Have You Ever Tried To Promote A Diamond?

Only about 20{1db66b53b0514cba4a2314c629cfcfd7e455e0e48e6120a83b4b3ca18a48ef8b} of all diamonds mined have a clarity score excessive enough for the diamond to be thought-about appropriate to be used as a gemstone; the other 80{1db66b53b0514cba4a2314c629cfcfd7e455e0e48e6120a83b4b3ca18a48ef8b} are relegated to industrial use. Of that top 20{1db66b53b0514cba4a2314c629cfcfd7e455e0e48e6120a83b4b3ca18a48ef8b}, a significant portion incorporates one or more seen inclusions. Those that wouldn’t have a visual inclusion are often known as “eye-clear” and are most well-liked by most buyers, although visible inclusions can typically be hidden under the setting in a chunk of jewellery.

But when the journal’s editor, Dave Watts,tried to promote the diamonds in 1978, he discovered that neither jewellery stores nor wholesale dealers in London’s Hatton Garden district would pay anywhere near that worth for the diamonds. Most of the shops refused to pay any cash for them; the best bid Watts acquired was £500, which amounted to a revenue of solely £100 in over eight years, or less than 3 {1db66b53b0514cba4a2314c629cfcfd7e455e0e48e6120a83b4b3ca18a48ef8b} at a compound fee of curiosity. If the bid were calculated in 1970 pounds, it might amount to only £167. Dave Watts summed up the journal’s experiment by saying, “As an eight-12 months funding the diamonds that we bought have proved to be very poor.” The downside was that the buyer, not the seller, determined the value.