Diamonds Are Forever

Global Dominance

The diamond industry is dominated by a few major players, with De Beers standing out as the largest and most influential. Founded in 1888 by Cecil Rhodes in South Africa, De Beers once controlled 85% of the world's diamond trade, engaging in mining, trading, and marketing. The company's influence is evident in its control of the Kimberley mine, known as the "big hole," which was hand-dug by 50,000 men from 1871 to 1914 1.

The global diamond trade is highly centralized, with only a few major players in the world, and the largest company by a wide, wide margin, is de Beers.

--- Gary Arndt

De Beers' dominance highlights the centralized nature of the diamond industry, where a few entities hold significant power over the market 1.

   

Conflict Diamonds

Conflict diamonds, also known as blood diamonds, are a significant issue within the diamond industry. These diamonds are mined in war-torn regions and sold to finance armed conflict against governments. The Kimberley Process was established as an international certification scheme to prevent the trade of conflict diamonds by ensuring they do not originate from conflict zones 1.

An international program known as the Kimberley process was implemented to track diamonds internationally and to certify diamonds as having not come from conflict zones.

--- Gary Arndt

Despite these efforts, the challenge of regulating the diamond trade persists, as the simplicity of acquiring diamonds in certain regions continues to fuel insurgencies 1.