De Beers

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.

Oppenheimer Control

• 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.

21st-century Changes

• 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 Mentions

De Beers Data Sources