De Beers and the Conflict Diamonds Essays

1080 Words Oct 18th, 2015 5 Pages
De Beers and the Conflict Diamonds De Beers is the most recognizable name in the diamond industry and since it was established in 1888 by Cecil Rhodes; the company have been linked to the “blood diamond” trade because for a long time they had the control of supply and demand of the diamond industry. De beers dominated the diamond market for the best part of the 20th century, but the creation of synthetic diamonds and the discovery of new diamond deposits in other countries have created new challenges and De Beers have been obligated to deviate from their traditional ways of doing business.
Q1. The diamond industry is exclusive in comparison to other industries because of the nature of their product. Diamonds are unique and the
…show more content…
De beers is mostly recognize for the monopolization of the diamond trade, but they have been front and center in many unethical business practices such as price fixing and the purchase of conflict diamonds and I believe that it is really disgraceful that this company have enjoyed such a great success for the best part of the last 100 years. This is no different than those who became wealthy with the slave trade and their families still enjoy their wealthy lifestyle in today`s society.
.Q3. I really think that the consumer does not care about the origin of the diamond or how the retailer obtained them because they are mostly concern with the cost. Also, I believe that most consumers are not properly educated about the history of the mining of the diamonds. Diamonds are desirable to consumers because they hold some kind of emotional meaning and they are not really concern about the diamond`s origin. The term conflict free with respect to diamonds is very significant because it means that the conflict free diamonds were obtained in a way that do not violate human rights and that the diamonds were not mined illegally. Many retailers go to great lengths to advertise that their diamonds are “conflict free” because they don’t want to be associated with the “blood diamond” trade. These companies rely on the Kimberley process and the World Diamond Council to guarantee that their

Related Documents