Sierra Leone 0.69, Namibia 2.1, Angola 8.8, Botswana 24.8, Canada 16.2, South Africa 9.7, Lesotho 0.73, Russia 41.9, others 1.