Did You Know {158} ~ Diamonds Are Only Valuable Because De Beers Says They Are

Diamonds used to be very rare in the Western world, until the late 1800s, when a diamond mining rush in South Africa made them far more accessible to those outside of the halls of royalty. A company called De Beers quickly bought up the mines and created an artificial scarcity, as well as a monopoly. When other diamond sellers have cropped up, De Beers has either bought them out or flooded the local market, driving prices down and putting the sellers out of business. The company’s all-fronts stranglehold on the industry has only recently started to break up.

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