It has become a tradition to use diamonds for engagement rings. A diamond ring is now seen as a promise of a life together forever. Moreover, diamonds are seen as status symbols, something to be flaunted with panache at any social gathering. What is the reason behind this increasingly solidifying trend? Why are diamonds seen as stones of snob value? It is not as if diamond prices are much higher than the ever-rising gold prices. Nor do diamonds come in the category of limited natural resources.

It seems that the answer lies in the manipulations and needs of the precious stones industry. Taglines such as “diamonds are forever” and “diamonds are woman’s best friend” have now become proverbs helping the diamond industry in turning diamond into a symbol of happiness, success, something to be achieved and desired. This has led to an increase in demand and emergence of new markets for diamonds. Whereas, America leads in the demand and sales of diamonds, India and China are emerging as new hubs with the consumer demand for the precious stones, in these countries, increasing exponentially.

The only arena where the precious stones lag behind gold is in investment purposes. Gold, because of its re-sale value is seen as a better investment than diamonds. On the other hand, stones lack one of the most desirable attributes for investment objects, that of liquidity and frangibility. However, precious stones are, in the present economic conditions, being projected as equally feasible investment commodity and an investment alternative to gold. Though, it is clearly being done by the major players in the diamond industry for their profit, its value as an argument cannot be denied. Precious stones, like gold, will always have a continuous demand as they have become symbols of a particular lifestyle. Furthermore, diamond prices have increased steadily through the years and, as per market figures, are expected to maintain this firm growth. As it is an extremely rare mined resource (getting five grams of diamond generally requires mining and sorting of around one million grams of material), the diamond prices are not expected to fall any time soon in the coming ages.

All these factors combine to create the image of precious stones occupy in this age. However, even without these factors, a sparkling stone is beautiful in all its different shapes and sizes. Thus, it is not very difficult to understand the popularity of precious stone amongst all sections of society. What is more, the diamond industry is creating ever new ways to attract customers from various sections of society. A diamond ring (though, not of very good quality) is now available at rates as low as 700 US $ whereas, a good quality stone can be of an unimaginably high price. The difference between these precious stones is governed mostly by four factors: Cut, Color, Clarity and Carat, together known as the 4Cs of diamonds.

The major demand for diamonds is usually as jewelry item. No matter what the occasion, a white-diamond is usually preferred over other precious stones. It is an accessory which is flaunted by the higher sections of society and desired by the middle and lower sections. The increasing economic growth has led middle classes in attaining their dream life of luxury in which diamonds figure as an essential symbolic commodity. This universal desire for precious stones shows the success of the diamond industry in turning these precious stones into an icon of opulent and magnificent lifestyle.

The importance of diamonds can be gauged by the symbolic significance attached to the Kohinoor diamond. The central jewel in Queen Elizabeth’s crown, it signifies the important position occupied by India in Britain’s colonial conquests. This importance can also be seen in the use of diamond to denote fifty years of lifetime, clearly a significant moment. We can, thus, easily say that diamonds are forever, no matter what the price.

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