Diamonds: A History of the Diamond Trade
Diamonds might be a girl’s best friends but how many of us know anything about the history. Over the next three months Monica Bortolin-Cossa of MBC Diamonds is going to educate us, so do follow the blog for more information.
The word ‘diamond’ comes from the Greek ‘adamas’ meaning unconquerable and suggesting the eternity of love.
Until the 15th century only Kings wore diamonds as a symbol of invincibility, strength and courage. It is over the centuries that diamonds acquired their unique status as the ultimate symbol of love.
We know that from ancient times until the 17th century India was the only known diamond producer. However, it was in the old Republic of Venice that, in the 1330s, diamond cutting was invented.
In the 14th century the Venice monopoly in the cutting trade was gradually taken over by Bruges and later on by Antwerp, which offered newer and better facilities for exchange and communication.
In the 16th century Antwerp was a very flourishing city but in the 17th century, Amsterdam took over the Antwerp supremacy in the diamond cutting trade due to the fact that the city was offering religious and civil liberty. Up to the 18th century Amsterdam exercised a monopoly on the diamond industry.
In 1866 the first diamond was discovered in South Africa which was followed, a few years later, by the discovery of the Kimberley deposits. The fabulous “Kimberley Era” and the rise of the now-famous De Beers Consolidated Mines Ltd. founded by Mr. Rhodes began.
De Beers was estimated to have controlled a staggering 90% of the world’s diamond production by the time of Rhodes’ 1902 death.
The enormous influx of rough diamonds was instrumental in making Antwerp the world’s leading diamond centre again.
Due to the start of the Second World War, in 1939 many Jewish businessmen were forced to flee to the USA, to Portugal and to England where, in agreement with the government, an organisation known as “Correspondence Office for the Diamond Industry” was created to register the diamonds and keep them for the duration of the war. Thanks to this institution large quantities of diamonds were returned to their owners after the end of the war and the Antwerp diamond industry got off to a promising start again.
Today’s diamond market is divided into two main segments: the gemstone, which includes all the diamond and gems jewellery and the industrial grade sub-industry, consisting of diamonds cut for heat conduction, electricity insulation, semi-conductors, drill tips, saw blades, and similar uses.
An estimated 20% of the diamond mining production is of gem quality and is distributed to experts for cutting, polishing and jewellery making. The remaining 80% is sold for industrial applications.
The world’s largest diamond consumer is the United States, accounting for 35% of world diamond sales followed by Hong Kong with 26%.
Diamonds are one of the world’s, and specifically Africa’s, major natural resources.
And the first diamond producer is Botswana, follow by Russia and Canada, which is a real surprise considering that they began mining only recently in 1998.
Diamonds were born at the beginning of time and will last for eternity!
Follow my next article on the 4Cs next month.
Monica Bortolin-Cossa
Managing Director
MBC Diamonds
monica@mbcdiamonds.com
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