Four Reasons to Reconsider Buying a Mined Diamond
Due to a masterful marketing campaign launched in 1938 by De Beers, the diamond has been deemed the only acceptable stone for an engagement ring for nearly 75 years. The slogan “only a diamond is forever,” was created to convince us that diamonds are the best thing on the earth when, in fact, they are detrimental to it. It’s time you educate yourself about the reality of these gems, here are the four top reasons not to buy a mined diamond:
1. Far From Eco-Friendly
The process of mining a diamond is quite saddening. With hundreds of open mining pits as large as ¾ of a mile deep and 2.5 miles wide, these massive holes result in a significant loss of wildlife habitat. This constant destruction also greatly contributes to pollution of the habitats surrounding open pit mines. In eastern Zimbabwe toxic chemicals and raw sewage are being released in rivers used for drinking and bathing causing illness and even death to local animals and villagers. Most Diamond mines are located in countries that do not require reclamation and restoration of the land once a mining operation is complete. This means that once a habitat is destroyed, it stays destroyed.
2. Even Further From Human-Friendly
Many might think that “blood diamond” is just another Leo movie and that the killing of innocent people in order to obtain diamonds has stopped, but we are sorry to say that this issue is still very real. To this day people are hurt or die all the time for the mined diamonds you see in engagement rings. Blood diamonds are sold to fund armed conflict and civil war, which has resulted in more than four million deaths. This statistic does not include millions of displaced or dismembered people due to the conflict diamond trade.
3. Insane Price Markups
Every retail company has to markup their products to remain profitable, we get that. But, mined diamonds remain one of the few true monopolies left in the world. The two controllers of the world’s diamond supply (DeBeers and the Russians) hold inventory and artificially inflate prices to try to make the seem rare. In reality, there are billions of carats of diamonds that could be mined or sold. If this was done though, the price of diamonds would drop dramatically and so large corporations ensure they monopolize the market.
4. Not an Investment
Diamonds are super rare, right? WRONG! To heighten intrigue, every company in the supply chain claims that their diamonds are rare and purchasing one is more of an investment than an expense. But, much like cars, they are a luxury and not an investment. Unless you’re looking to buy the Hope Diamond, a normal gem quality diamond is about as rare as cotton candy or fried food at a state fair. So if you think that you can hang on to your diamond ring for a rainy day, think again. You’ll likely be getting pennies on the dollar if you ever decide to sell.
After diving in to these four reasons why one shouldn’t buy a mined diamond, it can be a little disheartening; much like finding out the Easter Bunny isn’t real. But, there is some promise in the world of engagement rings. Thanks to new technologies, companies like Diamond Nexus, 1215 Engagement and Pure Grown Diamonds, offer excellent alternatives to mined diamonds. These alternatives include Diamond Simulants and lab grown, pure carbon diamonds. They allow you to purchase an eco-friendly and ethical diamond without breaking the bank. Faith in humanity, and the environment, can be restored!