The major investors in the diamond mines created the instrument in 1888 called De Beers Consolidated Mines, Ltd., and incorporated in South Africa. De Beers proved to be the most successful cartel arrangement in the annals of modern commerce . The diamond invention is far more than a monopoly for fixing diamond prices; it is a mechanism for converting tiny crystals of carbon into universally recognized tokens of wealth , power , and romance ..."A Diamond Is Forever" became the official motto of De Beers.
Create and save customized flash cards. Sign up today and start improving your vocabulary!