Wednesday, October 1, 2014 6:17 PM EST

Diamonds

In mineralogy, diamond is an allotrope of carbon, where the carbon atoms are arranged in a variation of the face-centered cubic crystal structure called a diamond lattice. Diamond is less stable than graphite, but the conversion rate from diamond to graphite is negligible at ambient conditions.

A large trade in gem-grade diamonds exists. Unlike other commodities, such as most precious metals, there is a substantial mark-up in the retail sale of gem diamonds.

One hallmark of the trade in gem-quality diamonds is its remarkable concentration: wholesale trade and diamond cutting is limited to just a few locations; In 2003, 92% of the world's diamonds were cut and polished in Surat, India.[56]  Other important centers of diamond cutting and trading are Antwerp, where the International Gemological Institute is based, London, New York City, Tel Aviv, and Amsterdam.

A single company—De Beers—controls a significant proportion of the trade in diamonds. They are based in Johannesburg, South Africa and London, England. One contributory factor is the geological nature of diamond deposits: several large primary kimberlite-pipe mines each account for significant portions of market share (such as the Jwaneng mine in Botswana, which is a single large pit operated by De Beers that can produce between 12.5 to 15 million carats of diamonds per year,) whereas secondary alluvial diamond deposits tend to be fragmented amongst many different operators because they can be dispersed over many hundreds of square kilometers.

Headlines Around the Web

Gem sales make its shares sparkle

Oct 12 - Independent

Big Spender: The $30 million cake

Sep 26, 2013 - MarketWatch

Jewellers turn to diamonds, NRIs to beat policy woes

Jul 06, 2013 - The Times of India

Gem unearths third giant diamond

Jun 27, 2013 - Independent

The $30,000 necktie

Jun 14, 2013 - MarketWatch

NewsWatch: The $30,000 necktie

Jun 14, 2013 - MarketWatch

Animal agency director

May 05, 2013 - Financial Times

Zimbabwe diamonds flood into Dubai

Apr 06, 2013 - Financial Times

Articles About Diamonds

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Rare Blue Flawless Diamond, Costing $25.6 Million, Is The Newest Attraction At The Natural History Museum

By IBTimes AU

One of the world's rarest gems, 'the Blue Moon Diamond' has been added to the National History Museum's 3,000 gemstones collection. (Sep 15)

MORE TOPICS: LOS ANGELES, CALIFORNIA, SOUTH AFRICA

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By IBTimes AU

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MORE TOPICS: IPHONE, GOLD, RETAIL

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MORE TOPICS: GOLD, FACEBOOK, AUSTRALIA, SILVER

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Warren Buffett
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By IBTimes AU

Followers of unbeaten American boxer Floyd Mayweather Jr are used by now to seeing video and photo posts of the champ showing off his latest purchase of diamonds, watches, cars and other luxury items for himself and girlfriend Doralee "Bad" Medina. (Aug 28)

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iPhone 6 has not been officially announced yet but pre-orders are now available online at one of the luxury retailer website. (Aug 14)

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‘The X Factor Australia’ Home Visits Final Performances Recap: John Legend, Nicole Scherzinger, James Blunt and Jennifer Lopez as Guest Judges [VIDEOS]

By IBTimes AU

“The X Factor Australia” continued with its Home Visits on Monday night. The hopefuls faced their mentors and the guest judges for their final performance before the top 3 acts from each category are announced.“The X Factor Australia” continued with its Home Visits on Monday night. (Aug 05)

MORE TOPICS: AUSTRALIA, NEW YORK, GRAMMY AWARD, JENNIFER LOPEZ