What family owns the diamond market?
Thanks to a stockpile of the world’s rough diamond supply, indelible marketing schemes and even negotiations with foreign governments for their diamonds, De Beers — owned by the Oppenheimer family since the 1920s — has been the most important name in one of the world’s most lucrative businesses for almost a century.
Who controls the diamond mines in South Africa?
The primary South African sources of diamonds, including seven large diamond mines around the country, are controlled by the De Beers Consolidated Mines Company.
Does one company own all diamonds?
This monopoly was the start of their major monopoly over the diamond market. De Beers continued to purchase mines, as well as purchasing diamonds directly from other companies. They created agreements with suppliers, leading to them holding over 85% of the world’s diamonds, at one point in time.
Who owns the majority of diamonds in the world?
Russia and the Botswana hold the world’s largest diamond reserves, totaling 650 million carats and 310 million carats, respectively, as of 2020. Based on production volume, Russia and Australia are the world’s largest producers.
Who controls diamond market?
De Beers, founded in 1888, specializes in diamond exploration, mining, trading, retail, and industrial diamond manufacturing. At its peak, the international juggernaut owned 85% of the market.