The precise origin of loose diamonds is still not truly known. However, it is believed that the first ideal cut ever discovered in South Africa was done so by a fifteen year old boy by the name of Erasmus Jacobs. While searching for a stick to clear a drain one day, he picked up a stone sparkling in the sunlight and gave it to his sister. It was seen by a friend of the family and was ultimately discovered to be a 21.25 carat stone.
Most fancy diamonds are over three billion years old, two-thirds the age of the Earth. There are a few "youngsters", though, which are only 100 million years old.
butterfly ring in jewelry is the most popular of all gemstones. The price of it and rarity is carefully monitored by the major diamond cartels. As a result the price of ideal cut in jewelry is pretty well standardized to size and quality of the stone.