PRICE MOVEMENT IN GLOBAL DIAMOND

MARKET AND DIAMOND DRIVERS

CAPSTONE PROJECT REPORT

Submitted By

Dilip Singh Pal (11605620)

Aniket Agarwal (11605951)

MASTER OF BUSINESS ADMINISTRATION (MBA)

MITTAL SCHOOL OF BUSINESS

LOVELY PROFESSIONAL UNIVERSITY

PHAGWARA
 DDECLARATION

We hereby declare that the capstone project work entitled “PRICE MOVEMENT IN GLOBAL
DIAMOND MARKET AND DIAMOND DRIVERS.” submitted to Lovely Professional
University, is a record of an authentic work done by us under the guidance of Dr. Rupesh Roshan
Singh Assistant Professor, Lovely Professional University, in order to fulfill the requirement of
our degree. This work has not been copied from any source and whatever decoration and
connection made in the circuit is a total dedicated work by us only.
 ACKNOWLEDGEMENT

It is our extreme pleasure presenting our capstone project report on “PRICE MOVEMENT IN
GLOBAL DIAMOND MARKET AND DIAMOND DRIVERS.” We express our deep gratitude to
our mentor Dr. Rupesh Roshan Singh for guiding us during each and every step about our endeavor. He
has been a constant source of motivation for us throughout the whole project work and without the
support of our mentor this research would not have been concluded. We would like to thank all our
friends, family and teachers for their support in each and every way possible and for their thoughtful and
stimulating discussions that encouraged us to continue the work and complete it.
 CHAPTER-1

INTRODUCTION

Diamond is the most renowned and fictional of all gemstones. Diamonds stand out in
several characteristics and functions. They are the hardest metal on earth and famous
for it, the characteristics of diamond like durability, attractiveness and less availability
or supply make them the most sought out of all stones. There is no other gemstone as
popular and demanding in market due to these special characteristics.

There are many gemstones other than diamonds but they are colorless or vaguely
colored which makes them less attractive and desirable. The topic to be discussed is
price fluctuations of diamond in the global diamond market. First and foremost, the
diamond market is explored and found out to be heterogeneous that is made of three
significant market segments. Later the process of movement of stones from mines to
global market is studied. And then the diamond drivers and other determinants that
impact the prices of diamonds will be assessed.

INDUSTRIAL DIAMONDS

The diamond market can be divided into two wide categories namely volume, value.
Volume represent around ninety three percent of raw diamonds that are produced,
whereas value represent industrial diamonds have about 17 percent of rough diamond
production only. Industry diamonds have been divided into two significant markets,
the probable cause for synthetic diamonds to increase significantly in larger market
shares is because of grit segment.

JEWELRY DIAMONDS

In terms of value diamonds utilized by the jewelry segment cover over two thirds of
entire rough diamond market turnover. Therefore, it can be perceived that demand for
jewelry dominates most of diamond turnover and brings profits to diamond suppliers,
who are largely hanging on the jewelry sector and other stakeholders along with other
supporting firms in the industry.

There is a scope for huge profits with diamonds along circulation medium, the
demand and price of polished diamonds can rise to multiple times in retail market
when compared to the value of stones in its rough condition. Buying diamonds as
jewelry is majorly done by female customers and majority practice is for engagement.
Rings, It is a tradition in Western. Later, in 20th century special campaigns by De
Beers dominantly increased the demand for gemstones in many countries.
 INVESTMENT DIAMONDS

Investment is also the reason for purchase of diamonds. The availability of diamonds
is scarce, which make them high value per unit of weight and their marketability can
be an attraction to any investor and buyer. The estimate for diamonds sold for
purpose of investment accounted in terms of value, which is seventeen percent of
total diamond sales. Bulk items of jewelry can also be bought for business purposes,
or maybe an incentive to decide for purchase.

PROCESSING OF DIAMONDS FROM THE DIAMOND MINES TO MARKET

These are some companies that are managed De Beers Group in the gem markets so

that they can reach out to people to provide and introduce them with Diamond:-

O
R
U
P
D
e
T
C
I
B
A
P
D
S
C
D
R
T
I
s
p
u
o
r
G
A
P

 CSO, which stands for Central Selling Organization it, is a company that manages the
functions of marketing of the De Beers diamonds.

 DPA, which stands for Diamond Producers Association, procures the diamonds from
South Africa and Namibia. It also supports the local South African cutting industry.

 DITRA, which stands for Diamond Trading Company, is a wholesaler of diamonds and
it sells all gems and near gems which are at the disposal of De Beers.

 PURTRA, which stands for Diamond Purchasing and Trading Company, it arbitrates
between the DPA and DITRA. It is a South African company, and makes sure that the
De Beers profits on diamond sales will be taxed locally.

 DICORP that stands for Diamond Corporation it manages long-term supply agreements
with foreign sellers. These agreements are an understanding to make purchase of a
minimal portion of production capacity of the supplying mine.
Diamond marketing and distribution mediums are lengthy, mostly gemstones.
Requirements for skillful and experience, important financial resources and limitations
on new entrants by new dealers to this attractive market are all contributing factors to
the high margins on cutting and selling of gemstones. Generally, these margins are
impacted by capital availability and can differ from firms and individual investors. The
business cycles also have a significant influence on the margins.

What makes DE BEERS Monopolistic Player in Diamond Market:- Their mines yield
only about twenty five percent of the world’s total ordinary diamond output, they have
been producing over fifty percent of gems output and nearly they have been able to
capture more than half of the world’s synthetic diamonds market. Though, over the
Central Selling Organization a company of the De Beers group possibly more than
eighty percent of the world production is traded on the global marketplaces. The open
marketing policy of De Beers is to alleviate the markets. Thus, through affluent times
De Beers intentions to diminish price escalation, while during depressed phases the
conglomerate objective is at controlling price falls. Being a robust domination, the
objective of De Beers is possibly to surge earnings in the long run.

Though, the company can influence either on gem bills or on its size of stock, but can’t
have controlled together. Rendering to previous practice it seems that De Beers
objectives to influence charges by alteration of the size of supply. As De Beers has
promoted eighty percent of the all gemstones and has solid economic resources, it is
evident that they collectively control the market and enjoy a high degree of
monopolistic power in rough gems. However, De Beers does not control the refined
gem-by them.

As business cycles incline to impact the sales of diamonds on the retail level, De Beers,
with its controlling power in regulatory rough stones, can only answer to changes in
worldwide economic activity in the rough diamond markets. By repurchasing rough
diamonds during low periods and trade more through wealthy times, De Beers can
relish higher profits. So as to relish super profits, the conglomerate proceeds with
complex risk, as the imminent changes in the diamond market as in any additional
market cannot be forecasted with certainty thus orientated against the cycle in the
diamond market is discovered.
RENOWNED DIAMONDS ACROSS GLOBE

1. The Great Star of Africa Carats 530.20: - The Great Star of Africa is known by many
names. The most general ones are the Cullinan I and Star Africa. This stone is the prime
cleaned jewel on the planet. It is pear-formed with 74 aspects. These days, the jewel is in
simple view. It is in the Royal Scepter, showed with other Crown Jewels in the Tower of
London. This precious stone was really a section of the major jewel gem ever the 3,106.75

2. Cullinan precious stone: - This fairly pale blue green expensive stone originates from
India. It is an exceptionally untainted valuable stone. The jewel is a Mogul-cut rose
prepared precious stone. As of now, it is in the Diamond Treasury of Russia in Moscow.
As specified by basic belief, this precious stone was the jewel sense of the Hindu god
Vishnu's Idol, in the sanctuary in Sriangam.

3. The Centenary Diamond Carats 273.85: - Discovered at the Premier Mine in July 1986,
the Centenary Diamond initially weighed about 599.10 carats. Ace shaper Gabi
Tolkowsky and his group took about three years to change it into the biggest, most current
cut, impeccable, and top-color precious stone. The Centenary has 247 aspects. 164 of them
are on the stone and 83 over its support. Overall, it weighs 273.85 carats. The precious
stone was uncovered in May 1991 at the Tower of London.

4. The Regent: – Carats: 140.50 In spite of the fact that The Regent is by a wide margin
not the greatest precious stone, its ideal cut and limpidity make it stick out and truly
important. The stone was at first found in 1698 in India. A man named Thomas Pitt, the
Governor of Madras, procured it and sent the precious stone to England for cutting
purposes.

5. Koh-I-Noor Mountain of Light Carats 105.60: - This oval cut precious stone is a piece
of the British Crown Jewels. The Mountain of Light has a history that goes back to 1304.
This is the precious stone with the longest history of all the acclaimed jewels. It was the
Rajahs of Malwa that caught the precious stone in the sixteenth century. Later on, the
Mogul Emperors gained the precious stone and put it in the renowned Peacock Throne.

7
 CHAPTER-2

LITERATURE REVIEW

1. Indian Diamond Industry Out of Recession

Asha, K., & Christopher, S. E. (2014). A Study on Buying Behaviour of Customers towards
Branded And Non-Branded Gold Jewellery With Reference To Kanyakumari
District. International Journal of Management, 5(10), 105-114.

In this article he presented the study of gems and jewelry industry and it has recorded a 16 %
increase in the entire gems and jewelry exports in 2009-10. The industry pays 13 % to India’s
total diamond exports. The figure quantified that India’s diamond segment in international market
observed a surge from 60 % to 70 % in value terms. The USA continued India’s largest consumer
of jewelry. He also stated that Indian diamond industry has now come out of deterioration.

2. Entrepreneurial Strategic Innovation Model for Attaining Premium Value for the Sri
Lankan Gem and Jewelry Industry

Ekanayake, S., & Abeysinghe, D. (2010). ENTREPRENEURIAL STRATEGIC INNOVATION

MODEL FOR ATTAINING PREMIUM VALUE FOR THE SRI LANKAN GEM AND
JEWELLERY INDUSTRY. Asian Academy of Management Journal, 15(2).

They observed that the gems and jewelry industry in Sri Lanka has been proficient enough to
advance a viable product base but has been sited to experience a drop-in market value. This drop
has resulted in the fragmentation of the industry value system, compelling the firms to work in
seclusion. They specified that the industry value system is handled by private sector
entrepreneurship deprived of state prying.

3. Indian Gems and jewelry: A Sector Study

Kumar, N. (2012). Problems and prospects of Indian exports of gems and jewellery.

EXIM Bank acknowledged the innumerable challenges and strategies for Indian gems and
jewellery sector. Bank in his study described that there has been a loss of market for gems and
jewellery exports due to collapse and worldwide economic slowdown. The bank has presented
market scrutiny to understand the viable position of India vis-à-vis other participant countries, and
also has recognized the export destinations which have not been fully commissioned by India for
its exports of gems and jewelry under hand-picked product classes.

8
4. Indian Diamond Industry Stands above the Others

Kuriyan, V. (2010). Indian Diamond Industry Stands above the Others. Published in Solitaire
international, Meneck Davar Publication, Mumbai, 28-38.

He stated that the Indian diamond industry stances evidently above utmost of the opposition. He
communicated that the sole informal way to check on how the Indian diamond industry is doing
today is to look at all the online diamond trading systems such as index online, etc. He also
informed that the industry should thrust firmer to ensure that its goods get to further markets
around the world if it wants to endure value growth.

5. Italian and Indian Gold and Jewelry SMEs, Marketing Practices in the USA: A
Comparative Case Study

Simoni, C., Rabino, S., & Zanni, L. (2010). Italian and Indian gold and jewelry SMEs, marketing
practices in the USA: A relative case study. Journal of Small Business and Enterprise
Development, 17(3), 403-417.www.emeraldinsight.com

They scrutinized recent patterns of worldwide marketing happenings of Italian gold firms with a
distinct prominence on the USA market and surveyed them with those accepted by Indian gold
firms. They appraised small companies based in two regions (Arezzo, Italy and Hyderabad,
India). They told that modest behavior of Small and Medium Enterprises (SMEs) is primarily
reactive, whereas Indian companies tactically emphasis on the disbursing Indian immigrant
community.

6. The Mazzel Ritual: Culture, Customs and Crime in the Diamond Trade

Siegel, D. (2009). The Mazzel Ritual: Culture, Customs and Crime in the Diamond Trade.
Springer Science & Business Media.

She emphasized the existence of Indian merchants, community and Indian market in Antwerp. In
his study, Siegel specified that most of the families tangled in the diamond sector in Antwerp
came from the area of Gujarat, a region with a long-lasting tradition of movement all over the
world.

9
7. Gem and Jewelry Industry: Global and Indian Scenario

Mukherjee, I. (Ed.). (2008). Gems and Jewellery Industry: Global and Indian Scenario. Icfai
University Press.

She dealt with an unindustrialized global industry the diamond industry, which is on the way to
huge information. This industry is enormously global in nature. She told that gems and jewelry
industry can be classified into various sub-sectors such as gemstones, jewelry and pearls. Over the
years, the global gems and jewelry markets have been wedged by various advances identical
falling trade barriers, growing competition, changing customer likings and changes in technology
in countless areas. As one of the oldest industries, it has seen far-reaching deviations since the
start of this millennium. Supply bases have become uneven, resultant in shooting up of raw
material prices. Controllers are alert and consumer engagement is on the rise. These compressions
have driven fluctuations that are more concentrated and long-term than any witnessed in the
preceding fifty years.

After reconnoitering the place of Indian gems and jewelry industry, she detected that India has
various advantages to arise as a gem and jewelry hub. It has the principal and best artificer force
for scheming and crafting the jewelry in the world. There is a significant scope of worth addition
in terms of size edifice at the local front, quality supervision and professionalization. Grasping
mammoth latent of the industry, the Ministry of Commerce, Government of India avowed gems
and jewelry a drive sector for export preferment. In this context, the first section of study
explained the emerging trends and evolving dynamics of the global gems and jewelry industry as
well as branded the future trends. The second outlined the implication of India within global gems
and jewelry industry, and shielded the recent scenario of the division in India.

8. The Rise to Prominence of the Modern Diamond Cutting Industry in India

Sevdermish, M., Miciak, A. R., & Levinson, A. A. (1998). The rise to prominence of the modern
diamond cutting industry in India. Gems & Gemology, 34(1), 4-23.

They considered in their paper the rise of the contemporary diamond acerbic industry in India and
its bearing on the global diamond trade. They studied that the modern diamond industry in India
grew at a notable rate, which is 82-fold by elegant heft and 249-fold by refined value. Today India
books for near seventy per cent by weight and thirty-five per cent by value of diamonds polished
annually worldwide. India has had a deep effect on this trade because of the huge quantities of
small and low-cost diamonds mass-produced there.

10
9. Panorama of Gems and Jewelry in Indian Historical Setting

Shukla, M. S. (2000). Panorama Of Gems Jewellery In Indian Historical Setting. Kala Prakashan.

He stressed that diagram of pearls and gems in the Indian chronicled viewpoint. He told that pearls
and valuable stones were known as subject of India at an extremely remote period. India was
evidently the first and for quite a while the main base of precious stones and pearls known to the

European countries, In India there were eight districts or division of the nation in which the precious
stone is said to happen. The regions expected to create precious stones are Klinga, Kosala, Himalaya,
Matanga, Pundraka, Saurastra, Vairagara, and Sopara. Indian adornments by the early noteworthy
period is astounding for its refined feel and an exquisite brought together style. It speaks to artful
culminations of structure and craftsmanship in diamonds and valuable metals.

He told that it is an offered, a dare to follow the vocation of pearls from their network to gems
structures and to recover them from diminish openings of time, removed insides and dull
passageways of hundreds of years. The book additionally introduced the nature and degree of
their reasonability in connection to social condition, ethos and estimations of progress substances.

10. Export Problems and Prospects of Indian Diamond Industry

Varma, M. L. (1983). Export prospects and problems of Indian diamond industry.

He examined that a lion's share of the exporters in Indian jewel industry are confronting different
issues. The import of crude materials is the most concerning issue for precious stone producers.
He dissected that low quality and significant expenses of crude materials are the fundamental
issues of this industry that have been looked by the exporters. Absence of preparing organizations,
little utilization of present day methods and numerous others issues are in this industry. Then
again, Verma expressed that jewels are the single biggest fare ware winning outside trade. In his
investigation he detailed that in time of five years from 1979 to 1983, precious stone imported by
the USA from India rose from 33 percent to 48 percent and jewels imported by Japan from India
expanded from 36 percent to 50 percent.

11
11. Export Promotion in India

Purushothaman, Nair

He featured the fare potential and issues of precious stone industry. He told that the precious stone
industry is viewed as an individual from the conventional business gathering. Precious stone
industry in India is making bigger commitment to our fare income a seemingly endless amount of
time after year. As far as worth the fare profit from precious stones were Rs. 44.8 crores in 1970-
71 and Rs. 618.40 crores in 1980-81. He told that India is neither a source nor a business
opportunity for jewels, however just a transitional processor, which imports harsh stuff to be as a
rule sent out in the wake of handling. He examined different issues looked by the jewel business
in unique reference to Kerala, for example, supply of low quality stones, poor bank offices, Labor
issue and subjective valuing and so forth. At last he offered some appropriate strategy suggestions
to dispose of different issues that have been looked by the precious stone industry.

12
 CHAPTER-3

RESEARCH METHODOLOGY

 Research type and general goal

 This research is completely based on secondary sources and forms,

 This research is applied and diverse in Nature,

 The proposed research is set up from Qualitative Point of view.

 Methods and Techniques

• We have collected all data from secondary sources,

• We have visited some of the renowned store in our local market i.e,

• TANISHQ Jewelers.

• KALYAN Jewelers.

• GUJRANWALA Jewelers.

• We have taken data from certain websites (IDEX)

OBJECTIVE

 To find the trends of diamonds price movements,

 To find trends of pricing based on different diamond,
 To explore different international factors which decide the diamond price in global market.

13
T
U
C
RESULT AND DISCUSSION
CHAPTER-4

We have listed the major factors  which affect diamond price and then there are
certain factors we take into consideration when we determine the value of diamonds.

A grading system, instituted by the GIA (Geological Institute of America), was implemented to
evaluate Diamonds based on four major aspects. These four grading systems are known as "the
four C's", in which all Diamonds are evaluated:

This guide investigates every part of a precious stone and what components affect jewel costs,
completely or contrarily. The old-style factors of precious stone valuation are known as the four
C's: Cut, Clarity, Color and Carat weight. Anyway, these are essentially the center, fundamental
components. There are an enormous number of elective elements to be taken into thought once
astute what extent a jewel is esteem. WP Diamonds gives an unmistakable worth through a
specialist valuation for your rings, gems, or free jewels.
Frequently, the state of a recycled jewel could be a key component in its valuation. in spite of the
fact that the hardest common material popular to man, second client precious stones could

14
likewise be broken, rubbed, or broken.

The GIA have made a progression of recordings concerning evaluating that you'll see here.
Splendor incorporates decent precious stone training segment for you to be told a great deal of
you'll conjointly observe the GIA training guide on their website.
DIAMOND COLOR EXPLAINED

Diamonds arrive in a variety of stunning hues. Alongside cut, lucidity, and carat weight, color is
one of the 4 C's of jewel quality and is a significant property for surveying your stone. Color
significantly affects the appearance and estimation of your jewel and is urgent to consider when
hoping to purchase or sell. Here you will be witnessing some key influencing things meaning.

HOW IS DIAMOND COLOR ASSESSED?

Jewels are surveyed by how near dismal they are (the avoidance to this is extravagant shaded
precious stones). While a jewel may seem white to the unaided eye, barely any precious stones
genuinely are. They by and large range from dreary to slight traces of yellow or dark colored. The
GIA, considered the business standard in precious stone evaluating, positions jewels D (totally
dull) to Z (slight traces of yellow or dark colored). D-color jewels are the most significant and Z-
color precious stones are substantially less wanted available. These D to Z reviewing are utilized
over the business and can be a significant method to survey the nature of your jewel. The color
evaluating can be translated as the accompanying: “A gemologist assesses concealing grade by
standing out a valuable stone from a great deal of "pro stones". These are gems that range from D-
Z.
WHAT IS FLUORESCENCE?
Another significant part of jewel color is fluorescence. At the point when a precious stone has
fluorescence, it implies that the jewel transmits noticeable light. At the point when put under
bright light, a jewel with fluorescence will seem to gleam. GIA grades fluorescence from swoon
to medium to solid to solid. It is frequently exceptionally hard to recognize a precious stone with
fluorescence and a jewel without—both show up fundamentally the same as. Fluorescence can
have both positive and negative impacts on a jewel's appearance and worth.

15
Now and then, a solid fluorescence can make a cloudy color appearance. In these cases,
fluorescence frequently diminishes a precious stone's worth. Then again, blue fluorescence can
cause yellowish precious stones to show up progressively dull, expanding their appearance and
worth.
HOW DO COLORED DIAMONDS WORK?
Jewels that fall outside of the D to Z color range are viewed as extravagant hued precious stones.
Extravagant hued precious stones are unimaginably uncommon and come in hues including
extravagant pinks, extravagant blues, extravagant greens, extravagant violets, extravagant
yellows, and that's only the tip of the iceberg. Extravagant hued precious stones are surveyed
dependent on three traits—tint, immersion and tone.
HUE: This alludes to the genuine shade of your jewel—regardless of whether it be pink, blue,
yellow, orange, and so forth. Colorful jewels additionally show optional tints. For instance, blue
precious stones regularly contain auxiliary dim hues. On the off chance that a blue jewel displays
an auxiliary dark tone, it might be marked as either grayish blue or dim blue. These terms can be
applied to every hued precious stone with optional hues. These terms contrast somewhat “Grayish
blue” diamonds – exhibit some gray hue but primarily a blue hue (ie. 20% gray and 80% blue).
“Gray blue” diamonds – exhibit an even larger amount of gray but are still mainly blue (ie. 40%
gray and 60% blue)
While depicting a precious stone, the main descriptive word (in the above models either grayish
or dark) is viewed as the modifier and blue is viewed as the essential color. On the off chance that
the altering color is more significant than the essential color, the modifier will expand the stone's
worth. On the off chance that the altering color is less significant than the essential color, the
modifier will diminish the stone's worth. For the situation above, on the grounds that dim is a less
significant stone color than blue, a grayish blue or a dark blue precious stone will be less
important than only an unadulterated blue stone. Tone-This implies how light or dim the shade of
the precious stone is.
Saturation- This alludes to the quality or shortcoming of the color. Contingent upon its tint,
immersion, and tone, your extravagant hued precious stone will be arranged as one of the
accompanying color powers (running from least extraordinary to generally extreme):

 Fancy Light
 Fancy
 Fancy Intense
 Fancy Vivid
 Fancy Deep

16
This color label will have a large impact on the appearance and estimation of your stone. The
more color present, the more significant it is.
How does the color factor influence the valuation of DIAMOND?
Colour Grade Price per Carat % Drop in Price from Next Highest Grade Color significantly
affects the estimation of your precious stone. As color grade diminishes, cost can drop altogether.
The following is a true case of cost contrasts dependent on color grade between generally
indistinguishable 1-carat precious stones As carat weight expands, the cost distinction between
various color grades increments much more drastically. In this article, we will react to the going
with request concerning valuable stone clearness 2. How is valuable stone clarity assessed? 3. In
what way will gem clearness impact my valuable stone's worth? 4. What sorts of consolidations
exist? 5. How might I choose my valuable stone's clarity? Definition Diamond clearness implies
how flawless a valuable stone is.

The size, sum, and presence of incorporations defects inside the precious stone and imperfections
blemishes on the outside of the jewel will decide your jewel's clearness grade. Alongside color,
cut, and carat weight, lucidity is one of the 4 C's utilized to decide precious stone quality. Lucidity
can significantly affect the appearance and estimation of your stone. Precious stones are given a
clearness positioning dependent on the sum, size, and position of considerations and flaws.
 D, E, and F – drab (for the most part all seem dry to the untrained eye)
 G, H, I, and J – close to dull (normal; regularly still seem drab to the unaided eye)
 K, L, M – swoon (slight unmistakable tint)
 N, O P, Q, R – extremely light (progressively unmistakable tint)
 S, T, U, V, W, X, Y, Z – light (darker or yellow tint is entirely recognizable)

Price Per % Drop in Price From Next

Colour
Carat Highest Grade
Grade
D $7250 -
E $6500 11.5%

F $6100 6.5%

G $5450 11.9%
H $5000 9%
I $4300 16.2%

J $3600 19.4%

17
K $3150 14.2%

DIAMOND CLARITY

WHAT IS DIAMOND CLARITY?

Definition: Diamond clarity refers to how flawless a diamond is.

The size, amount, and presence of inclusions (gem flaws) and defects (diamond surface defects) w
ill decide the degree of visibility of your diamond.
Clarity is one of the 4 C's used to determine the quality of diamonds, along with color, shape and 
carat weight. Clarity can have a major impact on your stone's look and quality.
WHAT TYPES OF DIAMOND INCLUSIONS EXIST? While there are a wide scope of sorts
of consolidations, standard flaws incorporate Feather inside split, made during or after game plan
can impact valuable stone's strength Pinpoint a humble mineral valuable stone inside the gem that
will appear as an incredibly little spot Crystal a valuable stone contained inside the gem.

Needle a pitiful, delayed valuable stone inside the gem that will appear as a bar shape Cloud a lot
of pinpoints that are hard to perceive from one another shows up Twinning Wisp molded on
account of improvement gives up in the valuable stone when a gem stops game plan and starts
again soon, this thought will happen appears as a social event of tufts, pinpoints, jewels, and fogs
Round valuable stones are the most gainful of shapes cushions, princess cuts, radiant and asschers
are moreover particularly standard, anyway worth very much not as much as rounds. Emerald
cuts, ovals and pears are worth even less and marquises are worth less still. How precious stone
shapes influence costs is reliant on style patterns and notoriety and shifts throughout the years.
How to know what amount my precious stone is value? Size is a decent spot to begin when
responding to this inquiry, as the size of a stone is seemingly one of the most significant factors
in valuing a jewel. There are two significant focuses with regards to jewel size bigger is better and
"enchantment sizes" assume a huge job.

18
HOW IS DIAMOND CLARITY GRADED?

Clarity Grade Meaning Description

FL Flawless No internal or external flaws. Incredibly rare and valuable.

No internal flaws but some surface flaws. Still very rare and
IF Internally Flawless
valuable.

Slight internal flaws that is difficult to see even with 10x

VVS1, VVS2 Very Very Slightly Included
magnification.

Slight internal flaws that is just barely visible with 10x

VS1, VS2 Very Slightly Included magnification. Flaws are typically not visible with the
naked eye.

19
 Slight internal flaws that is visible with 10x magnification.
SI1, SI2 Slightly Included
Flaws may be visible to the naked eye.

Inclusions that are readily visible to the naked eye.

I1, I2, I3 Included Inclusions may affect transparency and brilliance. Less
desired.

Diamonds are given a clarity ranking based on the amount, size, and position of inclusions and
blemishes. Most diamonds have some imperfections, but the nature of these imperfections will
determine your diamond’s clarity grading. The GIA, the industry’s leading organization, ranks
diamond clarity as follows:

HOW WILL DIAMOND CLARITY AFFECT MY DIAMOND’S VALUE?

If you are looking to sell your diamond, you may be concerned with how your diamond’s clarity
grading will affect its value. Diamonds are ranked from FL to I3, with FL being the most rare and
valuable and I3 being less rare and less valuable. The bottom line is: the more flawless your
diamond, the more it is worth.
As diamonds’ clarity grade decreases, price often drops dramatically. Below is a real-world
example of how clarity grade affects the price of a diamond. The following table shows price
differences based on clarity grade between otherwise identical 1-carat diamonds:
Clarity Price Per % Drop in Price From Next Highest
Grade Carat Grade
IF $8000 -
VVS1 $7100 12.6%
VVS2 $6500 9.2%
VS1 $6200 4.8%
VS2 $5500 12.7%
SI1 $4800 14.5%
SI2 $3700 29.7%
I1 $3200 15.6%
I2 $2400 33.3%
With larger stones, the price differences of different degrees of clarity between identical diamond
increase even more.
Fill out the online form and one of our inhouse diamond experts will be in touch shortly with an i

20
nitial price quote if you want to determine how much your diamond is worth or are interested in s
elling your piece.

WHAT TYPES OF DIAMOND INCLUSIONS EXIST?

While there are a wide range of kinds of incorporations, regular blemishes include:
 Pinpoint –a modest mineral precious stone inside the jewel that will show up as an extremely
little dab
 Feather –inside split, made during or after arrangement; can influence precious stone's
solidness
 Crystal –a precious stone contained inside the jewel
 Needle –a meager, prolonged precious stone inside the jewel that will show up as a bar shape
 Cloud –a bunch of pinpoints that are difficult to recognize from each other; makes a dim
appearance
 Twinning Wisp –shaped because of development surrenders in the precious stone; when a
jewel stops arrangement and starts again sometime in the future, this consideration will happen;
shows up as a gathering of plumes, pinpoints, gems, and mists
SHAPE
Round precious stones are the most profitable of shapes; pads, princess cuts, radiant and asschers
are additionally exceptionally mainstream, however worth a lot not as much as rounds.
Emerald cuts, ovals and pears are worth even less and marquises are worth less still. How
precious stone shapes influence costs is reliant on style patterns and notoriety and shifts
throughout the years.

21
SIZE
How to know what amount my precious stone is value? Size is a decent spot to begin when
responding to this inquiry, as the size of a stone is seemingly one of the most significant factors in
valuing a jewel. There are two significant focuses with regards to jewel size: bigger is better and
"enchantment sizes" assume a huge job.
Enchantment sizes incorporate 0.50 cts, 1.00 cts, 2.00 cts, 5.00 cts. When you pass an
enchantment size, the cost per carat increments. For instance, a 1.00 ct stone is worth around 15-
20% more per carat than a 0.90 ct stone. The equivalent goes for a 5.00 ct versus a 4.90 ct.

CUT
When thinking about how cut evaluations influence the cost of jewels: superb cut is ideal. It is
worth around 15% in excess of a Very Good (VG) cut evaluation, which is worth roughly 15% in
22
excess of a Good (G) cut evaluation. Just adjusts are given cut evaluations by the GIA. A triple
EX grade (for example EX cut, EX clean and EX balance) is commonly worth 7-10% in excess of
a triple VG cut evaluation.

POLISH
As far as how clean influences the cost of a precious stone, it has a lesser effect than cut
evaluation, particularly between a VG grade and a G grade, for instance.
A triple EX grade (for example EX cut, EX clean and EX balance) is commonly worth 7-10% in
excess of a triple VG grade.
BEST DIAMOND CERTIFICATION AND GRADING
The value you actually have to pay for a diamond depends heavily on the rating of the diamond in
the evaluation statement and/or "certificate.”
The Gemological Institute of America's (GIA), HRD Lab's, American Gem Society's (AGS), and 
Gem Certification and Assurance Lab's (GCAL) reports command the industry's highest premium.
However, the grading of diamonds and the reliability of their grading reports are significantly diff
erent from all other gem labs.

This table shows the major role which are played by certification and their levels of certification
with the consistency: -
 GIA is known for being the best lab in the World.
TOP

 AGS- The are considered best for cut but when the measured in clarity
SECOND context they are having grading issues,

23
  HRD- This is also an well-known and recognized lab but when it
comes to the grading of colour they have a bit of issues involved,
 GCAL- Their results are highly regarded because they the most
consistent with GIA
 IGI- They are new ones and considered as improving ones can expect
THIRD 1 grade of inconsistency.
 PGS- They are good at grading but their market share and area of
operation is very less.
 GSI- This is more popular amongst large chain jewelers, and comes
FOURTH below IGI because its grading is not so consistent when compared to
others.

 EGL- They is not the Reliable lab for grading to be done at some
FIFTH points but they were hated by many in the market.

Once in a while you may hear clashing thoughts since gemologists may tailor their feeling to the
lab that evaluated their precious stones so as to make a deal. These conclusions are clearly one-
sided and you ought to shift of such suppositions while looking for a precious stone. Kindly
pursue our inside and out precious stone guide for each state of jewel to make an educated
judgment while purchasing a jewel.

The precious stone exchange has assessed altogether in the course of the most recent decade.
Presently fundamentally everybody works with indistinguishable arrangement of vendors and acts
from middle person among you and the seller.

Let's start at each laboratory and look at who they are and what they are doing.

GIA:
The Gemological Institute of America is a non-benefit association committed to the exploration

24
and instruction of diamonds and gems. They study and grade a wide range of gemstones.
Notwithstanding the lab administrations, GIA additionally prepares gemologists and offer top to
bottom instruction and research backing to the precious stone industry. At present, GIA's precious
stone reviewing reports are first class jewel check and "confirmation" records in the precious
stone industry.

GIA offers two sorts of precious stone evaluating reports. The dossiers are less expensive than the
full reports and do exclude the full plot of the jewel which show the precise area of considerations
in a precious stone. Since the area considerations isn't resolved in dossier reports, GIA requires a
compulsory laser engraving of the precious stone which isn't the situation with full reports: sellers
can purchase the laser engraving as an additional help for $30, yet it isn't required.
AGSL - AGS:
The American Gem Society is a participation association of diamond setters, providers,
appraisers, and brokers. The organization has been around since1934; be that as it may, its
research centers (American Gem Society Laboratories – AGSL) were established in 1996. They
additionally have a propelled instruments division established in 2004. AGSL is the division that
evaluation precious stones and have built up their very own benchmarks for reviewing jewels.
AGSL is a nearby contender to GIA and has a solid notoriety in the precious stone industry.

HRD Labs:
HRD Antwerp's is for the most part possessed by Antwerp World Diamond Center. AWDC was
established in 1973 and speaks to the Belgian precious stone industry. As you may know,
Antwerp is one of the fundamental habitats for precious stone exchanging and supply. HRD Lab's
principles are like ones utilized by GIA. They likewise adhere to evaluating rules set by the
International Diamond Council. HRD Labs are entirely dependable.

IGI:
The International Gemological Institute was built up in 1975 and is headquartered in Antwerp –
one the key focuses of the precious stone business. IGI has a few branches all around the globe
and is perhaps the biggest lab on the planet. It likewise has a gemology school. Since IGI is so
huge, their labs in various nations by all accounts utilizing somewhat various criteria while
reviewing precious stones subsequently irregularities in generally speaking evaluating results. Be
that as it may, they appear to improve their general execution. We would review IGI as somewhat
less severe than GIA or AGS. It is a smart thought to anticipate one evaluation irregularity while
purchasing IGI jewels. Be that as it may, no two jewels are the equivalent, so summing anything
up when comes to purchasing precious stones is certifiably not a smart thought – each case is
25
extraordinary and along these lines ought to be treated all things considered. Con: Expect one
evaluation irregularity in generally speaking reviewing with regards to IGI's evaluating in each of
the four Cs.
GSI:
Gemological Science International chiefly reviews precious stones for a portion of the enormous
chain stores in mass numbers. As of late, they have extended their activities to various nations
around the world. GSI is by all accounts a most loved of huge stores as they grade jewels a lot
quicker than GIA or AGS. GSI is near IGI by the way they grade precious stones and generally
grade jewels one evaluation lower than GIA or AGS. Once more, expressed over, every precious
stone has its own qualities so these bits of knowledge are useful for general data purposes as it is
essential to break down every jewel separately. Be that as it may, on the off chance that you are
not very much educated or in the event that you don't have the opportunity to find out about
precious stones, it is a smart thought to go for either GIA or AGS.

EGL:

The European Gemological Laboratory used to have huge offers in the precious stone evaluating
business. Be that as it may, it has lost quite a bit of its believability. They is by all accounts
redesigning the association and until further notice it is a smart thought to not exclusively depend
on EGL reports. Indeed, even Rap Net doesn’t permit EGL evaluated precious stones to be
recorded on their foundation.

HOW ARE DIAMONDS CERTIFIED?

So as to settle on an educated choice on the different precious stone evaluating

reports/accreditations, it is critical to see precisely how jewels are reviewed in the first place. The
significant jewel labs have surprisingly comparative procedures for breaking down and evaluating
precious stones. The procedure for the most part includes a few alumni gemologists autonomously
surveying the cut, color, lucidity and carat weight of the jewel, with the last grade being removed
after an assessment of the considerable number of evaluations. This procedure decreases the
potential for human blunder in the assurance of a jewel's last grade, however despite everything it
doesn't dispense with it. Evaluating labs have been known to give various evaluations to jewels
that are sent to them for the subsequent time, and this distinction can get progressively observable
26
when there are different precious stone accreditation labs in the blend.

Jewels are not certified; no lab would state that they are "guaranteeing" precious stones. Lawfully,
it can place them in a tough situation. All they state is that they grade precious stone dependent on
their best judgment.
CERTIFICATE STANDARDS:
Another significant thought in precious stone accreditation is the confirmation guidelines that the
different labs work by. So as to represent this point, one could think about GIA and IGI one next
to the other: GIA is a non-benefit association while IGI is a business organization. Expectably,
GIA has been known to be to some degree more goal than IGI when reviewing precious stones for
the basic explanation that the last is bound by their benefit intention to be more client situated (the
clients for this situation being jewel vendors.) The divergence in results is an open mystery in the
business. In some cases business labs would give precious stones a normal of one point higher
reviewing than those given by GIA and AGS to satisfy their customers. What this implies for you
as a purchaser is that while you may discover two precious stones with comparable evaluations
from IGI and GIA, with the one from IGI having a lower sticker price than the one from GIA, it
might appear to be a deal to go for the one with the lower cost, though truly, you would have paid
a similar cost as the jewel would likely have been reviewed by GIA with a lower reviewing and
along these lines be sold at a lower cost. More or less, from a purchaser's point of view, jewel
affirmation is significant while purchasing a precious stone. The jewel reviewing or accreditation
originate from a wide assortment of labs, all with differing dependability, however so as to get the
most ideal arrangement, your most solid option is go for a precious stone that has either GIA or
AGS affirmation.

THE GIA DIAMOND CUT GRADING SYSTEM

The most significant development in the jewel business during the 1950s is without a doubt the
GIA (Gemological Institute of America) cut reviewing framework that was acquainted with fill in
as the benchmark by which gemstones, precious stones explicitly, would be judged. In spite of the
fact that the 4 Cs of precious stone reviewing were very outstanding and there were various other
evaluating frameworks being used, it was felt that there was a need to have a uniform evaluating
framework to advance consistency over the business. Today, the GIA cut reviewing framework is
the most generally utilized and acknowledged evaluating frameworks for precious stone.

The key highlights of a jewel that the framework thinks about when appointing an evaluation are:
color; clearness and make, containing the cut, clean and finish. There are five evaluations a

27
precious stone may be appointed in the wake of being assessed by the GIA:

Fantastic Grade – Diamonds with this evaluation will have an even example of light and dim
zones when one sees stone, just as high brightness and shine.

Generally excellent Grade – Diamonds in this classification will likewise have high splendor and
glitter, yet with substantially more perceptible dimness in the middle or around the edges. The
example of the jewel is likewise a significant thought. Now and then, a jewel might be first rate in
the various angles, however have an example that is blemished, bringing about a drop from the
"magnificent" evaluation to "generally excellent."

Decent evaluation – Here, the precious stones will for the most part be particularly darker than
those in the higher evaluations, or having lacking glimmer and brightness. The example also will
commonly be of less quality. A precious stone could likewise get this evaluation because of its
weight proportion. A precious stone has an unduly overwhelming weight proportion when it is
heavier than a normal jewel of a similar distance across. In such an example, it will be minimized
one stage.

Reasonable Grade – A jewel with this evaluation will for the most part be one that truly needs
brightness or sparkle. It could have dull fixes in significant territories of the precious stone, for
example, the table region and the support. Flawed cutting and perceptible defects in the evenness
and extent of the jewel could likewise be the explanation it has this evaluation.

Less than stellar score – The precious stones that fall into this class are those with extraordinarily
flawed highlights. They will for the most part have poor extents and evenness because of poor
cutting, just as an almost no splendor or shine. It is in this classification that you will discover
"nail heads", where the stone has a dark fix directly in the inside, and "fish eyes" where the
brightness is totally cleaned out in the center. Here once more, the weight proportion of te stone is
a significant thought.

Aside from the highlights like splendor; shine; weight proportion and balance that have been
referenced above, other criteria that are considered in the GIA jewel cut reviewing process
incorporate the toughness, including dainty supports just as considerations that demonstration to
debilitate the pearl and clean, which covers the general nature of the stone's surface clean,
observing any scratches, scratches, chips and so forth. The AGS American Gem Society
28
Proportion-Based on Cut Grade System.

The AGS American Gem Society Proportion-Based Cut Grade System is a significant challenger
to the GIA reviewing framework for strength as the business standard evaluating framework. The
2 American Gem Societies and the GIA Gemological establishment of America were supported
by a similar individual, the celebrated Robert Shipley. Because of contradictions over the
parameters and strategy by which precious stone cut ought to be reviewed, the two associations
floated separated, prompting AGS's foundation of its own lab and evaluating framework.

Rather than the GIA framework that gives a general assignment based subsequent to taking all the
jewel's highlights into thought, the American Gem Society's Proportion-Based cut evaluating
framework thinks about the color, clearness and cut of the precious stone and doles out each
component of the jewel one of 11 levels going from 0 to 10. 0 being the best, and 10 the most
noticeably awful. A precious stone that gets three 0s is one that has been cut splendidly, with
perfect clean, extents and evenness, just as the most ideal light execution.

Lucidity Scale the clearness scale, as the name infers, gauges the clearness of the jewel and the
degree of the incorporations it contains. A 0 level on this scale implies that the precious stones is
faultless and incorporates no observable considerations at all, making the clearness perfect. Levels
1 and 2 are depicted as being incredibly marginally included while levels 3 and 4 are somewhat
included. Precious stones given levels 5 and 6 on this scale will have increasingly observable,
though still slight incorporations, rather than those with levels 7, 8, 9 and 10, which will have
considerable considerations and are essentially portrayed in the reviewing framework as included.

Color Scale Here as well, the scale quantifies precisely what its name says the shade of the stone.
A precious stone that is doled out a level between 0 to 1.0 is one that is totally lackluster and
meets the business perfect as respects jewel color. Those with 1.5 to 3.0 are depicted by the
evaluating framework as being close to dismal while from 3.5 to 50 have black out hues that are
simply marginally noticeable to the unaided eye. 5.0 to 7.0 have very light tinge while the hue
present in those with levels 7.5 to 10.0 is still light, yet undeniably progressively observable. Cut
Scale this estimates the nature of the precious stone's cut. A jewel with a 0 level, or the perfect
grade, will be one that has impeccable cut, with flawless balance, even example of light and dull
territories when seen and high splendor and sparkle. The clean of the precious stone should
likewise be immaculate and co Diamond Certification GIA, AGS, HRD, IGI, EGL, GSI, GCAL,
PGS Posted by Sharif A. K on first Nov 2018

29
ELEMENTS INFLUENCING PRICE MOVEMENTS

Modern precious stones have wide mechanical employments. It is proposed consequently that the
degree of monetary movement by and large and that of assembling generation specifically will
impact this market portion. Costs are relied upon in this manner to be influenced by the
worldwide business cycles. In any case, during the most recent decade, costs of engineered
precious stones, especially of coarseness, have fallen reliably.

Further value diminishes can be normal over this decade, as the engineered jewels market will
turn out to be increasingly aggressive. It is normal that new makers will enter this market, and,
together with further innovative improvements, all things considered, both the cost of coarseness
and stones will drop. It is important that the business sectors for modern precious stones have
extended during the most recent decade in the United States. As the United States will in general
lead the world in innovative improvement, further extension of business sectors for modern
precious stones in different nations can be recommended.

Obtaining of gems precious stones for different family events turns into a custom in numerous
social orders. This implies in any event, during financial downturn, gemstones will be purchased
as presents. Be that as it may, it is accepted that during terrible occasions the interest may move,
in any event somewhat, from better diamonds to less expensive and lower-quality pearls. During
prosperous occasions the contrary will happen and progressively costly diamonds will be
purchased.

It is proposed along these lines that costs of lower quality and more affordable diamonds will be
less delicate to the business cycle than costs of more excellent pearls, which are relied upon to
vary broadly because of the business cycle. As higher expansion rates and negative genuine loan
fees will in general empower utilization, it is normal that these monetary signs will be decidedly
connected with value developments of gems jewels.

Albeit a monetary measure, for example, discretionary cash flow, should relate contrarily with the
venture cost of precious stones, the level of relationship is accepted to be lower than with the
value developments of gems diamonds. It is proposed that value developments in speculation
jewels will be especially delicate to portfolio contemplations. Fiscal and money related factors
which will in general affect portfolio contemplations will presumably influence costs of these

30
precious stones. Subsequently, factors, for example, the conversion scale of the US dollar,
inflationary desires and the extent of genuine financing costs would all be able to assume a
significant job in value developments in this market fragment.

Valuable stone's enormous hardness adds as a gemstone to its abundance and significance. A
Diamond is impenetrable to scratching by virtue of its hardness, as the primary concern it can
scratch is another Diamond. This adaptability empowers it to withstand common mileage past
most gemstones ' capacities. Valuable stones are similarly hard to clean in view of their hardness-
they should be cleaned with unprecedented Diamond saws on the saw sharp edges and edges with
a dainty layer of Diamond.

A GIA-built up assessing structure was executed to review gems dependent on four perspectives.
These four reviewing frameworks are known as "the four C's", in which all Diamonds are
assessed:
LOCAL MARKET SURVEY

So when we visited some of the stores located in Jalandhar to know how diamond price are fixed
and who are the regulators of the market, what is the influence of carat over the diamond price
and differentiate between gold and diamond carat, we asked them about the monitoring of
diamond in India.

They shared that Indian people generally don’t tend to buy diamond a lot, their interest is more
towards gold but the type of diamond which are preferred are round diamond. Prices of diamond
are fixed on the basis of 4 C’s and they are changed on daily basis because they have been
regularly influenced on the basis of global trends and the way it is changing on daily basis and
most importantly on the basis of its players and most commonly demand and its supply. They
even said that price for what we sell in our specific store is fixed by our head office and they
convey and update us with the prevailing prices on daily basis. They also be in touch with the
local markets big players to keep a check on the current prices. The carat factor influences the
price on that basis of weight. The higher the weight or the carat the higher will be the price of that
diamond. Gold and diamond carat are of same nature they just reflect the weight of the stone and
metal which has a direct influence over the price of that diamond. There is no such body

31
established till date who directly look for diamond market in India because Indian market just
polish the diamonds and export it to china.

Price vs Carat
50000
45000
40000
35000
30000 Price vs Carat
25000
20000
15000
10000
5000
0
0.5 0.75 1 1.5 2 2.5 3

 The above figure states that how the price of diamond are influenced by Carat

32
 Cutting and Polishing Industry 2017

120

100

80

60

40

20

0
2013 2014 2015 2016 2017

Cutting and Polishing Industry 2017 India Cutting and Polishing Industry 2017 China
Cutting and Polishing Industry 2017 Other

 The above figure shows how the cutting and polishing industry has grown over the year
and how India has been dominating the other countries the competition,

Rough Diamond Production Grew

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
Other Angola South Africa Drc Australia Botswana Canada Russia

 The above figure shows how the different countries started demanding to rough diamond
for turning it in expensive stones.

33
180
160
140
120
100
80
60
40
20
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Polished Diamond market Price Index Rough Diamond

Polished Diamond market Price Index Polished Diamond

 The above figure shows how the polished diamond prices have evolved in past few Years.

CHAPTER-5

34
CONCLUSION & RECOMMENDATION

We would like to conclude by saying that Diamond market have lot of price influencer and
drivers but the major ones are those that impact the its price are “4 C’s” (Cut, clarity, carat and
colour) and diamond can be driven on the basis of its demand and its supply. There have been
some companies who have been playing in the market from a long period of time so they also
have a key influence over the market.

After the study, we would like share with you that diamond market at one point of time was
centrally controlled by a renowned company “De Beers” they had a direct influence over the
market as they are were the monopolistic players of the market and they use the decided the prices
of the diamond at one point of time. But today it is driven one the basis of demand and supply but
it does not mean that De Beers does not have any role, they work as an advisor in the market and
they even today holds and upper hand in the market despite of having different companies in this
market they still are looked ones.

We discovered that there is various organizations at international level who have been working to
verify and certify that diamond which also has an indirect influence over its price. This
certification cannot be achieved very easily they need to prove its originality then only they can
get certified so on this grounds it involves investment which has an influence over the diamond
price.

We would say that diamond should have a separate market where they can have trading and the
market will only fixed its prices and this will involve list of various diamond companies. This
market will operate like the equity market is operating. This market can also create an interest in
investor; they will also participate in trading. In building up of this process we can also establish a
regulator who will have an thorough control of market and look to protect the interest of an
investor. This will also have an impact over the diamond buyer mind that they not cheated when
they are buying the diamond because we have an proper market and regulatory authority who is
there to look over price and set the accordingly. This will also enhance they demand for the
diamond and it will also allow the diamond player to enter different geographical border for
expansion and other sales oriented goals.

CHAPTER-6

35
REFERENCES

 https://www.pricescope.com/diamond-prices/diamond-prices-chart/

 http://www.idexonline.com/diamond_prices_index

 https://en.wikipedia.org/wiki/Diamonds_as_an_investment

 https://www.ajediam.com/historical_diamond_prices.html

 https://www.minerals.net/gemstone/diamond_gemstone.aspx

 https://insights.abnamro.nl/en/2016/11/diamond-market-outlook-outlook-is-improving

 https://www.statista.com/topics/1704/diamond-industry/

 https://diamondproducers.com/diamond-industry/productionstats/

 https://kimberleyprocessstatistics.org/public_statistics

 http://www.diamondshades.com/statistics-diamond-production-and-supply/

 https://www.wpdiamonds.hk/en/2017/05/18/diamond-clarity/

 https://www.petragems.com/education/diamond-certification-gia-ags-hrd-igi-egl-gsi-gcal-pgs/

 https://www.minerals.net/gemstone/diamon_gemstone.aspx

 https://shodhganga.inflibnet.ac.in/bitstream/10603/9748/11/11_chapter%202.pdf

 https://www.costerdiamonds.com/nl/top-5-most-famous-diamonds/

 https://www.statista.com/statistics/267905/world-diamond-reserves-by-country/

 http://www.idexonline.com/

 file:///C:/Users/ADMIN/Desktop/bain_diamond_report_2018.pdf

36