Myths about the diamond industryare often the hardest to break. Leading experts are here to bust the most widespread myths about the diamond industry.
Different suppliers have significant shares in the diamond industry
Many believe that De Beers has its monopoly over the world’s diamond market since decades. This myth is rooted in history, when De Beers actually controlled over 90% of the supply chain of diamonds, back in 1980s.
However, times have changed with the introduction of new mining companies and the discovery of diamonds in Angola, Canada and other parts of the globe. Currently, De Beers shares around 30% of global supply of diamonds while Alrosa, Sodiam, Dominion Diamonds, Rio Tinto and Petra Diamonds are suppliers with significant shares too.
Diamond industry possesses transparency
Since diamonds are highly expensive stones, it is assumed that the industry is all about secrecy rather than transparency. Many believe that big groups like De Beers have stockpiles of diamonds, which aren’t released for supply in the market. But there are no stockpiles of diamonds at the moment and there is enough transparency within the industry to ensure that all companies are acting properly.
Prominent diamond mining companies work for environment conservation
Diamond mining is less harmful to the environment than other forms of mining. Prominent mining companies like Petra Diamonds, De Beers and Rio Tinto have taken up initiatives to preserve land areas larger than the one disturbed by their mining operations, recycle water and reduce waste.
Busting myths gives everyone a better understanding of what actually happens within the centuries-old diamond industry. Being involved in everything from mining to cutting, polishing, jewellery manufacturing and retail, KGK Group marks to be an important part of the world’s diamond industry.Read more about KGK’s diamond operations.