Diamonds are precious gems famous for their extreme shine and how rare they are. They are usually formed deep inside the earth’s mantle under high temperature and pressure that last millions of years. Once they have been extracted by mining, they undergo cutting and polishing processes which increases their beauty and worth. These stones are highly valued culturally and economically and they are often used in making jewellery to symbolize love, engagement or even to show affluence. The diamond market is global and deals with diamonds from all over the world.

Recently, the demand and supply for diamonds globally have been fluctuating due to several factors like shifts in consumer taste, economic situations and geo-political tensions. Though there have been difficulties, the market still pushes on with essential diamond-producing nations including Russia, Botswana and Canada playing paramount roles in its supply chain. Besides, improvement in technology has made it possible for better mining as well as diamond processing techniques which has both affected the entire supply chain and market dynamics also.

Equally there is a rise in sustainable practices and transparency in the diamond industry owing to growing environmental and ethical concerns. At large, the global market for diamonds is highly intricate as it is subject to a variety of physical, economic and social forces which are responsible for where it is and where it is going.

The diamond market uses a complex rating system that assesses different characteristics like color, clarity, cut or carat. It establishes prices and facilitates negotiations. Moreover, artificial diamonds that look like natural ones have already appeared at the market. Lab-made diamonds are considered ethically responsible and eco-friendly nonetheless, they can't solve problems related to their unique positioning and consumer perception.