Diamond history Jewelry 37

Diamond history Jewelry.

By Farzana Aamir

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Diamond history Jewelry

In 1866, 15-year-old Erasmus Jacobs was exploring the banks of the Orange River when he came across what he thought was an ordinary pebble, but turned out to be a 21.25-carat diamond. In 1871, a colossal 83.50-carat deposit was unearthed on a shallow hill called Colesberg Kopje. These findings sparked a rush of thousands of diamond prospectors to the region and led to the opening of the first large-scale mining operation which came to be known as the Kimberly Mine. This newly discovered diamond source increased the world’s diamond supply substantially, resulting in a significant decrease in their value. The elite no longer considered the diamond a rarity, and began to replace this “common” stone with colored gemstones. Emeralds, rubies, and sapphires became more popular choices for engagement ring stones among the upper class.

In 1880, Englishman Cecil John Rhodes formed De Beers Consolidated Mines, Ltd in an effort to control the diamond supply. Although DeBeers was successful in their efforts to control the supply of diamonds, demand for the stone was weak. By 1919, diamonds were devalued by nearly 50%