Diamonds are not rare
Diamonds are not rare in the least. In 1982, more than 100 million women were estimated to be wearing diamond rings. Millions more were storing them in safe-deposit boxes, In that year, the general public owned about 500 million carats of diamonds. In 1983, the largest diamond mines in the world by volume were discovered in the Argyle mines of Australia. The Argyle mines has processed over 800 million carats and is the largest supplier of colored diamonds. Yet those mines already have too many unprocessed diamonds and not enough demand. The Argyle diamond mine is set to close in 2020. Imagine that. A diamond mine that can’t make a business out of selling diamonds.
