Vocabulary
De Beers diamond distribution organization
Diamond trading company (DTC)
Primary location of De Beers first mines
South Africa
Cecil Rhodes
an influx of miners to an area due to the discovery of diamonds
Diamond rush
80% of this country's GDP is from diamonds
Botswana
Todays recommended cost for an engagement ring
3 months salary
A market structure where a single company/organization controls most of the market share
Monopoly
Strict rules of this country made working with De Beers challenging
The Soviet Union
30%
diamonds mined in a war zone in order to finance war efforts
Deliberate limitation on the supply of a good, even when demand could be met
Artificial Scarcity
Canada
The percent of rings that contained diamonds before De Beers
10%
The slogan addopted by De Beers in 1947
"A diamond is forever"
process to ensured conflict free diamonds
Kimberley Process
Location of the diamond syndicate
Kimberly
The percent of diamond supply controlled by De Beers central selling organization
80%
The amount of money De Beers had to pay in its 2008 settlement
295 million dollars