Why are people willing to pay large sums of money for gem quality diamonds?
One explanation to the high price of good quality diamonds is that the large diamond mining corporations invest billions of dollars every year to produce and control the supply of diamonds to the world markets. Diamonds are the hardest mineral on earth and it takes more than 250-300 + tons of ore to produce a 1.00 carat gem quality diamond after finding the rough stone.
Another reason might be their unmatched glamor and their association with social status. There is no other gem in the world (so far found) that when cut and polished properly; GIA certified, that gives the amount of sparkle as a diamond. Their beauty and the myths surrounding them led generations of women to fall under their spell and be completely enchanted by them.
Hence Marilyn Monroe’s famous line from the film “Gentlemen Prefer Blondes”: “Diamonds are a girl’s best friend”.