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Article: Losing their sparkle.(De Beers diamond cartel and role of diamond industry in financing African guerrilla movements)(Brief Article)
- Article from:
- The Economist (US)
- Article date:
- June 3, 2000
CopyrightCOPYRIGHT 2000 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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How to stop diamonds paying for nasty African wars
DE BEERS'S nightmare has shifted from a flood of diamonds to blood on diamonds. For decades the diamond giant has manipulated the supply of the earth's hardest but most overrated natural substance, successfully keeping it one of the most valuable. It has survived slumps by stockpiling and booms by keeping prices ahead of inflation, all the while telling consumers that, in the words of its long-running advertising slogan, "a diamond is forever". De Beers has run its cartel by buying diamonds, whether from the Soviet Union or anybody else--no questions asked.
That is now its biggest problem. At least three ...