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Diamond Trade History | Antwerp Diamonds
The origins of the diamond industry go back to the ancient times. Mankind’s obsession and love affair with diamonds began thousands of years ago, when it was believed to have first been mined in India. India was a country with significant alluvial deposits of diamond, and for centuries it was found along the rivers Godavari, Krishna and Penner.
In India, diamonds have been known about for an estimated 6,000 years, and for that time they have been treasured gemstones. Diamond was used in the creation of religious icons during the ancient times in India.
In the 4th Century BC, the renowned Greek philosopher Plato suggested that diamond, in a certain way, was the quintessence of gold and that the most precious and pure part of the metal must have transformed into a transparent mass.
Many legends have attributed magical, philosophical and romantic characteristics to this unusually hard material. In Ancient Egypt, diamonds were used to symbolize the sun, a symbol of strength, truth and love.
So when did the diamond trade industry actually start?
Diamond trade industry sources suggest that rough diamonds were taken to Constantinople and Rome as trade merchandise from as early as the 8th Century BC. Trade then expanded to what we now know as southern Europe. The gems were transported via the famous silk route through the Middle East, where the local population levied burdening taxes. Trade with the East thus deteriorated and only came to flourish again when Vasco da Gamma discovered the seaway via the Cape of Good Hope.
Soon after Antwerp made its entrance into the diamond trade industry
With the development of the infamously capable Port of Antwerp, many foreigners travelled there and the diamond industry made its home.
Since then, many crisis situations have come to Antwerp. The city and its industry have conquered wars, trade restrictions imposed by other countries, river closures and many more obstacles.
During the late 1800’s, London became the rough centre, however Antwerp claimed its place as a polishing centre. Jan Eduard Claes is credited with opening Antwerp’s very first industrial diamond-cutting workshop between 1885 and 1890.
Between 1918 and 1940, Antwerp offered minimal fiscal pressure, low labour costs and good flexibility. All of this facilitated the destruction of industry in other capital cities.
And as far as diamond trade industry history goes, the prices of diamonds remained fairly stable since the depression of the 1930’s.
Things changed during WW2 when diamond production was put to a halt. Thankfully though, the diamond trade returned to its glory in the years following.
The Korean War sparked renewed interest in the diamond trade industry, as people remembered the success of those who had sent diamonds to neutral countries during WW2.
The role of recent times in diamond trade industry history
In recent years, the industry of production and polishing has moved to low wage countries, mainly in Asia, whilst Antwerp maintains dominance as a trading centre.
Although mass manufacturing has relocated, Antwerp is home to some of the best polishers in the world, cutting fewer stones, but to a standard one can only refer to as “Antwerp Cut”.
Antwerp arguably trades about 80 percent of world rough volume, making it a huge player in diamond trade history, the present and the future. Wherever you purchase a diamond, it is likely one of the 1,500 diamond trading companies concentrated in this city has seen it.
The diamond trade industry is strong, with approximately 130 million carats mined annually. That equates to a total value of almost US$9 billion. About 49% of diamonds today originate from the central and southern regions of Africa, however significant diamond sources have been found in Australia, Brazil, Canada, India and Russia.
At Claes Diamonds, we are proud of the role we play in the diamond trade industry and the role of the Claes name, in creating a significant part in diamond trade history.
