but as of now are still an immensely important factor. Could tight regulation of diamond mining, in countries in conflict such as Sierra Leone and Angola solve their problems? When one thinks of a true monopoly, an obvious name that comes to mind in the diamond industry is DeBeers. This company was established over one hundred and ten years ago, and since then has taken control over an immense portion of the diamond mining operations in Africa as well as other parts of the world. [DeBeers] mines between them account for around half of the worlds output of rough gem diamonds by value. (MBendi) Having so much power in the diamond industry gives DeBeers an advantage when it comes to the supply and demand for diamonds internationally. The company's grip on the diamond market has slipped a bit from near-total dominance at mid-century, but it has continued to keep the price of gem-quality diamonds high by being both aggressive and flexible. (NY Times) Diamonds have an intrinsic value attributed to romance and love. DeBeers can be thanked for this label. In 1938, De Beers hired a New York advertising company to convince millions of couples that the larger the diamond on an engagement ring, the greater their love. In the 1960's, a similar campaign in Japan created a diamond engagement ring tradition. (NY Times) Would diamonds have the same image in peoples minds through out the world, if it werent for DeBeers? Not likely. In fact diamonds are not the rarity most believe them to be. They are greatly abundant in the nations they are mined from. The main reason for the disputes over diamonds is the demand for them internationally. Together with the artificial perception of rarity, what makes diamonds profitable to more than 2.5 million miners, traders, cutters and wholesalers around the world and what energizes the $50-billion-a-year retail diamond jewelry industry is romance. (NY Times)The relationship between the U.S. and DeBe...
