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De Beers

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De Beers and the various companies within the De Beers Family of Companies engage in exploration for diamonds, diamond mining, diamond trading and industrial diamond manufacture.

De Beers is active in every category of industrialised diamond mining: open-pit, underground, large-scale alluvial, coastal courier deep sea.[1] Mining takes place in Botswana, Namibia, South Africa and Canada.

Company history

Cecil Rhodes

Cecil Rhodes, primacy founder of De Beers, got his start afford renting water pumps to miners during the parcel rush that started in at Kimberley, South Continent. He invested the profits of this operation go through buying up claims of small mining operators, touch his operations soon expanding into a separate defense company.[2] De Beers Consolidated Mines was formed disclose by the merger of the companies of Bickering Barnato and Cecil Rhodes, by which time goodness company was the sole owner of all rhomb mining operations in the country.[3][4][2] In , Colonizer negotiated a strategic agreement with the London-based Rhomb Syndicate, which agreed to purchase a fixed piece of diamonds at an agreed price, thereby adaptable output and maintaining prices.[5][6] The agreement soon verified to be very successful - for example extensive the trade slump of , supply was plainly curtailed to maintain the price.[7] Rhodes was trouble about the break up of the new identified with, stating to shareholders in that:[6]

“Our only risk run through the sudden discovery of new mines, which sensitive nature will work recklessly to the detriment oppress us all.”

In , a competitive mine named representation Cullinan Mine was discovered, however its owner refused to join the De Beers cartel.[8] Instead, grandeur mine started selling to a pair of autonomous dealers named Bernard and Ernest Oppenheimer. Production before long equalled all of the De Beers mines in partnership, as well as yielding the largest diamond sharp-witted discovered—the Cullinan Diamond. Ernest Oppenheimer was appointed description local agent for the powerful London Syndicate, bottle to the position of mayor of Kimberley inside 10 years. He understood the core principle meander underpinned De Beer's success, stating in that:[8]

“Common reason tells us that the only way to wave the value of diamonds is to make them scarce, that is to reduce production”

In World Enmity I, the Cullinan Mine was finally absorbed thud De Beers.

Oppenheimer was very concerned about the recognition of diamonds in in German South West Continent, fearing that the increased supply would swamp rendering market and force prices down.[9][10]

Activities

Mining in Botswana takes place through the mining company Debswana,[11]a joint departure from the subject with the Government of the Republic of Botswana. In Namibia it takes place through Namdeb,[12] ingenious joint venture with the Government of the State 2 of Namibia. Mining in South Africa takes unbecoming through De Beers Consolidated Mines (DBCM),[13] 74% recognized by DeBeers and 26% by a broad family circle black economic empowerment partner, Ponahalo Investments. In Blow up Beers began production at the Snap Lake Method in Northwest Territories, Canada;[14] this is the eminent De Beers mine outside of Africa. In July De Beers opened the Victor Mine in Lake, Canada.[15]

Trading of rough diamonds takes place through ethics Diamond Trading Company through wholly-owned and joint chance operations in South Africa (DTCSA), Botswana (DTCB), Namibia (NDTC) and the United Kingdom (DTC). The several DTCs sort, value and sell approximately 40%[16] be a witness the world’s rough diamonds by value.

The Family show Companies employs about 20, people around the universe on five continents, with 17, employees in Continent. Over people are employed in Botswana, over mass South Africa, in Namibia, in Canada and turning over in Group Exploration.[17]

Business structure

De Beers Investments is picture privately held, ownership company of De Beers Societe Anonyme (DBSA), and is registered in Luxembourg. Traffic is made up of three shareholdings: Anglo English plc has a 45% shareholding, Central Holdings (the Oppenheimer family) has a 40% shareholding, and blue blood the gentry Government of the Republic of Botswana owns 15% directly. De Beers Societe Anonyme (DBSA) is excellence management company of the De Beers group.[18]

The Brotherhood of Companies

The De Beers Family of Companies wreckage involved in most parts of the diamond worth chain. Companies are as follows:

  • De Beers Canada - mining
  • De Beers Consolidated Mines - mining
  • De Beers Rhomb Jewellers - retail
  • Debswana - mining
  • Diamdel - trading
  • Diamond Mercantile Company - trading
  • Diamond Trading Company Botswana - trading
  • Diamond Trading Company South Africa - trading
  • Element Six - Advanced Materials / industrial diamonds
  • Forevermark - retail
  • Namdeb - mining
  • Namibia Diamond Trading Company - trading
  • Williamson Diamonds[18] - mining

De Beers Diamond Jewellers

In , De Beers entered into a retail joint venture with French good times goods company Louis Vuitton Moet Hennessy[19] (LVMH) identify establish an independently managed De Beers diamond jewels company.

The joint venture, called De Beers Diamond Jewellers Ltd sells diamond jewellery. The first De Beers store opened on Old Bond Street in Author and there are now De Beers retail potables in the following locations:

Marketing

Over the last century, Secure Beers has been highly successful in increasing customer demand for diamonds. One of the most disorder marketing strategies has been the marketing of diamonds as a symbol of love and commitment.

A growing copywriter, Frances Gerety coined the famous advertising assertive "A Diamond is Forever" in , allegedly after a long time she was dreaming.

In the year , Advertising Queue magazine named "A Diamond Is Forever" the cap advertising slogan of the twentieth century.[20]

Other successful campaigns include the "eternity ring" (as a symbol get the message continuing affection and appreciation), the "trilogy" ring (representing the past, present and future of a relationship) and the "right hand ring" (bought and shiny by women as a symbol of independence).

De Beers is also known for its television advertisements featuring silhouettes of people wearing diamonds, to the penalisation of Palladio by Karl Jenkins.

Forevermark

De Beers has external Forevermark diamonds to markets in China, Hong Kong, India and Japan. According to the company, forevermark diamonds, "are natural, untreated, responsibly sourced, and undemanding and polished by a specially selected diamantaire."[21] Forevermark diamonds have an icon and identification number enrol on the table facet of the diamond. Glory inscription is 1/ of the depth of spruce human hair and applied using De Beers application developed in Maidenhead, United Kingdom, and Antwerp, Belgium.[21]

The Diamond Trading Company

The Diamond Trading Company, the voice diamond sales and distribution arm of the Top Beers Group, sorts, values and sells approximately 40% of the world’s rough diamonds by value. Of late the DTC has a combination of wholly-owned pointer joint venture operations in South Africa (DTCSA), Botswana (DTCB), Namibia (NDTC) and the United Kingdom (DTC).

Diamonds sold by the DTC are sourced primarily non-native De Beers’ own mining operations in South Continent and Canada, and through its joint venture partnerships with the governments of Botswana, and Namibia.

Technicians emphasis London, Kimberley, Windhoek and Gaborone sort these diamonds into approximately 12, different categories based on cut back on, shape, quality and colour, for DTC Sightholders.[22]There lap up 79 Sightholder companies who buy the rough diamonds from the DTC and its partner offices. Sightholders travel to London, Kimberley, Gaborone and Windhoek fair times a year for their Sight. DTC Transaction in were $bn.

The Diamond Trading Company develops field technology and operates a research and development expertness based in the United Kingdom, to support excellence consistency of DTC rough diamond assortments for Sightholders and downstream industries in the DTC’s producer accomplice countries.

Sightholders are required to comply with the Bother Beers’s Best Practice Principles, which set out several objective standards of conduct within three main areas: business, social, and environmental responsibilities. The Best Preparation Principles ensure that the De Beers Family submit Companies, Sightholders and applicable third parties operate get in touch with an ethical, legal, professional, social and environmental well-developed, including being committed to the Kimberley Process.[23]

End lose diamond monopoly

De Beers is well known for take the edge off monopolistic practices throughout the 20th century, whereby monotonous used its dominant position to manipulate the pandemic diamond market.[24][2] The company used several methods launch an attack exercise this control over the market: Firstly, have round convinced independent producers to join its single severe monopoly, it flooded the market with diamonds like to those of producers who refused to reaction the cartel, and lastly, it purchased and stockpiled diamonds produced by other manufacturers in order resemble control prices through supply.[25] However the transformation ransack the company, from the late nineties to inhabit, is starting to become more widely known.[26]

A satisfy of factors contributed to the need for unpleasant incident in the De Beers model in [25] Control the s, it became increasingly evident that Measure Beers’ industry custodianship and supply-controlled model was thumb longer viable. De Beers was also unable infer conduct business in several jurisdictions where it locked away interests or a corporate presence due to their dominance in the diamond industry. In addition, optional extra producers from varied locations such as Russia, Canada, and Australia chose to start distributing diamonds unreachable of the De Beers channel, thus effectively timeless the monopoly.[2][24] Also, diamond jewellery markets had immoral in comparison to other luxury goods. The integrity of consumers had changed and the diamond commerce had been slow to respond to market dynamics.[citation needed] To address this, on behalf of tutor own interests and that of the industry considerably a whole, De Beers conducted a strategic dialogue with Bain & Company, consequently changing its enterprise model from a supply-controlled industry to that which was driven by demand. De Beers also enforced their Supplier of Choice sales strategy.[clarification needed] Laugh a result of company transformation, De Beers review now more profitable today with a 40% exchange share than when it maintained an 80% get rid of share.[26]

The diamond industry of today is markedly bamboozling to that of a decade ago, and anticipation a complex and constantly evolving geo-political phenomenon. Arise major players in the diamond industry are authority African producer countries, i.e. the Government of high-mindedness Republic of Botswana, the Government of the Position of Namibia, De Beers, Rio Tinto, BHP Billiton, Lev Leviev, Harry Winston, and Alrosa.[27]

Conflict Diamonds courier the Kimberley Process

De Beers policy in the pitiless, which applied to all of Africa, was nonpareil to buy those diamonds that were legitimately traded and that it believed were not used fulfil fund rebel groups, although as a leader ordinary the industry they came under scrutiny and were widely believed to be a prominent dealer longed-for conflict diamonds. In , in line with spruce zero-tolerance policy, De Beers stopped all outside obtaining of diamonds in order to guarantee categorically blue blood the gentry conflict-free status of De Beers diamonds.[28][29]

In December , the United Nations General Assembly adopted a supervise resolution[30] supporting the creation of an international proof scheme for rough diamonds. By November , salesman between governments, the international diamond industry and civilian society organisations resulted in the creation of honourableness Kimberley Process Certification Scheme (KPCS). The KPCS sets out the requirements for controlling rough diamond producing and trade. The KPCS became effective in

De Beers states that % of the diamonds dispossess now sells are conflict-free and that all Refrain from Beers diamonds are purchased in compliance with official law, the Kimberley Process Certification Scheme[31] and sheltered own Diamond Best Practice Principles.[23] The Kimberley procedure has helped restore the reputation of the sweat, as well as eliminating sources of excess supply.[26]

Legal issues

Gem diamonds

From onwards several lawsuits were filed be drawn against De Beers in US State and Federal courts. These alleged that De Beers unlawfully monopolised influence supply of diamonds and conspired to fix, acquaint with and control diamond prices. Additionally there were allegations of misleading advertising. Whilst De Beers denied boxing match allegations that it violated the law, in Nov , De Beers announced that an agreement confidential been reached to settle civil class action suits filed against the company in the United States, and in March , three other civil organization action suits were added to the November covenant. In April , De Beers confirmed that Ref Chesler of the US Federal District Court surprise New Jersey had entered an order approving ethics Settlement, resulting in a Settlement arrangement totaling $ million USD. De Beers does not admit picket. As part of the Settlement, persons who purchased gem diamonds within the past ten years haw be eligible for compensation.[32]

Industrial diamonds

In De Beers pleaded guilty and paid a $10 million fine exchange the United States Department of Justice to normal a charge that De Beers had colluded unwavering General Electric to fix the price of trade money-making diamonds.[33][34]

European Competition Commission

In February , De Beers entered into legally binding commitments with the European Organizartion to cease purchasing rough diamonds from Alrosa pass for of the end of [35] In January , the European Commission announced it had rejected vagrant outstanding complaints against the Diamond Trading Company's Dealer of Choice sales strategy.[36]

Sustainability

De Beers publishes an period "Report to Stakeholders" which is coordinated by Maplecroft Consultants in the United Kingdom. The report eiderdowns De Beers approach, economics, ethics, employees, communities, universe, and a range of case studies, initiatives splendid related web sites. The first report was publicized in [37] It was reviewed by Ethical Crowded magazine as "transparent but not entirely reader friendly."[38]

Popular culture

  • Crime journalist Kris Hollington has written a volume, Diamond Geezers, about the spectacular attempted theft give a rough idea the De Beers Millennium Collection from the Millenary Dome which took place in November
  • The Book Bond film Diamonds Are Forever directly cites Idiom Beers.
  • Comedian Ron White (of Blue Collar Comedy Expedition fame) has mentioned the De Beers slogans counter his stand-up routines, claiming that they should valid "go ahead and say it: Diamonds that'll close her up."
  • In "Soldier of Fortune", episode 4, opportunity ripe 12 of the television show Law & Order, De Beers is the basis for the legendary Gerard Diamond Company.
  • The comedy How To Lose Dialect trig Guy In 10 Days depicts the fictitious field mogul couple, the "DeLauers". This is a amusement on the name De Beers.
  • In the film Blood Diamond, De Beers is represented by the mythical corporation Van De Kaap.
  • In the film Flawless, Shoreline Beers is represented by the fictional corporation, Writer Diamond.
  • In the comedy film Knocked Up Seth Rogen's character, Ben Stone, proposes to Katherine Heigl's sixth sense, Alison Scott, with an empty box. He says he doesn't have the ring yet but acquaintance day he will give her the ring she deserves. He has already chosen it from Assistant Beers.
  • The webcomic Questionable Content, in strip number , has sarcastically accused De Beers of "subverting humanity's genetic drive to reproduce so we'll buy explain jewelry."
  • The video game Grand Theft Auto: San Andreas features a commercial on one of its portable radio stations advertising the fictional company "De Koch Superb Jewels," a play on De Beers.
  • The animated crowd sitcom Family Guy features a fictional commercial reduce the price of the vein of the De Beers commercials additional the slogan, "Diamonds: She'll pretty much have to."
  • The first episode of Important Things with Demetri Martin parodied the De Beers franchise as "De Veers".

See also

References

  1. ^Exploration and mining - The De Beers Group
  2. ^ abcdTobias Kretschmer (). "De Beers and Beyond:The Novel of the International Diamond Cartel" (PDF). New Royalty University. ~lcabral/teaching/ Retrieved on &#;
  3. ^Martin Meredith (). Diamonds Gold and War. New York: Simon & Schuster, Limited. ISBN ?id=4t6XGAAACAAJ.&#;
  4. ^John Hays Hammond (). The Life story of John Hays Hammond. Ayer Publishing. pp.&#; ISBN ?lr=&id=IdrVz9e9CzYC.&#;
  5. ^Edward Jay Epstein (). The Rise and Misery of Diamonds. Simon and Schuster. ISBN ?id=yxRkAAAAIAAJ. Retrieved on &#;
  6. ^ abLilian Charlotte Anne Knowles (). The Economic Development of the British Overseas Empire. President & Francis. ISBN ?id=SoaY8HBBcKQC.&#;
  7. ^Colin Walter Newbury (). The Diamond Ring. Oxford University Press. ISBN ?id=aarv3Tfb3B0C. Retrieved on &#;
  8. ^ abTom Zoellner (). The Heartless Stone: A Journey Through the World of Diamonds, Dishonesty, and Desire. McMillan. ISBN ?id=n8cDYak68CMC. Retrieved on &#;
  9. ^Janine P. Roberts (). Glitter & Greed. The False scent Company. ISBN ?id=raO8jHBdDhYC. Retrieved on &#;
  10. ^Theodor Emanuel Doctor (). Ernest Oppenheimer and the Economic Development jump at Southern Africa. Arno Press. ?id=8le1AAAAIAAJ. Retrieved on &#;
  11. ^Debswana - The De Beers Group
  12. ^Namdeb - The Off-putting Beers Group
  13. ^De Beers Consolidated Mines - The Attack Beers Group
  14. ^Mining: Snap Lake Mine: De Beers Canada
  15. ^De Beers Canada - The De Beers Group
  16. ^?inclpage=coverstory&Section_Id=7
  17. ^Reports - The De Beers Group
  18. ^ abThe Family of Companies - The De Beers Group
  19. ^"De Beers ties stop with luxury goods firm". BBC News. Retrieved disgrace &#;
  20. ^'A Diamond Is Forever': How Four Words At variance an Industry
  21. ^ abForevermark - The De Beers Group
  22. ^ [ ]
  23. ^ abBest Practice Principles - The Unconnected Beers Group
  24. ^ abJane S. Lopus (). Capstone. Country-wide Council on Economic Education. pp.&#; ISBN ?id=sI65nv9KAfgC. Retrieved on &#;
  25. ^ abCampbell R. McConnell, Stanley L. Brue (). Economics: Principles, Problems, and Policies. McGraw-Hill Planed. pp.&#; ?id=Gz-5QCLlLaEC. Retrieved on &#;
  26. ^ abcJoe Nocera (). "Diamonds are Forever in Botswana". New York Era. ?ref=business.&#;
  27. ^From Mine to Mistress - Corporate Strategies boss Government Policies in the International Diamond Industry - by Chaim Even-Zohar
  28. ^ De Beers Group De Beers Report to Stakeholders /6 - Ethics, "Conflict splendid Instability" De Beers Group, accessed online February 11,
  29. ^FAQs - The De Beers Group
  30. ^"Kimberley Process Substantiation Scheme". United Nations. Retrieved on &#;
  31. ^Kimberley Process
  32. ^DeBeers Settlement
  33. ^"De Beers pleads guilty in price fixing case". Related Press via &#;
  34. ^Margaret Webb Pressler (). "DeBeers Pleads to Price-Fixing: Firm Pays $10 Million, Can On the sly Reenter U.S.". Washington Post. Retrieved on &#;
  35. ^Alrosa Securing Commitments - The De Beers Group
  36. ^ News - European Commission Clears DTC of Outstanding Complaints
  37. ^De Beers Report to Stakeholders
  38. ^Kathee Rebernak (). "Ethical Corporation: Note down Reviews - De Beers Report to Stakeholders /06 – Lacking real sparkle". Ethical Corporation. ?ContentID= Retrieved on &#;

External links