The DeBeers Corporation has been regulating, controlling, and pricing diamonds on the global market for over a century. Recently, though, there have been a lot of new independent diamond mining companies emerging. However, despite the competition, DeBeers has maintained its stronghold in the world’s market.
So What About Canadian Diamonds?
Some diamonds tend to be costlier than others owing to the location in which they are mined. Diamonds that are mined in Canada are more expensive to extract from the earth than diamonds from Africa where labour is a lot less expensive.
There are multitudes of diamond trading companies situated in different cities all around the world. Approximately every five weeks, the DCT ( a distribution subsidiary of DeBeers) calls the small groups of pre-qualified representatives that they consider major diamond cutters. They then buy a particular quantity of raw stones. Each buyer has an invitation and is then assigned a specific seat and a large, long table.
At the table, each buyer is presented with a box. In the box there are uncut diamonds and a stated price. Buyers may inspect the stones first, but cannot exchange the stones. No bargaining of the price is permitted, but they are allowed to refuse to buy the stones. Refusing the box is very rare, though, since once refused, buyers may find it rather difficult to process to the next business agenda.
Diamond business agendas tend to be well regulated. The business deal doesn’t particularly require any paperwork and usually ends with a handshake or even the Yiddish phrase “mazel and broche,” meaning luck and riches.
Buyers expect full honesty throughout the entire business deal. Some may even leave their boxes on the table when they are busy socialising. This is the first phase of a diamond’s price being generated, also known as the wholesale price.
Diamonds with less than a carat aren’t really rare, but they’re also not in abundance. There are loads of gorgeous gemstones that are rare, but if they are too few, then they have no value on the global market.
Benefits of Canadian Diamonds
In Canada, there are just four diamond cutting companies that handle small amounts of gems mined in Canada. There are a multitude of advantages to Canadian diamonds, which contribute to their higher value.
For starters, the companies that sell them guarantee that diamond mining in the country is carried out in strict accordance with the rules of environmental protection, sustainable development, and human rights compliance.
The Code of Conduct in the diamond industry of Canada – a body composed of cutters, polishers, and miners – publishes a list of retailers on its website that guarantee the authenticity of the Canadian diamonds.
One of these providers includes Serendipity diamonds which only sells conflict-free diamonds. So should you decide to purchase an amethyst and diamond flower ring from them, you can rest easy knowing it is made out of ethically sourced diamonds.
What’s more the stones are very easy to track as the opening of the first mine in Canada in 1998 ensured that all diamonds produced in the country are appointed numbers that are engraved on the stones. This allows users to know their exact origin and ensure they are getting ethically mined diamonds that won’t contribute to blood-riddled wars.
If you’d like to know more information about Canadian diamond, feel free to visit Serendipity Diamond’s website.
Serendipity Diamonds are among the jewellers that provide CanadaMark diamonds. When you buy any diamond jewellery from them, you are rest assured that what you get is ethically sourced.
By supporting ethically-sourced diamonds, you are not only supporting humane practices of mining diamonds but you also help weaken the system that allows conflict diamonds to flourish. Before buying diamond jewellery, it pays to buy diamond which you know was mined in the most humane way possible.
* Post contributed by Media Buzzer
As they say diamonds are a girls best friend and that would be true for me if I owned one ;)
ReplyDeleteI'm an expat Canadian living in the UK and I had no idea Canada exported diamonds! No idea!
ReplyDeleteHope the article was informative for you then Elizabeth.
DeleteI didn't know anything about Canadian diamonds. This is a great post, very informative
ReplyDeleteI never knew there was such a thing as Canadian diamonds until reading your post x
ReplyDeleteI am another one who didn't know about Canadian diamonds. Live and learn, as they say!
ReplyDeleteWhen I had my own jewellers I sold Canadian diamonds. In fact my engagement ring is made of Canadian diamonds. I feel Canadian diamonds are very special and they are of course 'conflict free'.
DeleteI love diamonds so good to read more about them.
ReplyDeleteI have never been a fan of diamonds because of the conflicts I've heard being caused in Africa. I didn't know much about diamonds from Canada and found your post interesting.
ReplyDeleteYou need to look for companies that have signed up to The Kimberley Process - this ensures that the diamonds are 'conflict free'. All responsible jewellers in the UK buy diamonds from companies that have signed up to this scheme.
DeleteI love diamond, but hadn't heard of these. Good to learn more xx
ReplyDeleteGreat post with so many new information. I had no idea Canada even have their own diamonds.
ReplyDeleteIt seems like a lot of people don't so I hope this has been informative for you Agata.
DeleteI found this really interesting and never really thought about why some diamonds are more expensive than others due to the location they are mined but of course labour is a lot cheaper in Africa and therefore the end product is as well. The DeBeers are famous in South Africa
ReplyDeleteLaura x
interesting to read :)
ReplyDelete