Diamonds are mined in many areas of the world and over a hundred million carats of rough was produced in 2021, but they still have relatively high per-carat costs. There are many factors that play into why this is so. Among them is the high demand for the stone. In addition to being the most popular choice for engagement rings, colorless diamonds can be set into mountings of any color. They can stand on their own or be paired with any colored gemstone. Secondly, mining diamonds can be a very costly undertaking, and some deposits are located in environmentally harsh or socially unstable regions. Also, high-quality diamonds with good color and clarity, as well as ultra-rare fancy colors, are far fewer in number compared to lower-quality diamonds. This is reflected by significant price differences between quality levels of all 4C’s. Finally, the cutting of rough diamonds takes time, resources, and skill.