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Diamonds are incredibly rare and there hasn't been a substantial new discovery in over 25 years. A few facts:

• Diamonds form 250 miles underground and are violently forced to the surface by volcanic eruption. (The most recent occurred 100 million years ago.) Very few diamonds survive the trip from the Earth's core to its crust.
• About one ton of ore must be mined to locate 0.5ct of rough diamond. And then, only 20% of recovered rough diamonds are suitable for jewelry. The rest are industrial grade used for cutting and grinding.
• Flawless diamonds are so extremely rare that most jewelers never see one, during their entire career.
• Less than 1% of all of the women in the world will ever own a diamond weighing 1ct or more.