Search Engine Why are we still buying diamonds?
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Sep 22, 2023 
Barack Richman, a law professor at Duke University specializing in the diamond industry, joins to unravel the perplexing allure of diamonds. He discusses how these gems, marketed as rare and romantic, are actually more accessible than we think. Richman examines the historical exploitation tied to diamond production and the monopolistic strategies of companies like De Beers. He also addresses the rise of lab-created diamonds, highlighting the ethical concerns consumers face today. The podcast is a fascinating dive into gems that spark both desire and debate.
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Cecil Rhodes and De Beers
- Cecil Rhodes consolidated diamond mines in Kimberley, South Africa, forming De Beers.
- He bought mines or used force, reflecting a colonial approach.
De Beers' Diamond Monopoly
- De Beers controlled 90% of the diamond market, manipulating prices for a century.
- Unlike other commodities, diamond prices remained stable due to De Beers' control.
De Beers' Legal Tactics
- De Beers, facing antitrust lawsuits in the U.S., refused to appear in court.
- They avoided legal trouble by operating through intermediaries, never opening stores in America.
