There was a time when people used to measure a man’s love for his woman based on the size, weight, and clarity of the diamond ring. However, times have changed, and couples have become more progressive.
Did you know that diamonds are not only used for jewelry? Diamonds are the hardest substance on earth. They have great thermal conductivity or resistance. Moreover, they are good electrical insulators and are resistant to pressure or corrosion.
As a result, gadgets like medical technology and audio equipment utilize these gems. However, the natural market has seen a dip with the rise of sustainable lab-grown ones. For example, the CAGR growth rate of the naturally-mined diamond industry is valued at only 3.0% between 2020 to 2030.
This blog will discuss the changes in personal and commercial use cases for diamonds.
Diamond for Personal Use: Is It Becoming Obsolete?
According to CNBC and ABC27, diamonds are slowly becoming less popular among millennials. Couples are ditching diamonds due to soaring prices. Moreover, many young people are not getting married or prefer non-traditional wedding bands.
These individuals don’t find the diamond’s shine, clarity, TW, cut, color, and clarity intriguing. But what is TW’s meaning? Ideally, it is the total weight of the diamond.
Leibish states that when people choose a diamond ring, the TW is the most vital factor to consider. It will determine the price, look, and design. Moreover, a diamond’s size is determined by its weight.
Even then, the young generation is the reason why retail sales have dipped. As a result, there is an 18% price plunge in the market. Researchers believe that the value will dive further in the coming months.
Have Technical Advancements Affected the Diamond Industry?
Innovative revolutions in technology have taken the diamond industry by storm. These advancements have affected the mining process and the polishing methods. Moreover, technology has changed how these polished diamonds are transported.
The rise of technologies has changed the diamond’s manufacturing, selection, gradation, and placement. Hence, the dealers from the commercial market have experienced massive changes over the years.
Some of these new-age technologies include the following:
- High-Frequency Sand Screens
In the alluvial diamond exploration market, this technology has reduced sedimentation on dense-media or rotary pans. As a result, it lowered the volume of water requirements for mining and replaced it with high-speed vibration.
- Advanced X-Ray Systems
High-powered X-ray technology has allowed easy recovery of diamonds for large or small operations. Hence, there is an increase in the efficient recovery of large volumes of high-value diamonds.
- Automated Sorting Technology
With an evolved automated sorting software, practices like image analysis and color-grading of diamonds have become simpler. Therefore, there is an effective “single-particle” sorting of medium to large diamonds.
- Water-Based Laser Systems
This technology reduces diamond wastage and damage. It produces a high-quality finish and smooth surface on the diamonds that require less polishing. Moreover, this is a safe alternative to the conventional methods.
- Information of Things (IoT)
The usage of IoT in the diamond industry is a combination of embedded technology with physical things. It is being used in diamond cutting, consumer profiling, formation, remote monitoring, inventory optimization, and more.
What Changes Can You Expect From Technical Advancements in the Diamond Industry?
The industry can use blockchain technology to track diamonds throughout its journey. It will ensure better transparency and can attract a premium price.
Similarly, drone technology is being used by local police for reconnaissance in remote diamond mining locations. It will help eradicate illegal mining expeditions.
Due to technological advancements, the industry witnessed a reduced “mine to market” timeline. The financing costs of mining were reduced, and it improved profit margins for dealers. Moreover, diamonds are being used in cancer technology to detect the early stages through hyperpolarization.
New advancements in communication technology have ensured miners a safe environment. These communication systems use magnetic waves that interact with the radio waves for clear transmission. As a result, underground miners can communicate with their base even through solid rock.
However, did you know that the natural rough diamond industry has dropped by 30% in the last decade? It is mainly because of the rising popularity of lab-grown diamonds. These are sustainable options that act as a perfect replica of real diamonds.
The Bottom Line
The diamond industry is growing and changing rapidly, especially in the industrial sector. Innovations like high-frequency sand screens, X-ray systems, and automated technology are shaping the industry. With these, industry leaders are finding efficient, cost-effective, and simpler ways to mine and sell diamonds.
However, in the commercial industry, diamond sales have decreased due to new alternatives. Lab-grown diamonds are cheaper and more sustainable. Hence, millennials are leaning toward them instead of real ones.