DeBeers

[sophie_1003]

Just watching How to Lose a Guy in 10 Days and they mention that the diamond industry is controlled by one company (they don't call it DeBeers but imagine that's who they mean!) I remember reading an article a while ago that was possibly posted by someone on here that explained how DeBeers created the illusion that diamonds are rare and expensive when actually they're not. Does anyone know how true this is?

P.S. apologies, wasn't sure of appropriate category to post this in so went for CB!

[NazNomad]

http://www.theanswerb...7.html#answer-2228933

[NazNomad]

the article link isn't working there, but this is the same article I think http://www.edwardjaye...om/diamond/chap20.htm

[sophie_1003]

Yeah, that's the article I was thinking of Naz! Is that a reliable account then?

[NazNomad]

I have no idea, just helping you find the info you talked about in the OP.

[sophie_1003]

Ta, Naz!

[DTCwordfan]

Not fully true but they are dominant in S-Africa along with Consolidated Gold. There are plenty of diamonds around, the issue is quality for the gem market....... The Russians are the other major players.....back in the 80s when officially SA was under sanctions, the Chairman of de Beers was photographed at the Bolshoi Ballet.......Was on Panorama.

The other factor affecting diamond prices which have firmed over 30% in the last 2 years and doubled in 5, has been the impact of the Chinese and Far East markets - there is a huge clamour for diamonds of all grades, be it a 4 carat SI emerald cut or industrial diamonds for drill bits.

[sophie_1003]

A lot of that went over my head DT but thanks!