History and Foundation
- De Beers Diamond Consortium is a South African-British corporation specializing in diamond mining, exploitation, retail, trading, and manufacturing.
- Founded in 1888 by Cecil Rhodes, financed by Alfred Beit and N M Rothschild & Sons bank.
- Ernest Oppenheimer, founder of Anglo American, joined the board in 1926 and built the company's global monopoly until his death in 1957.
- De Beers Consolidated Mines was formed in 1888 by the merger of Barney Barnato and Cecil Rhodes' companies.
- Ernest Oppenheimer became the local agent for the London Syndicate and understood the principle of making diamonds scarce to increase their value.
- During World War I, the Premier Mine was absorbed into De Beers, and Ernest Oppenheimer took over the chairmanship in 1929.
- In 2011, Anglo American acquired the Oppenheimer family stake, ending their 80-year control of De Beers.
- De Beers expanded to several countries, including Canada, Australia, Malaysia, Portugal, Zambia, and Tanzania.
- De Beers was criticized for profiting from the apartheid system.
- De Beers attempted to enter the US diamond market in the 1960s and 1970s but divested its American assets in 1975.
Key Contributions and Controversies
- De Beers conducted experimental work in the early 1930s, pioneering the use of diamond drills.
- Ernest Oppenheimer opened the new headquarters in 1955, combining Anglo American and De Beers operations.
- De Beers has faced controversies, including accusations of price fixing, trust behavior, and restricting US access to industrial diamonds during World War II.
Marketing and Operations
- De Beers successfully advertised diamonds as a symbol of love and commitment.
- De Beers operates four mines in Botswana, four mines in Namibia, and mines in South Africa and Canada.
- De Beers is involved in many parts of the diamond value chain, from mining to sales.
- De Beers introduced a new brand called Lightbox in 2018, offering synthetic diamonds at a lower cost.
De Beers Mentionshttps://harryandcojewellery.com.au/blogs/news/what-is-the-3-month-rule-for-engagement-rings
De Beers Data Sources