Diamond

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Phuong Nguyen
Cheryl Thompson
BBB4M0
June, 10, 2012

Diamonds

There are many different kinds of valuable gem in the world; however, diamonds is the most precious and favorite stone all the time. As the hardest known naturally material, diamond can be used to polish, cut and become a jewelery. Consumer claim that diamond is forever, that’s why diamond wedding ring represent for the endless love. This is a reason why diamond always become a “hot topic” in the market all over the world. However, because of the deep and fast comsumption, diamond resources are becoming exhauted and it led to the conflict in countries that have diamond mines.

Diamonds market is very busy in last recent years. According to a research of Diamcor Mining Inc, which is a Canadian company supply rough diamond to the world market, the total value of diamond jewellery sold each year is approximately US$72 billion while the total value of production is $14 billion per year with 160 million carats diamond per year. The USA represend the largest market of diamond followed India, China market. For the first half of 2011, the United States imported $11.3 billion and exported $9.4 billion in diamond. Every year around 7 billion dollars is spent on diamond rings in United States. Furthermore, as De Beers, which is a company in mining diamond, points out, an estimated US$13 billion worth of rough diamonds are produced per year, of which approximately US$ 8.5 billion are from Africa. The diamond industry employs around ten million people around the world. Canada, Russia, Australia and African countries are the most countries that producing diamond, however Africa has the largest reserves of diamond. This area is the world’s lagest producer of diamonds, producing as much as 50% of global production.

Diamonds is very valuable, therefore, the exploitation of this resouces cause many problem in different countries around the world, especailly, Africa. The area’s diamond mines produce not...
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