Mined Diamonds Are Neither Rare Nor Scarce: Understanding the Industry’s Biggest Myth

For generations, diamonds have been presented as one of the rarest and most precious gemstones on earth. This perception shaped engagement traditions, influenced how people evaluate value and helped maintain high prices. However, the truth tells a different story.

This article explains how the idea of diamond scarcity emerged, how it has influenced the jewellery market over time and why lab-grown diamonds have become a thoughtful choice for today’s conscious buyer.

The Origins of the Scarcity Myth

Before the late 19th century, diamonds were indeed limited in availability. This changed dramatically with the discovery of large deposits in South Africa in the 1870s. Several mining interests came together to regulate diamond circulation.

By consolidating mining operations and closely managing release volumes, the market was able to maintain exclusivity and high pricing. In effect, the scarcity associated with diamonds became more due to inappropriate distribution practices.

How the Industry Manufactured Desire

In 1947, De Beers introduced a campaign that went on to become one of the most influential marketing initiatives of its time. It reshaped cultural perceptions around love, commitment and engagement traditions. By the 1980s, diamond rings had become widely recognised as the preferred choice for engagements. 

The Reality of Diamond Abundance

Global diamond production currently exceeds 110 million carats annually. Russia alone produces approximately 37 million carats each year, followed by Botswana and Canada.

Diamonds are found across multiple continents, from Africa and Russia to Australia and Canada. New deposits are being discovered with the improvement of exploration technology.

Market Control Then and Now

At its peak, De Beers controlled the majority of the global rough diamond supply. This monopolistic position allowed the company to dictate prices and maintain the illusion of scarcity.

Although the company’s market share has declined in recent years, the diamond industry continues to follow the same pricing structures that have long been in place.

Multiple mining companies now operate independently, yet the perception of diamond rarity remains strong. The idea of scarcity has been deeply ingrained in public minds, continuing to shape consumer behaviour even long after the original monopoly lost its dominance.

Why This Matters for Consumers

Understanding the true nature of diamond abundance has significant implications for purchasing decisions. 

The good news is that alternatives now exist. Lab-grown diamonds offer the same chemical, physical and optical properties as mined stones, without relying on artificial scarcity to justify their value.

The Lab-Grown Alternative

Lab-grown diamonds are created using advanced technology that replicates the conditions under which natural diamonds form. The two primary methods are High Pressure High Temperature (HPHT) and Chemical Vapour Deposition (CVD).

This results in a diamond that is chemically identical to a mined stone. Even expert gemologists require specialised equipment to distinguish between the two. The sparkle, durability and beauty are exactly the same.

Lab-grown diamond pricing reflects actual production costs rather than artificially controlled supply. Consumers can understand precisely what they are paying for.

Environmental and Ethical Considerations

Lab-grown diamonds are highly desirable for their environmental and ethical advantages.

Traditional diamond mining involves significant environmental disruption, including habitat destruction, soil erosion and water pollution. Large-scale mining operations can permanently alter ecosystems and affect local communities.

Lab-grown diamonds, in contrast, are produced in controlled laboratory environments with considerably smaller environmental footprints. They require no land excavation and produce fewer carbon emissions than mining operations.

From an ethical viewpoint, lab-grown diamonds eliminate concerns about conflict diamonds and exploitative labour practices that have historically affected certain mining regions.

Conclusion: Making an Informed Choice

The diamond industry's scarcity myth has influenced consumer behaviour for over a century. Understanding that diamonds are neither rare nor naturally scarce empowers buyers to make purchasing decisions based on facts rather than marketing.

Discover our collection of ethically crafted lab-grown diamond jewellery at Dileti. Every piece here reflects craftsmanship and ethical sourcing.

Frequently Asked Questions (FAQs)

Are mined diamonds actually rare?
No, mined diamonds are not geologically rare. The perception of rarity has been carefully created through supply control and marketing.

Why are mined diamonds so expensive if they are not rare?
High prices result from decades of supply control by dominant industry players. By stockpiling diamonds and releasing limited quantities, companies created artificial scarcity that justified high pricing.

Are lab-grown diamonds real diamonds?
Yes. Lab-grown diamonds are chemically, physically and optically identical to mined diamonds. They possess the same crystalline structure, hardness and brilliance.

How can I tell the difference between lab-grown and mined diamonds?
Without specialised equipment, even gemologists cannot distinguish between the two. Both types of diamonds have the same properties and appearance.

Are lab-grown diamonds better for the environment?
Yes. Lab-grown diamonds require no mining, which eliminates habitat destruction and reduces carbon emissions.