Diamond

Diamonds have a rich history, being traded as early as the fourth century BCE. By the 1400s, diamonds were also fashionable accessories for Europe’s elite. Diamonds have long been associated with love and marriage, and today it is common practice to propose marriage with a diamond ring. The first diamond engagement ring was given in 1477 from Archduke Maximilian of Austria to Mary of Burgundy.

Many of the first diamonds originated in India, where they were gathered from rivers and streams. After India’s supply of diamonds began to decrease in the 1700s, Brazil became a prominent source. Brazil went on to dominate the diamond market for more than 150 years. In 1888, entrepreneur Cecil Rhodes founded De Beers Consolidated Mines Limited. By 1900, De Beers controlled an estimated 90% of the world’s rough diamond production. The discovery of Australia and northern Canada as diamond sources greatly expanded diamond mining. Botswana is prominent diamond source today, where roughly 40% of the world’s rough diamond supply is sorted.