The value of diamond is its scarcity. There are numerous legacies in finding diamonds. It is said the first diamond was discovered in South Africa by a boy called Jacobs, who happened to find it while playing.
For long time, nobody knew how and where to find diamonds until they find the vein. Therefore, value of diamonds is largely depended on their scarcity. Moreover, size also mattered for it is more difficult to find bigger ones, so carat and weight have decided its value. Due to those circumstances, value of diamond still largely depends of its size.
