How Precious is My Diamond? Less than 20% of all diamonds mined are considered gem-quality. This means that as rare as diamonds are, only a portion are presented. Additionally, only 2% of all gem-quality diamonds are entirely flawless. It is easy to tell just from the way it glimmers that a diamond is one of the most precious substances known to man. However, many people do not understand exactly why a diamond is such a valued thing.This means that if y...