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I once read that millions of diamonds are held back to keep the price up. It said if they were released diamonds would cost less than 10 bucks for what is now a 5k rock.
Diamonds became scare by the diamond mining companies. They mine a bunch, and keep them locked up hidden. The whole diamond engagement ring scam was created for guys to buy the diamond and women to love the diamond. The better value are/ where always jems. But thanks to marketing, its the diamond
So where is that?
Semi precious stones are actually rarer than diamonds.
I read some where a while ago how gems like jade were the more value because of its beauty (not financial value). Where as a diamond is clear. It has to be cut a certain way in order to make it sparkle and be more eye apealing. Before diamonds were considered an engagement ring where a man would have to buy x amount of his salary, it would be gems the man would buy.
Allow me to translate, I speak Interwebs:
"Precious gemstones have always been a better investment vehicle than diamonds."