Kimberley was besieged as soon as war broke out, thereby threatening the company's valuable mines. In the late 19th century a massive diamond discovery in South Africa prompted a diamond rush. Hence, diamonds are just pretty expensive stones with not much value.
Since Europe was under a threat of war in the s, the USA was selected as the country with the most potential to support a growing diamond market. Businessman Cecil Rhodes bought as many diamond-mining claims as he could and his accumulation of properties eventually became De Beers Consolidated Mines Limited.
To keep the DTC system intact, it was necessary for De Beers to maintain control of the worlds rough diamond supply.
Paul Zimnisky has made every effort to ensure the accuracy of information provided, however, accuracy cannot be guaranteed. In the late 19th century a massive diamond discovery in South Africa prompted a diamond rush.
The Premier Mine was registered in and the Cullinan Diamondthe largest rough diamond ever discovered, was found there in However, in the second half of the 20th century, as new world-class diamond mines were discovered in Russia, Australia and Canada, it became increasingly difficult for the company to maintain control.
Is my investment in diamond a waste? Kitco Metals Inc.
De Beers maintained a hold on what was a relatively small industry at the time by expanding from mining into every facet of the diamond industry, with a focus on monopolizing distribution.