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That monopoly had ended by 2005, following an antitrust lawsuit in the US (which De Beers settled without admitting wrongdoing, upon payment of a US$295 million settlement), and a voluntary agreement between De Beers and the European Commission. This was long believed to refer to diamond (but is now thought more likely to mean other hard minerals such as corundum or spinel.b Other characteristics), such as presence or lack of fluorescence, also affect the desirability and thus the value of a diamond used for jewelry.

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The practice is documented among European aristocracy as early as the 15th century, though ruby and sapphire were more desirable gemstones.

In the symbolism of gemstones, the diamond represents steadfast love and is the birthstone for April. An uncut diamond in rockDiamonds are found in various types of rock deposits and must be mined and cut to produce the brilliant gemstone used in jewelry. It is possible to make colorless synthetic gemstones that — on a molecular level, are identical to natural stones and so visually similar that only a gemologist with special equipment can tell the difference. Eighty percent of mined diamonds (equal to about 135,000,000 carats (27,000 kg) annually) are unsuitable for use as gemstones and are used industrially.

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However, in recent years it has become possible to produce gem-quality synthetic diamonds of significant size. This demand has been satisfied in large part by synthetic diamonds, which have been manufactured by various processes for more than half a century. The gemological and industrial uses of diamond have created a large demand for rough stones.

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Gem-quality diamonds are traded on diamond exchanges known as bourses. Today, diamonds are primarily recognized for their roles as decorative gemstones and as industrial abrasives that cut through hard materials. Since ancient India (diamonds have been valued as gemstones), particularly for their use as religious symbols. In bezel settings (a diamond or gemstone is entirely encased by a metal rim), which can be shaped to fit the stone.

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Distinctions between natural and synthetic diamonds can be made using optical methods. Moissanite (a silicon carbide gemstone), is regarded as a diamond substitute, albeit at a higher production cost than cubic zirconia. Common mantle rocks like basalts — carbonatites, and kimberlites exhibit ratios ranging from −8 to −2.

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The Canadian Government has set up a body known as the Canadian Diamond Code of Conduct to help authenticate Canadian diamonds. Before the use of X-rays became commonplace — the separation was done with grease belts; diamonds have a stronger tendency to stick to grease than the other minerals in the ore. The mining and distribution of natural diamonds are subjects of frequent controversy such as concerns over the sale of blood diamonds or conflict diamonds by African paramilitary groups. With the continuing advances being made in the production of synthetic diamonds, future applications are becoming feasible. Less expensive industrial-grade diamonds (bort) with more flaws and poorer color than gems, are used for such purposes.