ELI5 – Are Diamonds rare?

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There seems to be tonnes of sentiment that they are rare, which can be seen in the value and the timescales to source a mining opportunity and operationalise it. We see this in the price.

However, there’s also significant sentiment that the rarity is a conspiracy, artificial rarity to inflate prices.

What is the truth on this subject?

In:

A company called De Beers began an intensive marketing campaign in the 1800s, and artificially inflated demand by purchasing diamond mines and only releasing enough gems each year to barely meet demand; this gave the impression that they were rare/depleted. Their marketing is the reason diamonds are associated with engagement and romance; prior to their campaign, rubies and sapphires were the tradition.

Diamonds are not rare, i believe the crazy price of them were mainly because of the “diamonds are a girls best friend” thing being spread in advertisements.

There are about 3.097 diamond ore per chunk, which by default each yield one diamond, meaning there are about 10.9 trillion diamond ore in a world, or with unenchanted pickaxes, 10.9 trillion diamonds to be collected.

Of course, if you have an enchanted pickaxe, you can get more than one diamond per ore, which can double or triple the number of collectible diamonds.

So, while diamonds *are* more rare than other resources, they still aren’t rare enough to worry about wasting them on a hoe.