In 1861, two Dutch brothers stumbled upon diamonds on their farm in South Africa, sparking a chain of events that led to the establishment of the world's most successful cartel.
Unwilling to endure the stress of protecting their valuable find, the brothers - Diederik Arnoldus and Johannes Nicholas De Beer - sold the land. They moved on, but their family name - with an "s" added - has remained associated with the diamond trade via a company that subsequently bought the site.
De Beers has been accused of building a monopoly and controlling the supply of diamonds for decades by mining its own gems while also buying diamonds from other producers. In 2004, The New York Times reported, the company agreed to plead guilty to criminal price fixing in order to return to the market in the United States.
Its "central selling organisation" controlled about 90 per cent of the world's diamonds at one time, according to a Bloomberg Businessweek report. Historically, the company used this hegemonic position to force producers to fall in with its strategy.
For instance, if diamonds were discovered in Zambia and the producers did not want to sell through De Beers, then, when De Beers was really powerful, it could say "really?" explains Jean-Pierre Benoit, a micro economist at London Business School.
He adds that De Beers would have then threatened to flood the market using its stockpile of diamonds to drive prices down.
This kind of strategy, in addition to its successful "diamonds are forever" advertising campaign, helped De Beers to keep prices artificially high, according to Mr Benoit, although the gems were not particularly scarce.
In a statement, De Beers said, “Diamonds are most definitely rare; and getting rarer.”
About a decade ago, De Beers lost its grip on the trade with the emergence of independent mines.
Mr Benoit says theoretically this meant that diamond prices should have dropped, and a few years ago they did. "In the last three years, diamond prices fell by about 20 per cent," says Ashraf Ahmed, the managing director of Diamond Infinity, a dealership in Dubai.
But diamond prices have since recovered, he says. And Mr Ahmed expects them to increase further because, in a twist, the supply of the gems finally seems to be dwindling.
"We have been hearing a lot of rumours that the supply of diamonds over the next 10 years is going to diminish, [but] not diminish to zero," says Mr Ahmed. "But it will be very restricted, because the supply coming from the mines is slowing down now." he adds.
No major new diamond deposits have been discovered since a 1997 find in Zimbabwe, according to a Reuters report.
The appetite for diamonds in China and India will fuel demand for the gems by more than 6 per cent a year over the next decade, far outpacing supply, according to a report released in December by the management consultancy Bain & Company.
News of the apparent slowdown is making many buyers nervous, and has led to some larger-than-normal purchases by Diamond Infinity customers of late. An investor in Kuwait has just bought a pair of four-carat gems, for example, and the company recently helped an investor raise a US$15 million (Dh55m) diamond fund.
De Beers's biggest competitor now, according to Mr Ahmed, is Kristall, a Russian government-run factory.
Diamonds from Russia tend to be a better colour and clearer because they have been formed under ice in Siberia.
"(Kristall has) been around for quite some time. I think the Russian government started to exploit the diamond market only about 20 years ago," Mr Ahmed says, "and then the fruits came about a decade back."
gduncan@thenational.ae
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The UAE squad for the Asian Indoor and Martial Arts Games
The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.
Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.
Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Off-roading in the UAE: How to checklist
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Liverpool 4-1 Shrewsbury
Liverpool
Gordon (34'), Fabinho (44' pen, 90' 3), Firmino (78')
Shrewsbury
Udoh (27'minutes)
Man of the Match: Kaide Gordon (Liverpool)
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
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Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
The years Ramadan fell in May
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Pathaan
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
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FORSPOKEN
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Street%20Fighter%206
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Baldur's%20Gate%203
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Starfield
%3Cp%3EDeveloper%3A%20Bethesda%20Game%20Studios%0D%3Cbr%3EPublisher%3A%20Bethesda%20Softworks%0D%3Cbr%3EConsole%3A%20PC%2C%20Xbox%0D%3Cbr%3ERelease%20date%3A%202023%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
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War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
SOUTH%20KOREA%20SQUAD
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SWEET%20TOOTH
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The%20Last%20White%20Man
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
FIGHT%20CARD
%3Cp%3E%3Cstrong%3EFeatherweight%204%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EYousuf%20Ali%20(2-0-0)%20(win-loss-draw)%20v%20Alex%20Semugenyi%20(0-1-0)%3Cbr%3E%3Cstrong%3EWelterweight%206%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EBenyamin%20Moradzadeh%20(0-0-0)%20v%20Rohit%20Chaudhary%20(4-0-2)%3Cbr%3E%3Cstrong%3EHeavyweight%204%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EYoussef%20Karrar%20(1-0-0)%20v%20Muhammad%20Muzeei%20(0-0-0)%3Cbr%3E%3Cstrong%3EWelterweight%206%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EMarwan%20Mohamad%20Madboly%20(2-0-0)%20v%20Sheldon%20Schultz%20(4-4-0)%3Cbr%3E%3Cstrong%3ESuper%20featherweight%208%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EBishara%20Sabbar%20(6-0-0)%20v%20Mohammed%20Azahar%20(8-5-1)%3Cbr%3E%3Cstrong%3ECruiseweight%208%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EMohammed%20Bekdash%20(25-0-0)%20v%20Musa%20N%E2%80%99tege%20(8-4-0)%3Cbr%3E%3Cstrong%3ESuper%20flyweight%2010%20rounds%3A%3C%2Fstrong%3E%3Cbr%3ESultan%20Al%20Nuaimi%20(9-0-0)%20v%20Jemsi%20Kibazange%20(18-6-2)%3Cbr%3E%3Cstrong%3ELightweight%2010%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EBader%20Samreen%20(8-0-0)%20v%20Jose%20Paez%20Gonzales%20(16-2-2-)%3C%2Fp%3E%0A
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
