Contrary to popular belief and massive global marketing campaigns, mined diamonds are not as rare as consumers have been led to believe. In this article, we will uncover truths about the mined diamond industry that they do not want you to know.
We have been able to put this article together as real industry insiders. As you are already aware, Novita Diamonds is an ethical company that refuses to sell mined diamonds. The reason for this is that Novita Diamonds has done a lot of research on mined diamonds and for many reasons that you will see outlined below, Novita Diamonds made its decision not to deal with mined diamonds. Companies that sell mined diamonds will never be impartial or completely truthful on information about mined diamonds. That would simply be to go against what they sell and no one is going to write something to make what they sell to look bad even if it’s the truth.
HOW MANY DIAMONDS HAVE NOT BEEN MINED YET?
The easiest way to put this into perspective is to take one of the biggest diamond mines in the world, the famous Argyle mine in Western Australia. In its 37 years of operation, it was on multiple occasions the biggest producer of diamonds in the world with up to 42 million carats mined in one year (1994) and averaging 8 million carats per year. Argyle was famous for producing most of the pink diamonds in the world. However, in late 2020, its owner Rio Tinto decided to stop production. While the mine still has lots of diamonds to be taken from the ground, Rio Tinto had to stop because they were losing money. The reason the Ale mine was losing money was due to rising operational costs and a flat diamond market. The diamond market had become flat due to supply outweighing the demand.
WHAT DOES THIS MEAN EXACTLY?
To put it in simple terms, the mined diamond market is so flooded with diamonds that even one of the most successful mines in history can no longer make a profit. Below, we will cover some of the main reasons why there is too much supply and not enough demand to support it.