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De Beers And The Conflict Diamonds

1074 words - 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 ...view middle of the document...

De Beers denied supporting rebels when in fact that was exactly what the company was doing by buying rough diamonds from rebels’ forces in Africa. 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 diamonds are “conflict free” but in reality there is no way of knowing with certainty that all diamonds that they received are conflict free diamonds. The WDC implemented a system of warranties which provides assurance that the diamonds are completely conflict free diamonds.
It is possible that many consumers are unaware that a great number of these diamonds are unethically sourced and are tainted by worker exploitation, violence, child labor and environmental destruction. On the other hand, there are those who know exactly how these diamonds are obtained and still only care about getting their product. I think that it is really important to create awareness about the source of the diamonds so the public has a clear understanding about the concept...

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