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De Beers basically controls the whole diamond market. They make it almost impossible to resell them and strictly control the supply. They were also responsible
by arcticbull 3y ago
De Beers basically controls the whole diamond market. They make it almost impossible to resell them and strictly control the supply. They were also responsible (via advertising agency N. W. Ayer) for the idea that diamonds should be used in engagement rings in 1938-1941.
This write-up from The Atlantic from 1982 explains the situation well. [1]
Not sad to see the cartel taking an L.
[1] https://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/ https://www.theatlantic.com/magazine/archive/1982/02/have-yo...
- zokier 3y agoLots of things have happened in the 40 years since that article was written. De Beers do not control the market anymore the way they did before. Wikipedia says > De Beers's market share of rough diamonds to fall from as high as 90% in the 1980s to 29.5% in 2019 > De Beers sold off the vast majority of its diamond stockpile in the late 1990s – early 2000s and the remainder largely represents working stock (diamonds that are being sorted before sale). This was well documented in the press but remains little known to the general public. > As a part of reducing its influence, De Beers withdrew from purchasing diamonds on the open market in 1999 and ceased, at the end of 2008, purchasing Russian diamonds mined by the largest Russian diamond company Alrosa
- willcipriano 3y ago[flagged]
- woooooo 3y agoThat's whataboutism. (/s)
- fragmede 3y agowhat kind of anti-intellectual stance are you taking here?
- deleted 3y ago[deleted]
- andrewflnr 3y agoWhat kind of loaded question are you asking here?
- lostlogin 3y agoHas John Oliver done an episode about diamonds?
- dbg31415 3y agoAdam Ruins Everything… https://m.youtube.com/watch?v=N5kWu1ifBGU https://m.youtube.com/watch?v=N5kWu1ifBGU
- vorpalhex 3y ago"Adam Ruins Everything" is a really, really terrible source. I encourage you to take everything you've learned from it and throw it out entirely. Every episode makes horrific errors, uses subpar sources if any, and frequently gets really basic facts wrong in an effort to "ruin everything" and weave a narrative.
- Legend2440 3y agoAny source that has a narrative in every episode should be automatically suspect.
- bluedevil2k 3y ago> This write-up from The Atlantic from 1982 explains the situation well. It explains the situation 40+ years ago, but is completely irrelevant today.
- nottorp 3y agoIt is not, since it explains why you think you want a diamond ring for a wedding instead of, say, investing the 3 months worth of salary...