Saturday, May 25, 2013 10:35 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

Animal agency director

May 05 - Financial Times

Zimbabwe diamonds flood into Dubai

Apr 06 - Financial Times

Swatch in £620m swoop on Harry Diamond jewels arm

Jan 15 - Independent

De Beers arm seeks to grow diamond atoms

Jan 15 - Financial Times

Key figure in Portus scandal ordered to pay $8.8M

Aug 28 - CBC

Guyana suspends gold, diamond mining permits

Jul 07 - France24

Jeweller Graff launches Hong Kong IPO roadshow

May 21, 2012 - France24

Graff braves market woes to float at $1bn in HK

May 19, 2012 - Independent

Losing their shine: Rio Tinto plans to sell flagging diamond mines for up to $2bn

Mar 28, 2012 - Independent

Rio Tinto looks to sell diamond business

Mar 28, 2012 - Financial Post

Dirty deals dog Zimbabwe diamonds fields

Mar 05, 2012 - France24

Malca-Amit Boosts Asia Precious-Metal Storage on Bank Demand

Feb 20, 2012 - Business Week

Malca-Amit to Boost Asian Precious-Metal Storage on Bank Demand

Feb 20, 2012 - Business Week

Zimbabwe: Tsvangirai Endorses Marange Diamonds

Feb 20, 2012 - AllAfrica News

Graff Diamonds Said to Plan Hong Kong IPO for Second Quarter

Feb 16, 2012 - Business Week

Zimbabwe: KPCS Must Treat Govt Fairly and With Due Respect

Feb 08, 2012 - AllAfrica News

Zimbabwe: No Blood On Local Diamonds, Says KPCS Chair

Feb 07, 2012 - AllAfrica News

Zimbabwe: Local Diamonds Shake Market

Feb 06, 2012 - AllAfrica News

UN 'blood diamond' group aims to salvage campaign

Feb 04, 2012 - France24

Zimbabwe: To Yuan or Not to Yuan, That Is the Question

Jan 27, 2012 - AllAfrica News

Articles About Diamonds

Elizabeth Taylor's Wedding Dress
Hollywood Memorabilia: Elizabeth Taylor's First Wedding Dress to be Auctioned [PHOTOS]

By IBTimes UK

Iconic Helen Rose-designed gown worn by Elizabeth Taylor for wedding to Conrad Hilton to be auctioned by Christie's (8:18 pm)

MORE TOPICS: HOLLYWOOD, SILVER

Indian actress Aishwarya Rai poses on the red carpet as she arrives for the screening of the film "Blood Ties" during the 66th Cannes Film Festival in Cannes May 20, 2013.
Cannes Film Festival 2013: Aishwarya Rai Bachchan, Zoe Saldana, Marion Cotillard, Vidya Balan Bring on the Glamour [PHOTOS]

By IBTimes UK

Celebrities hit the red carpet on the fifth day of Cannes Film Festival. (May 21)

MORE TOPICS: BOLLYWOOD

“Winston Legacy” diamond - the most expensive colorless diamond ever auctioned
Gigantic Colorless Diamond Sold for Staggering $27M

By Industry Leaders Magazine

Vogue for diamonds seems to be very solid, but it is nothing surprising as these stones have the undeniable beauty and strength that lures people. With the ongoing unstable economic conditions, demand for high-end and unique diamonds remains at the very high level. (May 21)

MORE TOPICS: INVESTMENT, LONDON

Selena Gomez and Justin Bieber
'Jelena' Couple Pre-Billboard Music Awards Date

By IBTimes AU

Hours before the Billboard Music Awards for 2013 had taken place, Justin Bieber and Selena Gomez enjoyed a quick date together. This hook-up definitely adds burning questions to the real status of their complicated relationship. (May 20)

MORE TOPICS: GOLD, BILLBOARD, JUSTIN BIEBER

Mother's day 2013
Mother’s Day 2013: Rihanna, Kerry Washington and Other Celebrities Post Wishes on Twitter

By IBTimes UK

US celebrities take to Twitter to tell their mothers they love them. (May 12)

MORE TOPICS: TWITTER, CONGRESS

American Idol 2013
American Idol 2013 Spoiler ALERT! The Top 3 Idols Song List on Week Nine for the Final Two Battle [PHOTOS]

By IBTimes AU

Things are a bit heavier on the Top 3 Final episode on American Idol 2013. Everyone wants all the three remaining ladies to advance to the Final Two before the final showdown. But one has to go this week and they have the following list of songs to c... (May 09)

MORE TOPICS: FACEBOOK, AMERICAN IDOL

American Idol 2013: Candice Glover as Winner? Angie Miller’s Theatrics Could Place Her at No. 2
American Idol 2013: Candice Glover as Winner? Angie Miller’s Theatrics Could Place Her at No. 2 [PHOTOS]

By IBTimes AU

American Idol 2013 Top 3 performance night this week features three vocally-equipped all-girls finalists. Who will be AI12's big winner - Candice Glover, Angie Miller, or Kree Harrison? Here are some of the factors that could play out to make Candice Glover the winner of American Idol Season 12. (May 09)

MORE TOPICS: FACEBOOK, HOLLYWOOD, AMERICAN IDOL

Entrance at Brussels airport near where raiders struck
Belgian Police Arrest 31 over $50m Brussels Airport Diamond Heist [VIDEO]

By IBTimes UK

Detectives swoop in three countries on suspects accused of role in one of world's biggest diamond robberies. (May 08)

Brazilian Atlantis
Geologists Find ‘Brazilian Atlantis’ from 100 Million Years Ago [VIDEO]

By IBTimes UK

Area disappeared underwater when the Atlantic Ocean formed - and could contain diamonds. (May 07)

MORE TOPICS: JAPAN

Angie Miller
American Idol 2013: Top Reasons Why No One Can Take the Idol Title from Angie Miller [PHOTOS]

By IBTimes AU

With strong footing from day one on Idol Season 12, Angie Miller seemed to be a sure winner, until Candice Glover decided she was not going to make it easy for Angie. But no matter how powerful Candice’s voice is, Angie has more to offer that Americ... (May 07)

MORE TOPICS: AMERICAN IDOL, HOLLYWOOD