Business Wars Diamond Wars | The Alchemists | 7
Jul 15, 2020
In the 2000s, the diamond industry faces major upheaval as De Beers navigates its new leadership role amidst a thriving synthetic diamond market. The episode explores the groundbreaking CVD method for creating lab-grown gems and reveals the surprising discovery of gem-quality synthetic diamonds. Issues in Zimbabwe highlight the human cost of traditional mining practices, while a fierce battle erupts between legacy companies and innovative startups. De Beers attempts to adapt by introducing budget-friendly synthetic options, challenging old perceptions and reshaping the market.
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Accidental Discovery
- In 1996, Robert Linares accidentally created gem-quality diamonds using Chemical Vapor Deposition (CVD) in his lab.
- This breakthrough signaled the rise of synthetic diamonds, threatening the mined diamond industry.
Zimbabwe's Diamond Fields Violence
- Kembo, a Zimbabwean schoolteacher, resorted to illegal diamond mining due to hyperinflation.
- He was killed by police during a violent crackdown on the miners.
Renewed Spotlight on Conflict Diamonds
- The violence in Zimbabwe's Marange diamond fields brought conflict diamonds back into the spotlight, hurting the industry's image.
- This occurred during the 2008 financial crisis, which further weakened demand for diamonds.