In mineralogy, diamond is an allotrope of carbon, where the carbon atoms are arranged in a variation of the face-centered cubic crystal structure called a diamond lattice. Diamond is less stable than graphite, but the conversion rate from diamond to graphite is negligible at ambient conditions.

A large trade in gem-grade diamonds exists. Unlike other commodities, such as most precious metals, there is a substantial mark-up in the retail sale of gem diamonds.

One hallmark of the trade in gem-quality diamonds is its remarkable concentration: wholesale trade and diamond cutting is limited to just a few locations; In 2003, 92% of the world's diamonds were cut and polished in Surat, India.[56]  Other important centers of diamond cutting and trading are Antwerp, where the International Gemological Institute is based, London, New York City, Tel Aviv, and Amsterdam.

A single company—De Beers—controls a significant proportion of the trade in diamonds. They are based in Johannesburg, South Africa and London, England. One contributory factor is the geological nature of diamond deposits: several large primary kimberlite-pipe mines each account for significant portions of market share (such as the Jwaneng mine in Botswana, which is a single large pit operated by De Beers that can produce between 12.5 to 15 million carats of diamonds per year,) whereas secondary alluvial diamond deposits tend to be fragmented amongst many different operators because they can be dispersed over many hundreds of square kilometers.

Liberian Timber Wars Pit Poverty-Stricken Communities Against Secretive Big Loggers Given An Opening By The Government

Forests are extremely important to Liberians, who rely upon vast wooded areas for everything from building supplies and medicine to water protection and game habitats. Recently, a government program turned over these critical regions to big logging firms in a misguided attempt to provide income and revenue for hard-hit communities. Can Ellen Sirleaf Johnson's administration curtail what it began?

British Parliament Bashes Bob Diamond In LIBOR Report

The British parliament criticized former Barclays Plc (London: BARC) CEO Bob Diamond in a report released Saturday, saying that he failed to fully disclose the bank?s illegal practices during testimony on the LIBOR scandal.

Rob Thomas Will Mentor Aspiring Singers On 'The Voice'

Pop star hopefuls who make the cut for CeeLo Green's team on The Voice will be getting help from another powerful musical ally on the upcoming season, Matchbox 20's Rob Thomas. The forty-year-old rocker has also had hits like Lonely No More and Her Diamonds as a solo artist and by joining team Green on the reality competition he'll be able to advise young artists on how to come out on top of shows signature sing-offs.

Ex- Barclays CEO Blames Bank of England for Libor Debacle

The British Parliament, might not be the place one would expect to see fireworks lit on July 4. But that's what's likely to happen Wednesday, when the former CEO of Barclays plc (NYSE:BCS), who resigned Tuesday, is expected to tell the House of Commons its fraud was partly done at the bequest of the Bank of England.

Barclays CEO Bob Diamond Resigns

Barclays chief executive officer Bob Diamond Tuesday quit his post over the London Inter Bank Offered Rate (LIBOR) fixing scandal, in which the bank was fined £290 million ($450m) by the U.S. and UK regulators last week.

Gold, Guns and Gas: Three Ways To Keep Your Money Safe

The world's economies have fallen to their weakest level since the recession officially ended in 2009. German and U.S. bonds actually charge buyers interest rather than pay buyers interest. The euro zone's survival appears at genuine risk and China's red-hot economy, the second-biggest in the world, is not so red hot any more.

World's Most Expensive Hamburger: Meet 'Le Burger Extravagant' From NYC's Serendipity 3 [PHOTO]

New York City restaurant Serendipity 3 already makes the world's most expensive sundae, but the Upper East Side eatery can now also claim the world's most expensive hamburger, too. On May 22, Serendipity 3 set the Guinness World Record for the world's most expensive hamburger with its Le Burger Extravagant, a sandwich that will set you back $295, and likely several hundred calories.