Diamond jewelry is one of the most common types of gifts to give a loved one.
It might be a diamond ring, necklace, or even earrings.
Although some jewelry may contain gold or other precious metals, the real expense often comes from the diamond used in the jewelry.
Considering that diamonds are just rocks, you may wonder what makes them so expensive.
Why Are Diamonds So Expensive? (10 Reasons)
The average price of diamonds relates to their carats with diamonds less than 0.50 carats costing around $2,000 while those weighing more than five carats cost around $28,000.
Diamonds are expensive based on their size, the expense of mining them, the fact that they take a long time to form, and the various other costs associated with transporting and securing them.
Let’s look at these factors and others in more detail.
1. Take A Long Time To Form
One of the reasons diamonds are so precious is that they take a very long time to form.
In fact, it takes anywhere from a billion to three billion years for a diamond to form.
It takes such a long time because diamonds rely on specific conditions to form.
For one, it needs the high pressure that typically exists several miles below the Earth’s surface.
It also needs the hot temperatures present beneath the earth’s crust.
Over time, the combination of pressure and hot temperatures create diamonds out of carbon.
It’s a slow process, however, so most diamonds found today initially formed eons ago.
This makes diamonds expensive because they’re exceedingly rare.
You’d have to wait several billion years before you could find more diamonds.
Since no one is likely going to be alive during that time, all they have is the diamonds that exist now.
With such scarcity in the market, it