De Beers to reverse apartheid legacy

[emad]

· Black investors to get 15% stake in diamond miner
· Cecil Rhodes-founded firm reacts to SA pressure

Terry Macalister
Tuesday November 8, 2005
The Guardian


De Beers, the most famous name in diamonds, will today unveil the biggest shake-up in its 117-year history when it hands over part of its South African mining arm to black investors.

The company - established by Cecil Rhodes - is reacting to pressure from the South African government to increase black representation and reverse years of marginalisation started under apartheid.

De Beers Consolidated Mines (DBCM) appointed David Noko as its first black managing director designate two months ago, but it will now go much further with more than 15% of the company expected to be put in the hands of a new black investment group.

The details will be revealed by DBCM's chairman, Nicky Oppenheimer, and his managing director, and younger brother, Jonathan Oppenheimer, in the presence of Lindiwe Hendricks, mining minister.

http://www.guardian.co.uk/southafrica/story/0,13262,1636561,00.html

[havocmom]

1. heh heh heh, Maybe people buying CZs helped

change their minds?

[Lisa0825]

3. Not to mention laboratory-made diamonds

as well as other stones like Moizannite (sp?) gaining popularity by directly comparing them to diamonds.

[havocmom]

6. That's what the CZs are. Made in the lab and no $$ for DeBeers

No support for abusive mining operations and no $$ for cartels who limit the market to keep prices high.

As Martha would say: It's a good thing. ;)

[Lisa0825]

8. There are actual diamonds made synthetically now, not just CZs. nt

The New Diamond Age
http://www.wired.com/wired/archive/11.09/diamond.html

[400Years]

2. The company should be dissolved and all of De Beers assets

should be given to every man woman and child in SA.

They got the diamond trade through naked colonial force.

[Ediacara]

5. This wouldn't work

DeBeers holds immense quantities of diamonds, if they were to give them up, the price of diamonds would plummet, and they would become very sparkly gravel. Diamonds are nowhere near as rare as DeBeers would have you believe.

[Monkey see Monkey Do]

4. If you've got a free hour

This is a really good listen about the diamond trade, including de Beers role:

With This Ring: Following the International Diamond Trade

http://americanradioworks.publicradio.org/features/diamonds/rafiles/arw_diamonds_full.ram

Failing that, there's lots to read at the link, including a transcript:

http://americanradioworks.publicradio.org/features/diamonds/

[Shakespeare]

7. Yup. National Geographic did an excellent piece on this a few years ago.

It'll extinguish any desire you might have to purchase a diamond, ever. CZs' quality is outstanding, they're identical (especially to the naked eye, and sometimes even to jewelers), and the price is right. Why would anyone WANT to buy a diamond?

[meganmonkey]

9. F*ck diamonds. Unless it is some family heirloom being passed down

I will never wear one. Even then I would really have to think about it first.

They may be all shiny and glittery in the moonlight but in the light of day they are covered in blood.

[BiggJawn]

10. Whatever. They're still "Blood Stones".

I'll buy CZ, but if you've GOT to have a diamond, too bad, not from me you won't.