The chart below shows all the elements, Diamond does not appear on this or any other table of elements.
There are many types of diamonds all made out of different elements. There are four types of colourless diamonds:
Different Diamond types have different inherent qualities.
The most rare, sought after and valuable diamonds are colourless and flawless.
It costs exactly the same to mine a low grade diamond as a perfect diamond.
However, if all diamonds were priced the same per carat people would only buy the perfect diamonds so a grading system is needed to grade the defects in colour and internal flaws.
Gemologists grade the amount of flaws for the dealers. That means the Gemologist decides how yellow the diamond is and how big the internal impurities are.
Diamonds can then be priced according to the report.
Please see a sample report below.
Gemologists charge at least $200 per Diamond to produce these reports and depending on the size of the diamond often considerably more is charged.
Producing these reports for diamond dealers are by far the main source of income for Gemologists.
The Diamond price charged to the buyer is determined loosely using a Trade price list (see example below).
Note please that the Colourless (D) and Internally flawless (IF) are by far the most expensive diamonds.
The prices are in hundreds of dollars per carat and vary by size and even shape.
The quality of the cutting determines most of the beauty of a Diamond.
Rough diamonds are rarely used in jewellery and they do not sparkle. Please see comparison photo below.
Most diamonds are cut and polished as economically as possible, 90% of all diamonds used in jewellery are cut and polished in huge workshops in India.
The most valuable diamonds are still carefully cut and polished in Europe.
Diamonds are forever but no dealer will offer a guarantee to replace the diamond in case of accidental scratching or chipping.
Mining for diamonds is a dangerous work, can be deadly and is unnecessary in the 21st century. Please see an example of a diamond mine below.
Few diamond dealers can absolutely guarantee that the diamonds they are offering are not conflict (blood) diamonds.
There is a warranting scheme in the diamond business called the Kimberly process which has proved ineffective. Please see the below extract from Wikipedia.
The Kimberley Process Certification Scheme (KPCS) is the process established in 2003 to prevent "conflict diamonds" from entering the mainstream rough diamond market by United Nations General Assembly Resolution 55/56 following recommendations in the Fowler Report. The process was set up "to ensure that diamond purchases were not financing violence by rebel movements and their allies seeking to undermine legitimate governments."
The effectiveness of the process has been brought into question by organizations such as Global Witness, which pulled out of the scheme on 5 December 2011, claiming it has failed in its purpose and does not provide markets with assurance that the diamonds are not conflict diamonds.