Diamond Trade History | Antwerp Diamonds

In the IV century BC the Greek philosopher Plato suggested that diamond in a certain way was the quintessence of gold and that the most precious and pure part of this 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 symbolise the sun, a symbol of strength, truth and love.

Indications suggest that rough diamonds were taken to Constantinople and Rome as trade merchandise from as early as VIII 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.

With the development of the infamously capable port of Antwerp, many foreigners travelled there and the diamond industry made it its home.

Since then, many crisis situations have come to test Antwerp. The city its industry has conquered wars, trade restrictions imposed by other countries, river way 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 this facilitated the destruction of industry in other capital cities.

Prices of diamonds remained fairly stable since the depression of 1930's.

During WW2 production was put to a halt but glory returned in the following years.

The Korean War sparked renewed interest as people remembered the success of those who had sent diamonds to neutral countries during WW2.

In more recent times, 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. Wherever you purchase a diamond it is likely one of the 1,500 diamond trading companies concentrated in this city has seen it.