Updated: May 3, 2021
All month long we have been discussing diamonds. What industries are using them, how they’re mined, who discovered them, and even the top 5 pop songs where diamonds are in the title.
All this talk about diamonds has caused us to question whether the world can actually run out of diamonds?
As we mentioned in previous blog posts, diamonds are used for more than just jewelry. They are in almost every major industry, including dentistry and computing. So, what happens when these industries, particularly the tech industry, which is planning to increase its demand for diamonds, begins using more than it is now?
According to diamondrocks.co.uk, a third of the world’s diamonds are controlled by De Beers. If you remember from our last blog, De Beers was one of the first companies to commercialize diamond production. This means that they still control the majority of it and actually released a statement in 2020 saying that if other diamond sources aren’t discovered, we run the risk of not having enough.
Diamonrocks.co.uk isn’t the only blog that is reporting this. Many jewelry insiders are concerned that the diamond supply could be entirely gone by 2025. In fact, Yahoo.com ran an article more than seven years ago warning the public that if we continue to mine diamonds and don’t find new sources of diamonds soon, we will run out.
So it looks like yes, the world can (and might) run out of diamonds within the next four years. So what does that mean for you?
For starters, it means that you should consider investing in some diamonds, be it loose stones or stones that are already set. The overall prediction is that with supply dwindling so much, the demand will only increase, which means that if you can secure some, you have an opportunity to turn a financial profit.
But, also, think about the possibility of marriage proposals or gifts. If you’re on the fence now about marriage or not ready, but know that you would like to eventually take that next step. Securing a diamond that you can use to design your future ring with should happen before the prices start to rise, or worse, before there are none left to buy, no matter how expensive they are.
De Beers is now looking at other geographical locations, such as Canada, Siberia, and the Democratic Republic of Congo to see if they can find new mining sources.
This exploration hasn’t produced any significant results, and as such the company is weary that they might be able to continue the rate of production. So much so that they have actually paused production for periods of time to help ease the burden.
Remember though, De Beers controls the entire supply of diamonds, so we are relying on their projections to make these predictions. So think about how the diamond shortage would impact you and your future plans.
Here at BoBen Designs we will continue to design with the diamond in mind and hope that the diamond supply will continue to meet demand.