Diamonds have been treasured as gemstones since their use as religious icons in India at least 2,500 years ago. Their industrial usage in drill bits and engraving tools also dates to early human history. Popularity of diamonds has risen since the 19th century because of increased supply, improved cutting, polishing techniques, and growth in the world economy. Diamonds are not normally used as a mainline store of value during times of crisis, due to their lack of fungibility and low liquidity. However, they may still be useful during times of hyperinflation.
Approximately 20% of mined diamonds are used in jewelry and 80% for industrial uses (such as lasers, drill bits and surgical equipment).
Chemical vapor deposition is now used to produce cultured diamonds which, unlike diamond simulants, require very close inspection to distinguish them from natural diamonds.