Video version: https://www.youtube.com/watch?v=V7tGZzwe4mQ
For over a hundred years, DeBeers has dominated and controlled the global diamond trade.
But today, Chinese factories are mass-producing lab-grown diamonds, which are chemically identical to natural stones, and prices are collapsing worldwide for both man-made and natural diamonds.
DeBeers sources most of their rough diamonds from mines in Botswana, and the new government there is determined to move DeBeers’ value chains to Botswana itself, thereby retaining billions of dollars in industry revenues in-country.
Anglo-American is DeBeers’ parent company, and they are trying to divest their holdings. But even after writing off $4.5 billion in book value in two years, no buyers can be found.
Good, fuck em. Diamonds are shiny carbon rocks with no more intrinsic value, except maybe for industrial use, if they’re cheaper than synthetic.
Natural diamonds are quite shit for industrial use. Industry likes uniformity, and natural diamonds have irregularities and flaws that do not benefit them in comparison to synthetic diamonds.
I think even making a distinction by calling them “synthetic” is doing them a disservice. By all accounts, they’re as real as naturally formed diamonds. The quality is higher too. They are better in every way.
Yeah, they are artisinal
Can’t wait for the upcoming NYT op-eds: “China is killing the diamond mining monopolies: but at what cost???”
Just a quick search gave me some fun ones
BONUS
Last one sounds like way too extreme satire but knowing those ghouls priorities it’s probably real.
can someone pleaseee think of the oligarchy PLEAAAASE.
DEMOCRACY (copyrighted/trademarked) IS AT STAKE!!
It’s just not the same if a child slave didn’t suffer for it. Or something.
Given all the horrific history of conflict diamonds, etc, why would anyone not want a lab made stone at this point?
I’m prepared for many headlines about how these diamond mines are actually providing good, if meager, livings for people who would otherwise be jobless in Botswana.
It’ll be crickets about the massive exploitation, however.
DeBoers
“Eiw, how could I ever hold my head up at the ball in a lab-grown diamond tiara?” squeaked Emily Von Foiegras-Carruthers-Reed.
Diamonds have never been anything more than a scam, but they help the rich feel superior because no one else can afford more than a gravel-sized bit on a thin gold ring.
The OG NFT
Not only is it also environmentally destructive, it also comes with a side of slavery.
Good. Fake “rare” gemstones are actually the most common of all gems. Take down the cartel!
Please China make a 4,000 carat diamond and gift it to South Africa
Anglo-American is DeBeers’ parent company
As if a mining company in Africa couldn’t be more cracker, they are named anglo-american
God, I remember when this was a super-secret technology, where you had to book a plane to the (recently, at the time) former USSR to get a look at some highly experimental machines that were producing itty bitty little yellow diamonds via some bizarre anoxic chemical vapor process. I read about it in some indie magazine 25 to 30 years ago I think?
Even back then DeBeers was peeing its pants over the possibility that law-grown diamonds not only existed, but were nearly impossible to distinguish from mined diamonds by sight alone. I’m so happy to see them finally get what’s been coming to them.
Oh no!
Fantastic news. Hope the diamond trade crashes.
I’m sure they’ll be fine, after all, “diamonds are forerver”, right DeBeers?
Bummer, dude.
