Business Wars Diamond Wars | The Puppet Master | 2
Jun 29, 2020
In this segment, diamond expert Ernest Oppenheimer navigates the competitive landscape of early 20th-century Africa amidst the upheaval of World War I. Hired by De Beers, he assesses the threat posed by newly discovered diamond mines in German South West Africa. As the war complicates deals, Oppenheimer seizes the opportunity to catapult himself to power. The conversation also touches on the revolutionary advertising campaign that redefined diamonds as symbols of romance and status, forever altering their cultural significance.
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Oppenheimer's Ambition
- In 1914, Ernest Oppenheimer assessed German diamond mines in Namibia for De Beers.
- World War I disrupted a potential deal, but Oppenheimer saw a chance to rise in the industry.
Secret Acquisition
- After WWI, Oppenheimer secretly bought German diamond mines in Namibia through a lawyer.
- He consolidated them into Consolidated Diamond Mines, challenging De Beers.
Diamond Value
- De Beers chairman David Harris believed that a diamond's value is based on perceived scarcity.
- Controlling supply creates this perception and maintains high prices.
