It is common knowledge that diamonds are one of the hardest materials found on the planet Earth – so strong, in fact, they can easily cut through glass and steel. But what happens to diamonds when they are exposed to extreme conditions? Well, apparently, when the going gets tough – diamonds get tougher.

A recent study by Lawrence Livermore National Laboratory scientists found that diamonds become even harder when exposed to rapid compression.

Using the Janus and Omega lasers to send shockwaves through a diamond, the team found that the gem was able to sustain almost a million times the atmospheric pressure before being crushed.

The research bears significant implications for the use of diamonds in various technologies, and researchers claim it could affect fusion-energy experiments.
 

In nature, diamonds are formed at a high-pressure, high-temperature environment, which exists at depths of 87-120 miles in the Earth's mantle.

But even a diamond has its limits: when the researchers sent laser shockwaves  between one million and 10 million atmospheres of pressure through the stone, the diamond was crushed in a nanosecond –  one billionth of a second.

This was the second study to explore the behavior of diamonds under extreme conditions: researchers have recently tested diamonds' reaction to extreme temperatures, concluding they mimic the behavior of water – i.e. freeze – in conditions which can be found in outer space.

The experiment led to the conclusion that solid diamond icebergs may be floating on the oceans of Neptune and Uranus. The revelation, according to the study,may help explain the nature of Uranus and Neptune's magnetic fields, which – unlike their earthly counterparts – do not match up with the their geographic poles.

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It's time to start learning Chinese. And fast. Has the prediction I made here two months ago, about China becoming the world's No.2 diamond consumer become a reality so fast? Last week, Beijing reported that in 2009, despite the financial crisis, the country noted considerable diamond consumption growth, making it the second largest diamond market in the world, instead of Japan.

Being big in Japan, however, doesn't seem to be China's main concern: China's economic growth rate is skyrocketing, and its exports and domestic consumption rates are not far behind. The rest of the world is still reeling from the financial crisis, with modest  2-4% growth projections for the next few year, but China is predicting a 7-8% growth rate. Experts believe there is a good chance that China will become the world's primary financial power by 2030, dethroning the United States; and who knows – it may even happen sooner.

China isn't the only financial force to be reckoned with. India is also claiming a bigger and bigger piece of the global diamond and jewelry pie, and with the standard of living growing in near double-digit speed, the demand for jewelry in general, and diamond jewelry in particular, is spiking.

In the absence of a major political coup, the E-7 bloc of emerging economies and the G-7 group of industrialized nations are heading for a financial face-off – and we are looking at new financial empires 20-30 down the line.

The Chinese government, we learned last week, is subsidizing Chinese lessons for American students. The move is reminiscent of sending missionaries to the new world. Sounds like a step towards global domination to me.

At this point in time, China and the United States are codependent economies. While the US' Chinese trade deficit grows and its credit market is overrun by Chinese debtors, China's huge forex reserves hold mostly dollars and may have vast impact on the future value of the American currency.

And while I won't venture a guess as to Russia's global standing 20 years from now, I'm positive that Brazil is on its way to becoming a leading world power. Brasilia's economy has also noted an astounding growth in domestic consumption, exports and jewelry consumption, both by the locals and the country's massive tourism industry.

But what of other would-be empires? Germany – the forth world power – is expected to see its economy, and global standing, steadily shrink by 2040, unless Berlin instates major immigration and market reforms and elasticizes its job market.

The UK, France and Italy are all expected to face the similar challenge of dealing with rapidly growing, competitive economies versus their own shrinking ones.

What do you think? Will China become the next financial empire? Or will India or Brazil claim the title? Are the financial powers of the present on their way to becoming the auxiliary markets of the future?

I'll be updating you on the issue, and would love to read your thoughts on the matter and what you perceive as the burning issues in this regard.

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This Valentine’s Day may be extra special for us – rumor has it that Hollywood star Leonardo DiCaprio is planning to propose to Israeli model/girlfriend Bar Refaeli – and on the most romantic day of the year too.

The British media reported that DiCaprio was prompted to pop the question by his mother, who apparently never quite got over her son's faux pas with catwalk queen Gisele Bundchen. Just to make the proposal even harder to refuse, DiCaprio is said to be planning on presenting Refaeli with a are canary yellow diamond ring. We're keeping the month of June clear, just in case.

In the spirit of sharing the joy, this would be a good time to look back on several other sparkling stunners adorned by various celebrities in ways of engagement rings.

Hip Hop princess Beyonce's beau Jay-Z made her an offer she couldn't refuse when her presented her with an emerald-cut, 18-carat, flawless diamond set in platinum. The Lorraine Schwartz design set him back a cool $5 million.

English rose Elizabeth Hurley's finger is the stage for a 15.09-carat Asscher-cut diamond set in a white gold band adorned with pave diamonds, which is an exclusive Haute Joallerie collection piece.

Desperate Housewife Eva Longoria couldn't possibly be that desperate when you consider NBA star Tony Parker decided to go for a slam dunk when he proposed, and gave her a custom-made Jean Dousset ring featuring a  5-carats, emerald-cut diamond set in a white gold ring circled with a total of 248 smaller diamonds.

Spicing it up on our list is Victoria Beckham, who sports sparkles from Boodle and Dunthorne in the shape of a 3-carat, marquise-cut diamond. Husband David Beckham scored himself the matching diamond engagement band set with 96 diamonds.

Naturally, to such list would be complete without a touch of royalty, this time with a nostalgic twist: when Prince Rainier of Monaco asked Hollywood star Grace Kelly for her hand, he slipped a 12-carat emerald cut diamond engagement ring on her finger. The eye-popper was even featured in Kelly's last movie, “High Society”: During a close up in the 1956 film, co-star Bing Crosby teases – "some stone, did you mine it yourself?"

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