Diamonds, which are considered one of the world’s most beautiful gemstones, are produced from mines across the globe. The value of the rough diamonds produced on an annual basis is approximately $13 billion in United States currency. African mines produce $8.5 billion of this total figure.
While 20%-to-25% of these natural diamonds will become gemstones, 75%-to-85% are used for industrial purposes. Since they are the hardest substance on earth, diamonds are also well-known for their excellent cutting ability.
Natural diamonds were formed through extreme heat and pressure inside the earth. However, in recent years, they are being created in labs. While the older generation still prefers natural over man-made diamonds, both male and female millennials, however feel more positive about diamonds created in labs. When surveyed, these millennials stated that they felt either happy or neutral about man-made diamonds.
Also interesting to note is that 80% of millennials are more focused on buying “responsibly-sourced” jewelry. The national average on this issue is estimated at 66%, however.
Every year, the amount of diamond jewelry being sold is estimated at $72 billion in U.S. currency. This figure includes the price of additional gemstones as well as the precious metals, such as gold and platinum, that are used to create fine settings.
American do like to shop for diamond jewelry. Almost a third of these shoppers are open to spending over $1,000 for an item of jewelry. In addition to purchasing fine jewelry, Americans are also looking for quality watches, and on an annual basis, 38 million people will purchase these and other items.
When seeking to sell a single diamond or sell a diamond ring, there are diamond buyers available. When someone wants to sell diamonds, it’s important to know that some buyers may be open to the public and have a fine jewelry store. Other diamond buyers may only be available by appointment.
If someone is planning an estate sale and has a collection of antique or designer jewelry, they may choose to locate an estate jewelry buyer to purchase this collection from them. Many of these businesses may also purchase and sell diamonds.
