Innovative concepts and perspectives can be discovered at every stage of the diamond value chain. It is present in mining operations down to retail sales channels. With the advancement of technology, it is now possible to purchase diamond engagement rings online. Aside from the ease of purchasing diamonds, the diamond industry has seen numerous technological advancements.
The Diamond Industry has evolved. This improves its ability to produce, extract, cut, and polish precious stone. Technological developments have enabled manufacturers to create diamond jewelry in a plethora of styles.
For instance, the solitaire diamond has gained recognition in the jewelry industry. This is due to the inclusion of a broad range in the designs of diamond jewelry.
This enormous popularity of the diamond has altered the trend that diamonds were only meant for women. Currently, men are wearing diamonds and carrying them in the best possible way.
Impacts of Technology on the Diamond Industry
Diamonds have always captivated buyers with their killer features and abilities. As well as their sparkling and gleaming appearance. However, it can only get better with technology.
Here are some of the most recent technological breakthroughs in the industry. They have supported the diamond sector in reaching new heights of success.
A Diamond is extremely popular among people due to its ability to shine and sparkle. What if this distinguishing feature of diamonds fades away? The answer is simple. The diamond’s popularity among buyers will wane, and its sales will suffer as a result.
To avoid this and maintain the clarity and sparkle of the diamonds, a technique known as clarity grading is used. Clarity grading assists buyers in being completely certain of what they are purchasing. It specifies the precise and vital details of the diamond’s associated 4Cs.
The technology specifically highlights all of the diamond’s features. This way, buyers have clear information about the diamond they are purchasing. It can thus help stop all possible frauds.
One challenge confronting the diamond industry is the need to reduce the wrongful acts within it. Sadly, the diamond industry has a history of unlawful sales used to finance civil wars. It had a broad range of black-market transactions in stolen or otherwise altered gems.
The absence of tracking technology is the main reason such shady dealings have thrived for so long. It is exceedingly difficult for the vast diamond industry to maintain transparency and efficiency at all levels of the trade.
However, blockchain technology has recently emerged. Blockchain technology is well suited to permanently resolve some of these issues.
It’s the same innovation that pushes the cryptocurrencies that have swept the world in recent years. Blockchain is a decentralized, encrypted digital ledger. It can store incorruptible copies of nearly any type of data. In short, it is ideal for diamond cataloging.
There are already provisions made for the blockchain tools to create a diamond registry. This will allow market players to track individual diamonds from mine to market. Therefore it’ll eradicate abuse and fraud up and down the chain.
Innovation of Lab-grown Diamonds
Diamonds can now be grown in diamond-growing greenhouses. This mimics the same conditions found beneath the earth’s surface.
It means diamonds can now be manufactured in the same way that mined diamonds are. Lab-grown diamonds have the same physical, chemical, thermal, optical, and other properties as mined diamonds.
Sometimes, lab-grown diamonds are wrongly called synthetic diamonds. They are 100% real diamonds that have recently gained popularity.
In addition, they are less expensive, environmentally friendly, and conflict-free. Consumers are increasingly accepting of lab-grown diamonds.
Today, most diamond jewelry is designed using computer-aided design (CAD) software. The software enables designers to create a virtual prototype of any piece. This can then be replicated in the manufacturing process. The software is extremely accurate and produces three-dimensional images of a piece.
CAD can result in either rendering or rapid prototyping. The software is now being used at the retail level. Here consumers can see their dreams come to life on a computer screen.
Before spending the money to buy a piece, they can consult with a jeweler. Additionally, the software makes it simple to swap between many diamond color varieties. With this, you can visualize how the artwork will appear when it is finished.
Diamond Mining Hauling Truck Technology
Following the formation of the diamond, the next step is the extraction of the diamond from the earth’s surface. The mining process, like the diamond formation process, was limited to natural methods.
Although a few technologies were developed to mine diamonds from the earth’s surface. All of them required a significant amount of effort.
An advanced innovation of remote-controlled hauling trucks has been launched into the industry to reduce the amount of hard work. These trucks eliminate the need for additional effort and make every single diamond mining process extremely convenient and simple.
Exploration of Mining
The Mining process is the initial and most difficult aspect of the diamond industry to experience the outcomes of advancing technology. It enables the discovery of diamonds in the first place.
Diamond mining operations have long been the most costly and demanding part of the value chain. Finding the kimberlite pipes that produce a large percentage of gem-quality diamonds is tough. Even some of the most knowledgeable geologists struggle with this
Since the end of World War II, most diamond exploration has relied on magnetic surveys. This is due to the unique magnetic properties of kimberlite. The problem is that, while the process is useful, it produces a high number of false positives. It also completely misses deeper kimberlite deposits.
However, there has been significant progress in locating kimberlite deposits recently. Seismic reflection, a newer process, is being used. The seismic reflection began as an instrument for geologists exploring earthquake activity.
Seismic reflection enables a detailed examination of underground formations. This is accomplished by measuring the high-frequency sound waves that pass through them.
The innovation is currently being refined. But it is nearing maturity and has the potential to be a key differentiator in the diamond industry. Once widely deployed, the technology should cut down on the time required. It’ll make it easier for mining companies to locate diamond-rich kimberlite deposits. This will in turn lower industry-wide costs.
A slew of technological advancements is being introduced into the global diamond industry. This is modifying the economy’s image for both industry insiders and consumers.
The technology being used in the industry today has already provided incredible benefits. However, history has shown that the best is yet to come.
As someone operating in the diamond industry, it’s best to invest in these technologies. With innovations like lab-grown diamonds, quality diamonds can be grown easily. This eliminates the corruption and exploitation that comes with mining.