I’m sorry but that may be an explanation why the industry may *want* to pitch diamonds as being rare.. it hardly is an objective standard for rarity.
Because it wasn’t a 1-time find of 10M carats. It’s been a continuous supply, each year, over and over again. So if you add the quantities historically mined and still in old jewelry people sell, re-use, re-cut etc etc.. and the additional supplies of say 10M/year for the foreseeable future (I understand those quantities eventually will fall, it’s a quick, back-of-the-enveloppe data “analysis”) then you end up with many 100n’ds of millions of cut, gem-quality carats of diamonds.
That simply does not fit the definition of “rarity” and the jewelry industry — which has such a bad reputation with consumers already — should do well trying to use self-delusion as a marketing pitch and hope people fall for it. The milennials and younger Gen X-ers made very very clear they no longer do.