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How De Beers became the diamond industry leader
Diamonds were once very scarce and expensive.
Then in 1870, huge diamond resources were discovered in South Africa. Diamonds were no longer a rarity. Everyone could own a diamond if they wanted. As with anything in business, that's not a good thing.
The British businessmen that operated the mines had a clever idea. They maintained the illusion that diamonds were scarce. This meant they could drive up diamond prices. Here are a few fun facts about that time:
* The businessmen created the first diamond cartel. It was called De Beers Consolidated Mines, Inc. The cartel was in full control of the diamond supply. They also controlled the prices.* It only took them 10 years to control 90% of the world's diamond supply.
* The cartel managed to influence diamond demand as well.
De Beers is still a large influence in the diamond industry today.
You can read the entire article here.
To start from the beginning, click on Lucy’s image.
This mini series on Diamonds has four parts to it. Click on each link separately to learn more about diamonds.
How the diamond engagement ring came to be
How De Beers became the diamond industry leader
The "Diamonds are Forever" slogan
