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Article: De Beers moves to clean up: Dirty diamonds?
- Article from:
- African Business
- Article date:
- July 1, 2000
CopyrightCOPYRIGHT 2000 IC Publications 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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This month, de Beers wilt begin winding down the Central Selling Organisation (CSO) an institution which until now has controlled the diamond industry. Tom Nevin examines the reasons for this and also why the image of the diamond has now become tarnished.
The diamond's reputation for clarity and purity is becoming increasingly tarnished. Its recent label as a 'conflict gem' led to the sidelining of a proposed listing on the London Stock Exchange by mining house Oryx; it is being used in a dubious barter to prop up the Republic of Congo government; and De Beers has taken to branding to give respectability to the stones it produces.
Amid the furore, De ...