Diamonds have been a source of fascination for mankind ever since they were first discovered. Before the eighteenth century, diamonds came from a number of regions on the Indian subcontinent and were also found on the island of Borneo. Suggestions that references to diamonds can be found in the Bible or in Egyptian texts cannot be supported by historical evidence and have only added to their mysterious status. Originally, diamond was valued because of its magical powers that derived from its status as the hardest natural material on earth. In certain cultures, bearers of diamond amulets were considered invincible. It was only after the discovery of cutting techniques in the fifteenth century that diamonds were appreciated for their beauty and their capability to reflect light.

Trade routes connected the Indian diamond mines with China, Europe, Persia and Arab countries, where local rulers and rich inhabitants wore jewellery that included precious stones such as rubies, sapphires and also diamonds. The Portuguese exploration of the African coast and the discovery of a new sea route to Asia brought more European traders to India. Initially they engaged in private trade with local merchants, but soon enough different East India Companies were established that tried to regulate diamond trade. Around the middle of the seventeenth century, the English East India Company managed to reduce Portuguese and Dutch diamond exports to Europe.