View source for De Beers

{{redirect|DeBeers|the American wrestler|Colonel DeBeers}}
{{short description|International corporation specialising in diamonds}}
{{Use South African English|date=May 2012}}
{{Use dmy dates|date=September 2020}}
{{Infobox company
| name = De Beers UK Limited
| image = DeBeersBevHills.jpg
| image_caption = DeBeers store on Rodeo Drive in Beverly Hills, California, in 2008
| logo = De Beers Group - Logo.svg
| logo_size = 200px
| type =
| industry = {{nowrap|[[Diamond industry|Mining and trading of diamonds]]}}
| foundation = {{start date and age|1888}} <!-- this parameter modifies "Founded" -->
| founder = [[Cecil Rhodes]]
| dissolved =
| location = [[London]], England, UK<br/>[[Johannesburg]], South Africa
| area_served = Worldwide
| key_people = {{ubl|Duncan Wanblad (chairman)|Al Cook (CEO)}}
| products = [[Diamond]]s
| services = Diamond mining, marketing, grading and jewellery
| brands = De Beers London, Forevermark, Lightbox, ORIGIN - De Beers Group, A Diamond is Forever, Element Six
| revenue = {{gain}}[[US$]]6.08 billion {{small|(2018)}}<ref>[https://www.angloamerican.com/~/media/Files/A/Anglo-American-PLC-V2/press-release/releases/2019pr/prelim-results-2018.pdf Anglo American: Year end financial report for the year ending 31 December 2018], February 2018, Retrieved: 15 April 2019.</ref>
| operating_income =
| owners = {{ubl|[[Anglo American plc]] (85%), [[Government of Botswana]] (15%) <ref  name=ownership/>}}
| num_employees = {{circa}} 20,000
| num_employees_year =
| parent =
| divisions =
| subsid =
| footnotes =
| homepage = {{URL|https://www.debeersgroup.com/|debeersgroup.com}}
}}

The '''De Beers Group''' is a South African–British corporation that specialises in the [[diamond]] industry, including mining, exploration, retail, inscription, grading, trading and [[industrial diamond]] manufacturing.<ref>Britannica, The Editors of Encyclopaedia. "De Beers S.A.". Encyclopedia Britannica, 23 Sep. 2022, https://www.britannica.com/topic/De-Beers-SA. Accessed 28 August 2023.</ref> The company is active in open-pit, underground, large-scale alluvial and coastal mining. It operates in 35 countries, with mining taking place in [[Botswana]], [[Namibia]], South Africa, and Canada. It also has an artisanal mining business, '''Gemfair''', which operates in [[Sierra Leone]].

From its inception in 1888 until the start of the 21st century, De Beers controlled 80% to 85% of rough diamond distribution and was considered a [[monopoly]].<ref>{{cite journal |last1=Chang |first1=So-Young |last2=Heron |first2=Amanda |last3=Kwon |first3=John |last4=Maxwell |first4=Geoff |last5=Rocca |first5=Lodovico |last6=Tarajano |first6=Orestes |date=Fall 2002 |title=The Global Diamond Industry |url=https://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/107/Global_Diamond_Industry.pdf |journal=Chazen Web Journal of International Business |publisher=The Trustees of [[Columbia University]] |pages=2 |access-date=5 July 2016}}</ref> By 2000, the company's control of the world diamond supply decreased to 63%.<ref>{{cite web |last1=Behrmann |first1=Neil |last2=Block |first2=Robert |date=13 July 2000 |title=De Beers Said It Will Abandon Its Monopoly of Diamond Supply |url=https://www.wsj.com/articles/SB963436916393355234 |website=wsj.com |publisher=Wall Street Journal |access-date=15 October 2023}}</ref>

The company was founded in 1888 by British businessman [[Cecil Rhodes]], who was financed by the South African [[diamond magnate]] [[Alfred Beit]] and the London-based [[N M Rothschild & Sons]] bank.<ref>{{cite web |title=Exhibitions ‹ Rothschild Timeline :: The Rothschild Archive |url=https://www.rothschildarchive.org/exhibitions/timeline/ |website=www.rothschildarchive.org}}</ref><ref>{{cite book |last=Epstein |first=Edward Jay |title=The rise and fall of diamonds: the shattering of a brilliant illusion |year=1982 |publisher=Simon and Schuster}}</ref> In 1926, [[Ernest Oppenheimer]], a German immigrant to Britain and later South Africa who had earlier founded mining company [[Anglo American plc|Anglo American]] with American financier [[J. P. Morgan]],<ref>{{cite news |url=https://www.forbes.com/2006/08/21/anglo-american-update-cx_cn_0821miner.html |work=Forbes |title=New Mining Target: Anglo American |date=21 August 2006 |access-date=20 December 2017 |archive-date=2 February 2012 |archive-url=https://web.archive.org/web/20120202073717/http://www.forbes.com/2006/08/21/anglo-american-update-cx_cn_0821miner.html |url-status=dead}}</ref> was elected to the board of De Beers.<ref name="The Story of De Beers">{{cite book |last1=Chilvers |first1=Henry |title=The Story of De Beers |date=1939 |publisher=Cassell |page=227}}</ref> He built and consolidated the company's global monopoly over the diamond industry until he died in 1957. During this time, he was involved in several controversies, including [[price fixing]] and [[trust (business)|trust]] behaviour, and was accused of not releasing industrial diamonds for the US war effort during World War II.<ref name="Janine P. Roberts 2003">{{cite book |url=https://books.google.com/books?id=raO8jHBdDhYC |title=Glitter & Greed |author=Janine P. Roberts |isbn=0-9713942-9-6 |publisher=The Disinformation Company |year=2003 |access-date=27 November 2008}}</ref><ref name="Theodor Emanuel Gregory 1977">{{cite book |url=https://books.google.com/books?id=8le1AAAAIAAJ |title=Ernest Oppenheimer and the Economic Development of Southern Africa |author=Theodor Emanuel Gregory |publisher=Arno Press |year=1977 |access-date=27 November 2008 |isbn=9780405097904}}</ref>

In 2011, Anglo American took control of De Beers after buying the [[Oppenheimer family|Oppenheimers]]' family stake of 40% for US$5.1 billion (£3.2 billion) and increasing its stake to 85%, ending the 80-year Oppenheimer control of the company.<ref>{{cite news |url=https://www.telegraph.co.uk/finance/newsbysector/industry/mining/8869032/Anglo-American-buys-Oppenheimer-family-stake-in-De-Beers-for-5.1bn.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/newsbysector/industry/mining/8869032/Anglo-American-buys-Oppenheimer-family-stake-in-De-Beers-for-5.1bn.html |archive-date=12 January 2022 |url-access=subscription |url-status=live|author-first1=Emma|author-last1=Rowley|date=4 November 2011|title=Anglo American buys Oppenheimer family stake in De Beers for $5.1 billion |newspaper=The Telegraph |access-date=10 October 2018}}{{cbignore}}</ref> The company is currently owned 85% by Anglo American and 15% by the [[Government of Botswana]].

In May 2024, Anglo American announced its intention to spin off or sell De Beers.<ref>{{Cite web |title=Bloomberg - Anglo Ditching De Beers Is Hard Blow for Troubled Diamond Market |url=https://www.bloomberg.com/news/articles/2024-05-14/anglo-ditching-de-beers-is-hard-blow-for-troubled-diamond-market |access-date=2024-05-14 |website=www.bloomberg.com}}</ref>

{{TOC limit|3}}

==History==

===Foundation===
[[File:CecilRhodes.jpg|thumb|[[Cecil Rhodes]] founded De Beers in 1888]]
[[File:1st Baron Rothschild.jpg|thumb|[[Nathan Rothschild, 1st Baron Rothschild]], of the [[Rothschild family]], funded the development of De Beers]]
[[File:De Beers Consolidated Mines 1902.jpg|thumb|[[Preference share]] of the De Beers Consolidated Mines Ltd., issued 1 March 1902]]

The name 'De Beers' was derived from two [[Afrikaner]] [[settler]]s: brothers Diederik Arnoldus de Beer (1825–1878) and Johannes Nicolaas de Beer (1830–1883), who owned a farm named ''Vooruitzicht'' ([[Dutch language|Dutch]] for "prospect" or "outlook") near Zandfontein in the [[Boshof|Boshof District]] of the [[Orange Free State]]. Diederik and Johannes were direct descendants of the [[Dutch East India Company|VOC]] soldier and later farmer, Matthys Andries de Beer, of [[Vaasa, Finland]], who had migrated to South Africa in 1699 via [[Lübeck]]. Following the discovery of diamonds on Diederik and Johannes's land, the increasing demands of the British government forced them to sell their farm on 31 July 1871 to merchant Alfred Johnson Ebden (1820–1908) for £6,600. ''Vooruitzicht'' would become the site of the [[Big Hole]] and the De Beers mine, two successful diamond mines. Their name, which was given to one of the mines, subsequently became associated with the company.<ref>[http://www.capetowndiamondmuseum.org/about-diamonds/famous-people/ Famous people], ''Cape Town Diamond Museum''</ref>

[[Cecil Rhodes]], the founder of the [[British South Africa Company]], got his start by renting water pumps to miners during the [[diamond rush]] that started in 1869,<ref>{{cite book |last1=Jessup |first1=Edward |title=Ernest Oppenheimer : a study in power |date=1979 |publisher=Collings |location=London |isbn=0860360873 |pages=23–24}}</ref><ref name="Diamonds : from birth to eternity">{{cite book |last1=Wilson |first1=A.N. |title=Diamonds : from birth to eternity |date=1982 |publisher=Gemological Institute of America |location=Santa Monica, California |isbn=0873110102 |page=135}}</ref> when an 83.5 [[Carat (unit)|carat]] diamond called the '[[Star of South Africa (diamond)|Star of South Africa]]' was found at [[Hopetown]] near the [[Orange River]] in South Africa.<ref name="Diamonds : from birth to eternity"/><ref>{{cite book |last1=Roberts |first1=Brian |title=The diamond magnates. |date=1972 |publisher=Hamilton |location=London |isbn=0241021774 |page=5}}</ref><ref>{{cite book |last1=Chilvers |first1=Henry |title=The Story of De Beers |date=1939 |publisher=Cassell |page=5}}</ref> He invested the profits of this operation into buying up [[Land claim|claims]] of small mining operators, with his operations soon expanding into a separate mining company.<ref name="Kretchmer"/> He soon secured funding from the [[Rothschild family]], who financed his business expansion.<ref>{{cite book |title=The Rise and Fall of Diamonds |url=https://books.google.com/books?id=yxRkAAAAIAAJ |isbn=0-671-41289-2 |access-date=27 November 2008 |publisher=Simon and Schuster |year=1982 |author=Edward Jay Epstein}}</ref><ref name="Knowles">{{cite book |title=The Economic Development of the British Overseas Empired |isbn=0-415-35048-4 |url=https://books.google.com/books?id=SoaY8HBBcKQC |year=2005 |publisher=Taylor & Francis |author=Lilian Charlotte Anne Knowles}}</ref> De Beers Consolidated Mines was formed in 1888 by the merger of the companies of [[Barney Barnato]] and Cecil Rhodes. By this time, the company was the sole owner of all diamond mining operations in South Africa.<ref name="Kretchmer"/><ref>{{cite book |author=Martin Meredith |title=Diamonds Gold and War |url=https://books.google.com/books?id=4t6XGAAACAAJ |location=New York |publisher=Simon & Schuster, Limited |year=2007 |isbn=978-0-7432-8614-5}}</ref><ref>{{cite book |url=https://books.google.com/books?id=IdrVz9e9CzYC |title=The Autobiography of John Hays Hammond |page=205 |year=1974 |publisher=Ayer Publishing |isbn=0-405-05913-2 |author=John Hays Hammond}}</ref> In 1889, Rhodes negotiated a strategic agreement with the London-based Diamond Syndicate, which agreed to purchase a fixed quantity of diamonds at an agreed price, thereby regulating output and maintaining prices.<ref name="Knowles" /><ref>{{cite book |url=https://books.google.com/books?id=yxRkAAAAIAAJ |title=The Rise and Fall of Diamonds |isbn=0-671-41289-2 |access-date=27 November 2008 |publisher=Simon and Schuster |year=1982 |author=Edward Jay Epstein}}</ref> The agreement soon proved to be very successful – for example, during the trade slump of 1891–1892, supply was curtailed to maintain the price.<ref name="Newbury">{{cite book |url=https://books.google.com/books?id=aarv3Tfb3B0C |title=The Diamond Ring |author=Colin Walter Newbury |isbn=0-19-821775-7 |publisher=Oxford University Press |year=1989 |access-date=27 November 2008}}</ref> Rhodes was concerned about the break-up of the new monopoly, stating to shareholders in 1896 that the company's "only risk is the sudden discovery of new mines, which human nature will work recklessly to the detriment of us all".<ref name="Knowles"/>

The [[Second Boer War]] proved to be a challenging time for the company. [[Siege of Kimberley|Kimberley was besieged]] as soon as war broke out, thereby threatening the company's valuable mines. Rhodes personally moved into the city at the onset of the siege to put political pressure on the British government to divert military resources towards relieving the siege rather than more strategic war objectives.{{citation needed|date=May 2020}} Despite being at odds with the military,<ref name="handbook">{{cite book |title=A Handbook of the Boer War With General Map of South Africa and 18 Sketch Maps and Plans |url=https://www.gutenberg.org/ebooks/15699 |publisher=[[Gale and Polden]] Ltd |location=London and Aldershot |year=1910 |access-date=2 October 2008}}</ref> Rhodes placed the full resources of the company at the disposal of the defenders, manufacturing [[Shell (projectile)|shells]], defences, an [[armoured train]] and a gun named ''[[Long Cecil]]'' in the company workshops.<ref>{{cite book |url=https://archive.org/details/besiegedbyboers00ashegoog |title=Besieged by the Boers; a diary of life and events in Kimberley during the siege (1900) |author=Ashe, E. Oliver |publisher=Doubleday, Page & Co. |location=New York |year=1900}}</ref>

===Oppenheimer control===
In 1898, diamonds were discovered on farms near [[Pretoria]], Transvaal. One led to the discovery of the [[Premier Mine]]. The Premier Mine was registered in 1902 and the [[Cullinan Diamond]], the largest rough diamond ever discovered, was found there in 1905.<ref>{{cite book |last1=Levinson |first1=Olga |title=Diamonds in the desert : the story of August Stauch and his times |date=1983 |publisher=Tafelberg |location=Cape Town |isbn=0624019217 |page=3 |edition=1st}}</ref> (The Premier Mine was renamed the Cullinan Mine in 2003.) Its owner{{who?|date=August 2025}} refused to join the De Beers cartel.<ref name="Factbox: De Beers past and present">{{Cite news |url=https://www.reuters.com/article/us-angloamerican-debeers-fb-idUSTRE7A33O320111104 |title=Factbox: De Beers past and present |date=4 November 2011 |work=Reuters |access-date=2017-07-30}}</ref><ref name="Zoellner">{{cite book |url=https://books.google.com/books?id=n8cDYak68CMC |author=Tom Zoellner |year=2007 |publisher=Macmillan |isbn=978-0-312-33970-8 |access-date=27 November 2008 |title=The Heartless Stone: A Journey Through the World of Diamonds, Deceit, and Desire}}</ref> Instead, the mine started selling to a pair of independent dealers named [[Bernard Oppenheimer|Bernard]] and [[Ernest Oppenheimer]], thereby weakening the De Beers stranglehold.<ref name="EB"/>
[[Francis Oats]], who became Chairman of De Beers in 1908, was dismissive of the threats from the Premier Mine and the finds in [[German South West Africa]].<ref>{{citation |last=Farrell-Robert |first=Janine |title=Glitter & Greed: The Secret World of the Diamond Cartel |url=https://books.google.com/books?id=bHxgFQssc2IC&pg=PT171 |access-date=2016-08-17 |date=2007 |publisher=Red Wheel Weiser |isbn=978-1-60925-880-1 |pages=PT171ff}}</ref>
However, production soon equalled all of the De Beers mines combined. Ernest Oppenheimer was appointed the local agent for the powerful London Syndicate, rising to the position of mayor of Kimberley within 10&nbsp;years. He understood the core principle that underpinned De Beers's success, stating in 1910 that "common sense tells us that the only way to increase the value of diamonds is to make them scarce, that is to reduce production".<ref name="Zoellner"/>

During World War I, the Premier Mine was finally absorbed into De Beers. When Rhodes died in 1902, De Beers controlled 90% of the world's diamond production. Ernest Oppenheimer took over the chairmanship of the company in 1929,<ref>{{cite book |last1=Chilvers |first1=Henry |title=The Story of De Beers |date=1939 |publisher=Cassell |page=310}}</ref> after buying shares and being appointed to the board in 1926.<ref name="EB">{{cite book |url=https://www.britannica.com/EBchecked/topic/153349/De-Beers-SA |title=De Beers S.A. |date=28 November 2023 |publisher=Encyclopædia Britannica}}</ref><ref>{{cite book |last1=Corbett |first1=Ali |title=Diamond Beaches: A History of Oranjemund |date=2002 |publisher=Namdeb Diamond Corporation |isbn=0620282886 |page=14 |edition=Second}}</ref><ref name="The Story of De Beers"/> Oppenheimer was very concerned about the discovery of diamonds in 1908 in German [[South West Africa]], fearing that the increased supply would swamp the market and force prices down.<ref name="Janine P. Roberts 2003"/><ref name="Theodor Emanuel Gregory 1977"/> Former CIA chief Admiral [[Stansfield Turner]] claimed that De Beers restricted US access to industrial diamonds needed for the country's war effort during World War II.<ref name="Roberts">{{cite book |url=https://books.google.com/books?id=raO8jHBdDhYC |author=Janine P. Roberts |title=Glitter & Greed: The Secret World of the Diamond Empire |pages=115–21 |isbn=0-9713942-9-6 |publisher=The Disinformation Company |year=2003}}</ref>

During the early 1930s, the company conducted experimental work which in large part pioneered the use of [[Exploration diamond drilling|diamond drills]]. This was highly preferable to more expensive and rarer carbons previously in use.<ref name=":0">{{Cite journal |last=Oppenheimer |first=Ernest |date=1947 |title=The Discovery of Gold in the Orange Free State and Its Economic Effects |url=https://www.jstor.org/stable/718071 |journal=African Affairs |volume=46 |issue=185 |pages=220–223 |doi=10.1093/oxfordjournals.afraf.a093590 |jstor=718071 |issn=0001-9909}}</ref> The [[Free State Gold Rush]] was made possible in part due to this innovation, as the fields required deep drilling to reach [[Gold reef|gold-bearing reefs]].<ref name=":0" />

In May 1955, Ernest Oppenheimer opened a new headquarters which combined the operations of Anglo American and the De Beers group.<ref>{{cite book |last=Kanfer |first=Stefan |title=The Last Empire: De Beers, Diamonds, and the World |year=1993 |publisher=Farrar, Straus and Giroux |page=[https://archive.org/details/lastempiresoutha00kanf/page/265 265] |isbn=978-0-374-15207-9 |url=https://archive.org/details/lastempiresoutha00kanf/page/265}}</ref> After Ernest died in November 1957, operation of Anglo and De Beers was passed on to his son, [[Harry Oppenheimer]].<ref>{{cite book |last=Kanfer |first=Stefan |title=The Last Empire: De Beers, Diamonds, and the World |year=1993 |publisher=Farrar, Straus and Giroux |page=[https://archive.org/details/lastempiresoutha00kanf/page/267 267–68] |isbn=978-0-374-15207-9 |url=https://archive.org/details/lastempiresoutha00kanf/page/267}}</ref> Under Harry, the company expanded to several different countries, including Canada, [[Australia]], [[Malaysia]], [[Portugal]], [[Zambia]], and [[Tanzania]].<ref>{{cite book |last=Kanfer |first=Stefan |title=The Last Empire: De Beers, Diamonds, and the World |year=1993 |publisher=Farrar, Straus and Giroux |page=[https://archive.org/details/lastempiresoutha00kanf/page/291 291–92] |isbn=978-0-374-15207-9 |url=https://archive.org/details/lastempiresoutha00kanf/page/291}}</ref> In South Africa, Harry opposed [[apartheid]], arguing that it hindered economic growth.<ref>{{cite book |last=Kanfer |first=Stefan |title=The Last Empire: De Beers, Diamonds, and the World |year=1993 |publisher=Farrar, Straus and Giroux |page=[https://archive.org/details/lastempiresoutha00kanf/page/284 284] |isbn=978-0-374-15207-9 |url=https://archive.org/details/lastempiresoutha00kanf/page/284}}</ref> Despite this, De Beers has been criticized for profiting from the system during the apartheid period.<ref name="Factbox: De Beers past and present"/> By 1973, Anglo and De Beers accounted for 10 percent of South Africa's gross national product and 30 percent of the country's exports.<ref>{{cite book |last=Kanfer |first=Stefan |title=The Last Empire: De Beers, Diamonds, and the World |year=1993 |publisher=Farrar, Straus and Giroux |page=[https://archive.org/details/lastempiresoutha00kanf/page/316 316] |isbn=978-0-374-15207-9 |url=https://archive.org/details/lastempiresoutha00kanf/page/316}}</ref>

Throughout the 1960s and 1970s, De Beers attempted to secretly enter the United States' diamond market, being forced to divest its American assets in 1975 to avoid the risk of violating anti-trust laws.<ref>{{cite book |last=Kanfer |first=Stefan |title=The Last Empire: De Beers, Diamonds, and the World |year=1993 |publisher=Farrar, Straus and Giroux |page=[https://archive.org/details/lastempiresoutha00kanf/page/318 318] |isbn=978-0-374-15207-9 |url=https://archive.org/details/lastempiresoutha00kanf/page/318}}</ref> Harry Oppenheimer stepped down as the chairman and director of Anglo-American and De Beers in December 1982.<ref>{{cite book |last=Kanfer |first=Stefan |title=The Last Empire: De Beers, Diamonds, and the World |year=1993 |publisher=Farrar, Straus and Giroux |page=[https://archive.org/details/lastempiresoutha00kanf/page/346 346] |isbn=978-0-374-15207-9 |url=https://archive.org/details/lastempiresoutha00kanf/page/346}}</ref>

===21st-century changes {{Anchor |Diamond monopoly }}===
[[File:Vladimir Putin in South Africa 5-6 September 2006-16.jpg|thumb|right|Russian president [[Vladimir Putin]] meeting former De Beers chairman [[Nicky Oppenheimer]] in South Africa in 2006]]

During the 20th century, De Beers used several methods to leverage its dominant position to influence the international diamond market.<ref name="Kretchmer">{{cite web |url=http://pages.stern.nyu.edu/~lcabral/teaching/debeers3.pdf |title=De Beers and Beyond:The History of the International Diamond Cartel |publisher=[[New York University]] |author=Tobias Kretschmer |date=15 October 2003 |access-date=25 November 2008}}</ref><ref name="Lopus"/> First, it attempted to convince independent producers to join its single [[Distribution (business)|channel]] monopoly. When that did not work, it flooded the market with diamonds similar to those of producers who refused to join in, depressing their price and undermining return for the resistant. It also purchased and stockpiled diamonds produced by other manufacturers as well as surplus diamonds in order to control prices by limiting [[Supply and demand|supply]].<ref name="Campbell"/> Finally, it bought diamonds when prices fell considerably naturally, to constrict supply and drive their value back up, such as during the Great Depression.<ref>William Boyes; Michael Melvin (1 January 2012). Microeconomics. Cengage Learning. pp. 219–. {{ISBN|1-133-71216-9}}.</ref>

In 2000, the De Beers business model changed<ref name="Campbell">{{cite book |url=https://books.google.com/books?id=Gz-5QCLlLaEC |title=Economics: Principles, Problems, and Policies |page=456 |author=Campbell R. McConnell, Stanley L. Brue |publisher=McGraw-Hill Professional |year=2005 |access-date=26 November 2008 |isbn=978-0-07-281935-9}}</ref> because of factors such as the decision by producers in Canada and Australia to distribute diamonds outside the De Beers channel,<ref name="Kretchmer"/><ref name="Lopus">{{cite book |url=https://books.google.com/books?id=sI65nv9KAfgC |title=Capstone |author=Jane S. Lopus |publisher=National Council on Economic Education |access-date=25 November 2008 |page=61 |isbn=1-56183-516-1 |year=2003}}</ref> as well as increasingly negative publicity surrounding [[blood diamond]]s, which forced De Beers to protect its image by limiting sales to its own mined products.<ref>{{cite news |url=https://www.economist.com/business/2011/11/12/betting-on-de-beers |title=Betting on De Beers |newspaper=The Economist |date=12 November 2011}}</ref>

The combination of a more fragmented and thus more competitive diamond market, increased transparency, and greater [[Market liquidity|liquidity]],<ref>{{cite news |url=https://www.economist.com/news/europe/21582575-jewellery-thefts-are-much-more-spectacular-another-french-exception |title=A diamond heist in Cannes |newspaper=[[The Economist]] |date=3 August 2013 |access-date=2 April 2014}}</ref> caused De Beers's market share of rough diamonds to fall from as high as 90% in the 1980s to 29.5% in 2019.<ref name="Anglo American">{{cite web |title=De Beers Analyst and Investor Seminar 2014 |url=http://angloamerican.com/~/media/Files/A/Anglo-American-PLC-V2/presentations/2014pres/de-beers-analyst-seminar-presentation.pdf |website=angloamerican.com |publisher=Anglo American |ref=Slide 13}}</ref>{{third-party inline|date=October 2022}}

Seeing these developing trends, the Oppenheimer family announced in November 2011 its intention to sell its entire 40% stake in De Beers to [[Anglo American plc]], thereby increasing Anglo American's ownership of the company to 85% (with the remaining 15% owned by the Government of the Republic of Botswana).<ref name=ownership>{{cite news |url=http://mg.co.za/article/2011-11-04-oppenheimers-leave-the-diamond-race-with-5bn-sale |title=Oppenheimers leave the diamond race with $5bn sale |newspaper=Mail and Guardian |date=4 November 2011 |access-date=5 November 2011 |author=AFP}}</ref>
The transaction was worth £3.2 billion (US$5.1 billion) in cash and ended the Oppenheimer dynasty's 80-year ownership of De Beers.<ref name=Guardian>{{cite news |url=https://www.theguardian.com/business/2011/nov/04/anglo-american-debeers-diamonds |title=Anglo American gains controlling stake in De Beers |newspaper=The Guardian |date=4 November 2011}}</ref><ref>{{cite news |url=http://mobile.bloomberg.com/news/2011-11-04/anglo-american-agrees-to-buy-de-beers-oppenheimer-stake-for-5-1-billion?category=%2Fnews%2Fmostread |title=Anglo American Ends Oppenheimers' De Beers Dynasty With $5.1 Billion Deal |date=4 November 2011 |work=Bloomberg}}</ref>

In 2020, the De Beers Company released a statement of a values change, promising the world that it is committed to not using slave labor within the company.<ref>{{Cite web |last= |first= |date=21 June 2021 |title=De Beers PLC Modern Slavery Act Statement |url=https://www.debeersgroup.com/~/media/Files/D/De-Beers-Group-V2/documents/uk-modern-slavery-act/uk-modern-slavery-statement-december-2020.pdf |access-date=30 November 2023 |website=DeBeers}}</ref>

In 2025, De Beers reported holding an inventory of unsold mined diamonds valued at approximately US$2 billion. The company attributed this to a decline in demand for natural diamonds, driven in part by the growing popularity of lab-grown diamonds, which have become significantly more affordable. By 2025, lab-grown diamonds were reported to be approximately 90% less expensive than their mined counterparts, compared to a 10% price difference in 2018.<ref name="Walmart" />

===Marketing===
{{see also|Diamonds as an investment}}

De Beers successfully advertised diamonds to manipulate consumer demand. One of the most effective marketing strategies has been the marketing of diamonds as a symbol of love and commitment.<ref name="atlantic" /> Copywriter [[Mary Frances Gerety|Frances Gerety]] (1916–1999) working for [[N. W. Ayer & Son]] coined the famous advertising slogan, 'A Diamond is Forever', in 1947.<ref>{{cite book |url=https://books.google.com/books?id=OYBB_DGQN7kC |pages=65–66 |title=Cinderella Dreams: The Allure of the Lavish Wedding |author=Cele Otnes, Elizabeth Hafkin Pleck |publisher=University of California Press |year=2003 |isbn=0-520-23661-0}}</ref> In 2000, ''[[Advertising Age]]'' magazine named 'A Diamond is Forever' the best advertising slogan of the 20th century.<ref>{{cite web |url=https://learningenglish.voanews.com/a/a-23-2007-03-22-voa1-83131822/126825.html |title='A Diamond Is Forever': How Four Words Changed an Industry |publisher=Voice of America |date=27 August 2014 |access-date=28 August 2014}}</ref> The slogan likely inspired the [[James Bond]] book, film and song title [[Diamonds Are Forever (film)|''Diamonds Are Forever'']].

Other successful campaigns include the '[[eternity ring]]' (meant as a symbol of continuing affection and appreciation),<ref name="atlantic">{{cite news |title=Have you ever tried to sell a Diamond? |author=Edward Jay Epstein |newspaper=The Atlantic Monthly |date=February 1982 |url=https://www.theatlantic.com/past/docs/issues/82feb/8202diamond2.htm |access-date=2 November 2010}}</ref> the 'trilogy ring' (meant to represent the past, present, and future of a relationship) and the 'right hand ring' (meant to be bought and worn by women as a symbol of independence).<ref>{{cite news |title=In a show of power, women raise a glittery right hand |author=[[Jessica Michault]] |newspaper=The New York Times |date=28 February 2005 |url=https://www.nytimes.com/2005/02/27/style/27iht-rhand.html |access-date=2 November 2010}}</ref>

De Beers ran television advertisements featuring silhouettes of people wearing diamonds, set to the music of '[[Palladio (Jenkins)|Palladio]]' by [[Karl Jenkins]]. The campaign, titled "Shadows and Lights" first ran in the first quarter of 1993. The song would later inspire a compilation album, ''[[Diamond Music]]'', released in 1996, which features the 'Palladio' suite. A 2010 commercial for [[Verizon Wireless]] parodied the De Beers spots.<ref>{{cite web |url=http://adweek.blogs.com/adfreak/2010/02/verizon-does-big-red-de-beers-ad-parodies.html |title=AdFreak: Verizon does Big Red, De Beers ad parodies |date=3 February 2010 |publisher=Adweek.blogs.com |access-date=17 July 2010}}</ref>

In May 2018, De Beers introduced a new brand of jewellery called "Lightbox" made with [[synthetic diamonds]]. The synthetic stones start at $200 for a quarter-carat to $800 for a full-carat diamond. The new lab-grown diamonds retail for about one-tenth the cost of naturally occurring diamonds. The new brand began selling in September 2018, and the stones are produced in [[Gresham, Oregon]], a $94 million facility using the region's cheap electricity, which opened in 2018 with a capacity for 500,000 rough carats of diamonds per year.<ref name="bizj_Newd">{{Cite web |title=New details, renderings of $94M diamond plant emerge after groundbreaking in Gresham (Photos) |author=John Bell |work=Portland Business Journal |date=29 June 2018 |access-date=31 July 2020 |url=https://www.bizjournals.com/portland/news/2018/06/29/new-details-renderings-of-94m-diamond-plant-emerge.html}}</ref><ref name="pamp_Synt">{{Cite web |title=Synthetic diamond factory set to move into Gresham this summer |last=Stewart |first=Hailey |work=Pamplin Media |date=13 June 2018 |access-date=31 July 2020 |url=https://pamplinmedia.com/but/239-news/398312-292808-synthetic-diamond-factory-set-to-move-into-gresham-this-summer-}}</ref>
<ref>{{cite news |last=Kottasová |first=Ivana |url=https://money.cnn.com/2018/05/29/news/companies/de-beers-man-made-diamonds/index.html |title=De Beers admits defeat over man-made diamonds |work=[[CNN]] |publisher=[[Time Warner]] |date=2018-05-29 |access-date=2018-05-30}}</ref>

In May 2025, De Beers announced the discontinuation of the Lightbox brand, citing challenges in competing with the increasingly low prices of lab-grown diamonds and shifting market dynamics.<ref name="Walmart">{{cite web | last=Paton | first=Elizabeth | title=Would You Buy Your Diamond Engagement Ring at Walmart? | website=The New York Times | date=2025-05-08 | url=https://www.nytimes.com/2025/05/08/style/synthetic-diamonds-engagement-rings-de-beers-walmart-.html | access-date=2025-05-18}}</ref>

==Operations==
[[File:De Beers Mine shaft.png|thumb|De Beers Mine shaft]]
[[File:Premier Mine shaft.png|thumb|Premier Mine shaft]]
[[File:Snap Lake Diamond Mine.jpg|thumb|right|The De Beers [[Snap Lake Mine]] in Canada]]
Mining in [[Botswana]] takes place through the mining company [[Debswana]],<ref>{{cite web |url=http://www.debeersgroup.com/en/Inside-De-Beers/Family-of-Companies/Debswana/ |title=Debswana |publisher=The De Beers Group |date=12 August 2009 |access-date=17 July 2010 |archive-url=https://web.archive.org/web/20100628113734/http://www.debeersgroup.com/en/Inside-De-Beers/Family-of-Companies/Debswana/ |archive-date=28 June 2010 |url-status=dead}}</ref> a 50–50 joint venture with the Government of the Republic of Botswana. It operates four mines – Jwaneng, Orapa, Letlhakane and Damtshaa, though Damtshaa was put on care and maintenance in 2015.<ref>{{Cite web |url=https://minelistings.com/mine-news/debswana-to-place-damtshaa-mine-on-care-and-maintenance-2/ |title=Debswana to Place Damtshaa Mine on Care and Maintenance |publisher=minelistings.com |language=en |access-date=2017-10-09}}</ref>

In Namibia, mining is carried out through [[Namdeb Holdings]],<ref>{{cite web |url=http://www.debeersgroup.com/en/Inside-De-Beers/Family-of-Companies/Namdeb/ |title=Namdeb |publisher=The De Beers Group |access-date=17 July 2010 |archive-url=https://web.archive.org/web/20100225080248/http://www.debeersgroup.com/en/Inside-De-Beers/Family-of-Companies/Namdeb/ |archive-date=25 February 2010 |url-status=dead}}</ref> a 50–50 joint venture with the Government of the Republic of Namibia. Namdeb Holdings is made up of Debmarine Namibia (covering offshore mining) and Namdeb Diamond Corporation (land-based coastal mining). For offshore mining, motor vessels are used, including the 12,000-tonne, 113-metre-long SS Nujoma, built at a cost of $157 million and named after [[Sam Nujoma]], Namibia's founding president. This vessel, the world's most advanced diamond exploration and sampling vessel, began full operations in June 2017.<ref>{{Cite web |last=DeMarco |first=Anthony |title=De Beers Launches World's Largest And Most Advanced Diamonds Exploration Ship |url=https://www.forbes.com/sites/anthonydemarco/2017/06/16/de-beers-launches-worlds-largest-and-most-advanced-diamonds-exploration-ship/ |access-date=2024-05-02 |website=Forbes |language=en}}</ref> The ''Benguela Gem'' began operation in 2022. At 177 meters it's the world's largest diamond vessel and cost De Beers $486 million to build.<ref name="marinelog">{{Cite web|date=May 17, 2019|access-date=April 23, 2025|title=Damen Mangalia cuts steel for $468 million diamond mining vessel |url=https://www.marinelog.com/news/damen-mangalia-cuts-steel-for-468-million-diamond-mining-vessel/ |work=Marine Log}}</ref><ref name="baird">{{Cite web|date=August 19, 2022|access-date=April 23, 2025|title=VESSEL REVIEW: Benguela Gem – Debmarine Namibia's newest vessel to undertake seabed diamond recovery |url=https://www.bairdmaritime.com/offshore/undersea-mining/vessel-review-benguela-gem-debmarine-namibias-newest-vessel-to-undertake-seabed-diamond-recovery |work=Baird Maritime}}</ref>

De Beers Consolidated Mines is responsible for the De Beers mining in [[South Africa]].<ref>{{cite web |url=http://www.debeersgroup.com/en/Inside-De-Beers/Family-of-Companies/De-Beers-Consolidated-Mines/ |title=De Beers Consolidated Mines |publisher=The De Beers Group |access-date=17 July 2010 |archive-url=https://web.archive.org/web/20100628113834/http://www.debeersgroup.com/en/Inside-De-Beers/Family-of-Companies/De-Beers-Consolidated-Mines/ |archive-date=28 June 2010 |url-status=dead}}</ref> It is 74% owned by De Beers and 26% by a board-based black economic empowerment partner, Ponahalo Investments. There are two mines – Venetia and Voorspoed.

In 2008, De Beers began production at the [[Snap Lake Diamond Mine|Snap Lake mine]] in the [[Northwest Territories]], Canada;<ref>{{cite web |url=http://www.debeerscanada.com/files_2/snap_lake/snap_project-developmen_phase-three.html |title=Mining: Snap Lake Mine |publisher=De Beers Canada |access-date=17 July 2010}}</ref> this was the first De Beers mine outside Africa and was Canada's first completely underground diamond mine.<ref>{{cite web |title=Where we operate |url=http://www.debeersgroup.com/en/explore-de-beers/where-we-operate.html#Canada_Mining |website=debeersgroup.com |publisher=The De Beers Group of Companies |access-date=22 December 2014 |archive-date=21 December 2014 |archive-url=https://web.archive.org/web/20141221045006/http://www.debeersgroup.com/en/explore-de-beers/where-we-operate.html#Canada_Mining |url-status=dead}}</ref> Production was suspended when the mine was put on care and maintenance in 2015.<ref name="MJ_2015">{{cite web |url=http://www.mining-journal.com/commodities/diamonds/time-to-focus-on-diamond-basics |title=Time To Focus on Diamond Basics |work=[[The Mining Journal (trade magazine)|The Mining Journal]] |date=13 December 2015 |author=Zimnisky, Paul |access-date=16 December 2015 |archive-url=https://web.archive.org/web/20151222151133/http://www.mining-journal.com/commodities/diamonds/time-to-focus-on-diamond-basics |archive-date=22 December 2015 |url-status=dead}}</ref> De Beers opened the [[Victor Diamond Mine|Victor mine]] in [[Ontario]], Canada, the same year, a day after Snap Lake.<ref>{{cite web |url=http://www.debeersgroup.com/en/Inside-De-Beers/Family-of-Companies/De-Beers-Canada/ |title=De Beers Canada |publisher=The De Beers Group |access-date=17 July 2010 |archive-url=https://web.archive.org/web/20101222130406/http://www.debeersgroup.com/en/Inside-De-Beers/Family-of-Companies/De-Beers-Canada/ |archive-date=22 December 2010 |url-status=dead}}</ref> This was followed by the opening of the company's third mine in Canada, [[Gahcho Kue Diamond Mine|Gahcho Kue]], in September 2016.<ref>{{Cite news |url=http://www.cbc.ca/news/canada/north/gahcho-kue-diamond-mine-official-opening-1.3769779 |title=N.W.T.'s Gahcho Kué diamond mine marks grand opening today |publisher=CBC News |access-date=2016-11-16}}</ref>

Trading of rough diamonds takes place through two channels – De Beers Global Sightholder Sales<ref>{{cite web |url=https://www.debeerssightholder.com/ |title=Global Sightholder Sales |work=debeerssightholder.com}}</ref> (GSS) and De Beers Auction Sales.<ref>{{cite web |url=http://www.debeersauctionsales.com/ |title=De Beers Auction Sales |work=debeersauctionsales.com}}</ref> GSS sells about 90% of De Beers's rough diamonds, by value, and features wholly owned and joint venture operations in South Africa (De Beers Sightholder Sales South Africa), Botswana (DTCB), and Namibia (NDTC). They sort, value and sell 33% (2013) of the world's rough diamonds by value.<ref name="Anglo American"/>

There are two main types of customers for rough diamonds – Sightholders and Accredited Buyers. Sightholders have a term contract. Accredited Buyer status, introduced in 2015, allows companies that are not traditional Sightholders to access diamonds that were not allocated to existing Sightholders.<ref>{{cite web |last1=Golan |first1=Edahn |title=Sightholders Take Note, De Beers Has a New Group of Clients |url=http://www.idexonline.com/FullArticle?Id=39664 |website=IDEX Online |access-date=14 November 2024 |language=en |date=17 July 2014 |type=industry news}}</ref><ref>{{cite web |last1=Graff |first1=Michelle |title=De Beers expanding rough customer base |url=https://nationaljeweler.com/articles/5057-de-beers-expanding-rough-customer-base |website=National Jeweler |access-date=14 November 2024 |language=en |date=5 August 2014 |type=industry news}}</ref> De Beers also sells about 10% of its rough diamonds through online auction sales. The company pioneered the approach in 2008 when it broke with 44 years of direct sales to hold the diamond industry's first online international auction sale. It is now the world's leader in this kind of auction sale.

De Beers employs more than 30,000 people on five continents, with more than 17,000 employees in Africa. Almost 8,000 people are employed in Botswana, around 6,200 in South Africa, nearly 2,900 in Namibia, some 1,260 in Canada and about 320 in exploration.

In February 2020, De Beers reported its worst set of earnings since the company was bought by miner Anglo American in 2012.<ref>{{Cite web |url=https://www.ft.com/content/1df4d9de-53d2-11ea-8841-482eed0038b1 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/1df4d9de-53d2-11ea-8841-482eed0038b1 |archive-date=10 December 2022 |url-access=subscription |url-status=live |title=De Beers posts lowest earnings under Anglo American control |last=Sanderson |first=Henry |date=2020-02-20 |website=www.ft.com |access-date=2020-03-19}}</ref>

===Business structure and brands===
On 4 November 2011, Anglo American plc and CHL Holdings announced their agreement for Anglo American to acquire an incremental interest in De Beers, increasing Anglo American's 45% shareholding in the world's leading diamond company to 85%. De Beers plc was originally incorporated as De Beers Société Anonyme in 2000 in Luxembourg. Following the closure of this office, the company was reclassified as De Beers plc in 2017, with its head office now in Jersey. It is made up of two shareholdings: [[Anglo American plc]] has an 85% shareholding and the Government of the Republic of Botswana owns 15% directly. De Beers plc is the holding company of The De Beers Group of Companies.<ref name=autogenerated3>{{cite web |url=http://www.debeersgroup.com/en/our-story/corporate-governance.html |title=The De Beers Group of Companies |publisher=De Beers Group |access-date=4 December 2014 |archive-date=3 December 2014 |archive-url=https://web.archive.org/web/20141203040248/http://www.debeersgroup.com/en/our-story/corporate-governance.html |url-status=dead}}</ref> It is involved in many parts of the diamond value chain, from mining to sales, and is made up of a series of joint ventures and wholly owned operations.

The joint ventures are:
* Debmarine Namibia
* Debswana<ref>{{cite web |url=http://www.debswana.com/Pages/Welcome.aspx |title=Debswana &#124; Home |access-date=2015-01-23 |url-status=dead |archive-url=https://web.archive.org/web/20150104070535/http://www.debswana.com/Pages/Welcome.aspx |archive-date=4 January 2015}}</ref>
* DTCB<ref>{{cite web |url=http://www.dtcbotswana.com/ |title=Diamond Trading Company Botswana - DTCB |work=dtcbotswana.com}}</ref>
* Namdeb<ref>{{cite web |url=http://www.namdeb.com/ |title=Namdeb Diamond Corporation - On Diamonds We Build. Diamond Mining Company Namibia |work=namdeb.com}}</ref>
* NDTC

The wholly owned operations are in southern Africa and Canada. Also wholly owned are [[Forevermark]], De Beers Jewellers,<ref>{{Cite web |url=http://www.debeersgroup.com/en/news/company-news/company-news/de-beers-group-takes-full-ownership-of-de-beers-diamond-jeweller.html |title=De Beers Group takes full ownership of De Beers Diamond Jewellers |website=www.debeersgroup.com |access-date=2017-10-12 |archive-date=10 July 2017 |archive-url=https://web.archive.org/web/20170710161429/http://www.debeersgroup.com/en/news/company-news/company-news/de-beers-group-takes-full-ownership-of-de-beers-diamond-jeweller.html |url-status=dead}}</ref> the International Institute of Diamond Valuation, De Beers Ventures, the International Institute of Diamond Grading & Research and Element Six (Umicore has a 40% stake in Element Six's abrasives division).

====Forevermark====
{{main|Forevermark}}
[[Forevermark]] was launched in 2008 as one of the two diamond brands from The De Beers Group of Companies. According to the company website, "Each Forevermark diamond is inscribed with a promise: that it is beautiful, rare and responsibly sourced." Forevermark diamonds are inscribed with an icon and unique identification number, albeit invisibly to the naked eye: the Forevermark inscription is {{frac|1|20}}th of a [[micron]] deep. This inscription helps distinguish Forevermark diamonds from other natural diamonds though, similarly to when distinguishing natural diamonds from [[synthetic diamond]]s, it requires specialist detection equipment to view. The inscription also helps maintain scarcity: the Forevermark website boasts that only a tiny percentage of diamonds qualify for the Forevermark brand.<ref name="debeersbrands">{{cite web |url=http://www.debeersgroup.com/en/explore-de-beers/our-brands.html |title=Our Brands |publisher=De Beers Group |access-date=16 January 2015 |archive-date=6 February 2015 |archive-url=https://web.archive.org/web/20150206055833/http://www.debeersgroup.com/en/explore-de-beers/our-brands.html |url-status=dead}}</ref>

====De Beers London====
De Beers Diamond Jewellers (DBDJ) was established in 2001 as a 50:50 joint venture between The De Beers Group of Companies and [[LVMH]], the French luxury goods company.<ref name="debeersbrands" /> The first De Beers boutique opened in 2002 on London's Old Bond Street as the brand's flagship store. Since then, stores have opened in various cities around the world. In March 2017, The De Beers Group of Companies acquired LVMH's 50% shareholding in DBDJ and new name De Beers Jewellers was unveiled.<ref>{{Cite web |url=http://www.debeersgroup.com/en/news/company-news/company-news/de-beers-group-takes-full-ownership-of-de-beers-diamond-jeweller.html |title=De Beers Group takes full ownership of De Beers Diamond Jewellers |publisher=De Beers Group |access-date=2017-07-12 |archive-date=10 July 2017 |archive-url=https://web.archive.org/web/20170710161429/http://www.debeersgroup.com/en/news/company-news/company-news/de-beers-group-takes-full-ownership-of-de-beers-diamond-jeweller.html |url-status=dead}}</ref>

In 2025, De Beers Jewellers was rebranded as De Beers London.<ref>{{Cite web |url=http://www.idexonline.com/FullArticle?id=50230 | title=Jeweler Rebrands as de Beers London }}</ref>

'''Institute of Diamonds'''

The International Institute of Diamond Grading & Research (IIDGR) was set up by De Beers in 2008, with the aim of providing a range of services and equipment in the field of diamond verification. It is based in London, Antwerp and, from 2015, in [[Surat]], [[India]]. The IIDGR works only on diamonds that meet the requirements of the United Nations' World Diamond Council [[Kimberley Process]].{{Citation needed|date=February 2021}}

====ORIGIN - De Beers Group====
Origin - De Beers Group is the group's branded polished diamond offering available at participating non-De Beers branded retailers.<ref>{{Cite web |url=https://www.debeersgroup.com/news-insights/latest-group-news/2025/de-beers-launches-ombre-desert-diamonds-jewellery-beacon-and-origin-de-beers-group-polished-diamonds| title=De Beers launches 'Ombré Desert Diamonds' jewellery beacon and 'ORIGIN – De Beers Group' polished diamonds}}</ref>

===Blood diamonds and the Kimberley Process===
{{Main|Blood diamond|Kimberley Process Certification Scheme}}
In 1999, a campaign by [[Global Witness]] to highlight the role of diamonds in international conflicts led to a review by the United Nations. The initial focus of the UN's investigation was on [[Jonas Savimbi]]'s [[UNITA]] movement in Angola, which was found to have bartered uncut diamonds for weaponry despite international economic and diplomatic sanctions being in effect through [[United Nations Security Council Resolution 1173]].<ref name="Fleshman">{{cite web |url=https://www.un.org/ecosocdev/geninfo/afrec/subjindx/144diam.htm |title=Targeting 'conflict diamonds' in Africa: Security Council seeks to enforce sanctions against rebels, arms suppliers |publisher=UN |author=Michael Fleshman |date=January 2001}}</ref><ref>{{cite web |url=http://www.globalpolicy.org/component/content/article/202/41606.html |title=Final Report of the UN Panel of Experts ("The "Fowler Report") |publisher=Global Policy Forum |date=10 March 2000 |access-date=20 March 2010}}</ref>

In 1999, De Beers Group stopped all outside buying of diamonds in order to guarantee the [[blood diamond|conflict-free]] status of their diamonds effective from 26 March 2000.<ref>{{cite news |url=http://www.globalpolicy.org/component/content/article/221/47059.html |title=De Beers: Come Clean to Be Clean |work=[[Mail and Guardian]] via Global Policy Forum |date=24 March 2000 |access-date=21 March 2010}}</ref><ref name="conflictposition">De Beers Group ''[http://www.debeersgroup.com/debeersweb/Investing+in+the+Future/Ethics/Conflict+and+instability.htm De Beers Report to Stakeholders 2005/6 – Ethics, "Conflict and Instability"] {{Webarchive|url=https://web.archive.org/web/20071023191248/http://www.debeersgroup.com/debeersweb/Investing+in+the+Future/Ethics/Conflict+and+instability.htm |date=23 October 2007 }}'' De Beers Group. Retrieved 11 February 2007.</ref><ref>{{cite web |url=http://www.debeersgroup.com/en/Global/FAQs/#Section755 |title=FAQs |publisher=The De Beers Group |access-date=17 July 2010 |archive-url=https://web.archive.org/web/20100702022520/http://www.debeersgroup.com/en/Global/FAQs/#Section755 |archive-date=2 July 2010 |url-status=dead}}</ref>

In December 2000, following the recommendations of the [[Fowler Report]], the UN adopted the landmark General Assembly Resolution A/RES/55/56<ref>{{cite web |url=http://www.kimberleyprocess.com/download/getfile/4 |title=Kimberley Process Certification Scheme |date=18 May 2004 |access-date=25 November 2008 |publisher=UN |archive-url=https://web.archive.org/web/20081206051610/http://www.kimberleyprocess.com/download/getfile/4 |archive-date=6 December 2008 |url-status=dead}}</ref> supporting the creation of an international [[certification]] scheme for rough diamonds. By November 2002, negotiations between governments, the international diamond industry, led by De Beers, and civil society organisations resulted in the creation of the [[Kimberley Process Certification Scheme]] (KPCS), which sets out the requirements for controlling rough diamond production and trade and became effective in 2003.{{Citation needed|date=February 2021}}

De Beers states that 100% of the diamonds it now sells are conflict-free and that all De Beers diamonds are purchased in compliance with national law, the Kimberley Process Certification Scheme<ref>{{cite web |url=http://www.kimberleyprocess.com |title=The Kimberley Process (KP) |work=kimberleyprocess.com}}</ref> and its own Diamond Best Practice Principles.<ref name="autogenerated1">[http://www.debeersgroup.com/en/Sales-and-distribution/Best-Practice-Principles/ Best Practice Principles – The De Beers Group] {{webarchive |url=https://web.archive.org/web/20091225085651/http://www.debeersgroup.com/en/Sales-and-distribution/Best-Practice-Principles/ |date=25 December 2009 }}</ref> The Kimberley process has helped restore the reputation of the industry, as well as eliminating sources of excess supply.<ref name=botswana>{{cite news |url=https://www.nytimes.com/2008/08/09/business/worldbusiness/09nocera.html?ref=business |title=Diamonds are Forever in Botswana |access-date=15 March 2010 |date=8 August 2008 |author=Joe Nocera |work=The New York Times |author-link=Joe Nocera}}</ref>

In 2018, De Beers used blockchain technology to successfully track 100 high-value diamonds.<ref name=reuters>{{cite news |url=https://www.reuters.com/article/us-anglo-debeers-blockchain/de-beers-tracks-diamonds-through-supply-chain-using-blockchain-idUSKBN1IB1CY |title=De Beers tracks diamonds through supply chain using blockchain |website=Reuters |date=10 May 2018 |access-date=26 September 2018}}</ref> The diamonds were tracked through the manufacturing process from the mine to the retailer in order to ensure their quality and conflict-free status.<ref>{{cite news |last1=Biesheuvel |first1=Thomas |title=De Beers Tracks First Gems From Mine to Shop Using Blockchain |url=https://www.bloomberg.com/news/articles/2018-05-10/de-beers-tracks-first-gems-from-mine-to-shop-using-blockchain |newspaper=Bloomberg |date=10 May 2018}}</ref>

In 2019, they launched their own end-to-end traceability platform called Tracr to enable all diamonds to be identified and traced as they move from the mine to the store. [[Signet Jewelers|Signet]] and the Russian-based [[Alrosa]] are using the technology.<ref>{{Cite web |author=Laura McCreddie-Doak |title=Can lab-grown diamonds replace the real thing? |url=https://www.cnn.com/style/article/lab-grown-diamonds-ethical-luxury-sept/index.html |access-date=2020-10-04 |website=CNN |date=28 September 2020 |language=en}}</ref>

== Corporate affairs ==
[[File:17 Charterhouse Street 2.jpg|thumb|Headquarters at 17 [[Charterhouse Street]], London]]
In August 2017, De Beers partnered with the [[Stanford Graduate School of Business]] to accelerate business ventures to market in Botswana, Namibia, and South Africa.<ref>{{cite web |last1=Jackson |first1=Tom |title=Stanford, De Beers launch $3m African entrepreneurs initiative |url=https://disrupt-africa.com/2017/08/stanford-de-beers-launch-3m-african-entrepreneurs-initiative/ |website=Disrupt Africa |date=21 August 2017}}</ref> As part of two programs, the partnership is set to help teach early entrepreneurs how to commercialize their business ideas.<ref>{{cite web |url=https://techmoran.com/stanford-seed-entrepreneurship-program-expanded-into-southern-africa-in-a-3m-deal-with-de-beers-group |title=Stanford Seed partners with De Beers Group in a $3m deal to expand its programs into Southern Africa |date=17 August 2017 |access-date=6 November 2018 |archive-date=7 November 2018 |archive-url=https://web.archive.org/web/20181107104012/https://techmoran.com/stanford-seed-entrepreneurship-program-expanded-into-southern-africa-in-a-3m-deal-with-de-beers-group/ |url-status=dead}}</ref> The partnership is a three-year, $3 million deal.<ref>{{cite web |url=http://www.mining.com/web/de-beers-partners-stanford-graduate-school-business-empower-youth-entrepreneurs-southern-africa/ |title=De Beers partners with Stanford Graduate School of Business to empower youth and entrepreneurs in southern Africa |access-date=6 November 2018}}</ref>

In September 2017, De Beers partnered with [[UN Women]] to help the advancement of women within the company and the countries it operates in.<ref>{{cite web |title=De Beers partners with UN to empower women in its diamond producing countries |url=http://www.mining.com/web/de-beers-partners-un-empower-women-diamond-producing-countries/ |website=www.mining.com}}</ref> In 2018, the two entities launched a program to support 500 women micro-entrepreneurs in [[Blouberg Local Municipality|Blouberg]] and [[Musina]] communities, near De Beers's [[Venetia diamond mine]].<ref>{{cite web |url=http://www.engineeringnews.co.za/article/de-beers-un-women-launch-capacity-building-programme-to-support-women-micro-entrepreneurs-in-south-africa-2018-08-28 |title=De Beers, UN Women to support women micro-entrepreneurs in South Africa |access-date=6 November 2018}}</ref>

In May 2018, De Beers's group company [[Element Six]] launched a lab-grown diamond brand to sell jewellery directly to consumers.<ref>{{cite web |last1=McCoy |first1=Kevin |title=De Beers Group plans sales of laboratory-grown diamonds to US consumers |url=https://www.cnbc.com/2018/05/30/de-beers-group-plans-sales-laboratory-grown-diamonds-to-us-consumers.html |website=CNBC |language=en |date=30 May 2018}}</ref>

== Former operations ==
'''International Institute of Diamond Valuation'''

The International Institute of Diamond Valuation (IIDV) was launched by De Beers Group in March 2016. Operating in partnership with diamond jewellery retailers, it provided a reselling service for all diamonds, regardless of value.<ref>{{Cite news |url=https://nypost.com/2016/03/15/send-your-unloved-stones-to-de-beers-new-diamond-market/ |title=Send your unloved stones to De Beers' used diamond market |date=2016-03-16 |work=New York Post |access-date=2017-10-02 |language=en-US}}</ref><ref>{{Cite news |url=http://www.miningmx.com/news/diamonds/27068-what-de-beers-thinks-of-selling-grannys-diamonds/ |title=What De Beers thinks of selling granny's diamonds |last=McKay |first=David |date=2016-04-15 |work=Miningmx |access-date=2017-10-02 |language=en-US}}</ref><ref>{{Cite web |url=http://www.idexonline.com/FullArticle?Id=42159 |title=De Beers Launches Limited Third Party Rough Diamond Selling Service |website=www.idexonline.com |access-date=2017-10-02}}</ref> In April 2019, De Beers closed its IIDV division.<ref>{{cite web |last=Mierovich |first=Leah |title=De Beers Closes Diamond-Reselling Unit |date=4 April 2019 |url=https://rapaport.com/news/de-beers-closes-diamond-reselling-unit/ |website=rapaport.com |publisher=Rapaport |access-date=15 October 2023}}</ref>

'''De Beers Ventures'''

De Beers Ventures was established by De Beers Group in June 2017 to consider minority stake investments in start-ups and growth companies that could be of benefit to De Beers Group or the broader diamond sector.<ref>{{Cite web |url=http://www.jckonline.com/editorial-article/de-beers-will-invest-in-start-ups/ |title=De Beers Will Invest in Start-Ups |website=www.jckonline.com |date=22 June 2017 |language=en-US |access-date=2017-10-02}}</ref><ref>{{Cite web |url=http://www.diamonds.net/News/NewsItem.aspx?ArticleID=59019&ArticleTitle=De+Beers+to+Invest+in+Diamond+Start-Ups |title=Diamonds.net – De Beers to Invest in Diamond Start-Ups |date=22 June 2017 |access-date=2017-10-02}}</ref> It has since been dispanded.

==Legal issues==

===Sherman Antitrust Act===
During World War II, Ernest Oppenheimer attempted to negotiate a way around the [[Sherman Antitrust Act]] by proposing that De Beers register a US branch of the [[Diamond Syndicate Incorporated]]. In this way, his company could provide the US with the industrial diamonds it desperately sought for the war effort in return for immunity from prosecution after the war; however his proposal was rejected by the US Justice Department when it was discovered that De Beers had no intention of stockpiling any industrial diamonds in the US.<ref name="Roberts"/> In 1945, the Justice Department finally filed an antitrust case against De Beers, but the case was dismissed as the company had no presence on US soil.<ref name="Epstein">{{cite book |url=http://www.edwardjayepstein.com/diamond/prologue.htm |title=The Rise and Fall of Diamonds (The Diamond Invention) |publisher=Simon & Schuster |year=1982 |chapter=18 |author=Edward J Epstein}}</ref>

===Relocation of Indigenous San people in Botswana===
As of 2024, De Beers owns and operates, solely or jointly, five diamond mines in Botswana.<ref>{{cite web | url=https://www.debeersgroup.com/about-us/our-operations/our-mines/botswana | title=Botswana }}</ref> A long dispute has existed between the interests of De Beers and the [[San people|San]] (Bushman) tribe. The San have been facing threats of forcible [[Population transfer|relocation]] since 1980s, when the diamond resources were discovered.<ref name=survivalint>{{cite web |url=http://www.survival-international.org/tribes/bushmen |title=Bushmen |publisher=Survival International |access-date=17 July 2010}}</ref> A campaign was fought in an attempt to bring an end to what the indigenous rights organisation, [[Survival International]], considers to be a [[genocide]] of a tribe that has been living in those lands for tens of thousands of years.<ref>{{cite news |url=https://www.telegraph.co.uk/finance/2919089/De-Beers-battles-with-Survival.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/2919089/De-Beers-battles-with-Survival.html |archive-date=12 January 2022 |url-access=subscription |url-status=live |title=De Beers battles with Survival |work=The Telegraph |date=17 July 2005 |access-date=23 July 2009 |location=London}}{{cbignore}}</ref><ref>{{cite news |url=https://news.bbc.co.uk/2/hi/africa/2793779.stm |title=Bushmen 'moved for diamonds' |work=BBC News |date=24 February 2003 |access-date=23 July 2009 |first=Alastair |last=Leithead}}</ref><ref>{{cite web |url=http://www.mg.co.za/article/2005-07-08-botswana-diamonds-lose-their-sparkle |title=Botswana diamonds lose their sparkle |work=Mail and Guardian |date=8 July 2005 |access-date=23 July 2009}}</ref> Several international fashion models, including [[Iman (model)|Iman]], [[Lily Cole]] and [[Erin O'Connor]], who were previously involved with advertising for the company's diamonds, supported the campaign.<ref>{{cite news |url=https://www.independent.co.uk/news/world/africa/kalahari-bushmen-win-ancestral-land-case-428366.html |title=Kalahari Bushmen win ancestral land case |work=The Independent |date=14 December 2006 |access-date=23 July 2009 |location=London}}</ref><ref>{{cite web | url=https://www.independent.co.uk/news/world/africa/kalahari-bushmen-win-ancestral-land-case-428366.html | archive-url=https://web.archive.org/web/20080522123638/https://www.independent.co.uk/news/world/africa/kalahari-bushmen-win-ancestral-land-case-428366.html | archive-date=22 May 2008 | title=Kalahari Bushmen win ancestral land case - Africa, World - the Independent | website=[[Independent.co.uk]] }}</ref> De Beers sold one mine in Botswana to [[Gem Diamonds]] in 2007.<ref name=survivalint />

===Industrial diamonds===
In 2004, De Beers pled guilty and paid a US$10&nbsp;million fine to the [[United States Department of Justice]] to settle a 1994 charge that De Beers had colluded with [[General Electric]] to fix the price of [[industrial diamonds]].<ref>{{cite news |url=https://www.nbcnews.com/id/wbna5431319 |title=De Beers pleads guilty in price fixing case |publisher=[[NBC News]] |agency=[[Associated Press]] |date=13 July 2004}}</ref><ref>{{cite news |url=https://www.washingtonpost.com/wp-dyn/articles/A48041-2004Jul13.html |title=DeBeers Pleads to Price-Fixing: Firm Pays $10&nbsp;million, Can Fully Reenter U.S. |newspaper=The Washington Post |author=Margaret Webb Pressler |date=14 July 2004 |access-date=26 November 2008}}</ref> In 2008, De Beers agreed to pay a US$295&nbsp;million class-action settlement after accusations of price fixing.<ref>{{cite news |url=https://mg.co.za/article/2008-01-10-de-beers-to-pay-295m-in-pricefixing-settlement |title=De Beers to pay $295m in price-fixing settlement |newspaper=Mail and Guardian |author=Sherilee Bridge |access-date=4 September 2018}}</ref> The company appealed against the decision but ended up paying the settlement in 2013.<ref>{{cite web |last1=Matarese |first1=John |title=DeBeers Diamond settlement check is in the mail |work=WCPO |date=11 June 2013 |url=https://www.wcpo.com/money/consumer/dont-waste-your-money/debeers-diamond-settlement-check-is-in-the-mail |publisher=[[WCPO]] |location=Cincinnati |archive-url=https://web.archive.org/web/20180904191953/https://www.wcpo.com/money/consumer/dont-waste-your-money/debeers-diamond-settlement-check-is-in-the-mail |archive-date=2018-09-04}}</ref>

===European Commission===
In February 2006, De Beers entered into legally binding commitments with the [[European Commission]] to cease purchasing rough diamonds from Russian mining company [[Alrosa]] as of the end of 2008 in order to ensure competition between the two companies.<ref>[http://www.debeersgroup.com/en/Sales-and-distribution/Alrosa-Purchasing-Commitments/ Alrosa Purchasing Commitments – The De Beers Group] {{webarchive |url=https://web.archive.org/web/20090621004947/http://www.debeersgroup.com/en/Sales-and-distribution/Alrosa-Purchasing-Commitments/ |date=21 June 2009 }}</ref>

===South Africa's rough diamond trade===
In 2014, the [[Leverhulme Centre]] for the Study of Value, based at the [[University of Manchester]], published a report authored by [[Sarah Bracking]] and [[Khadija Sharife]], identifying over US$3.3 billion in price fixing within the South African rough diamond trade from 2004 to 2012, leading to an estimated deficit in tax paid of ZAR 1 billion per year. The report found significant evidence of profit shifting through volume and value manipulation.<ref>Sarah Bracking and Khadija Sharife http://thestudyofvalue.org/wp-content/uploads/2014/05/WP4-Bracking-Sharife-Rough-and-polished-15May.pdf A further version of this was later published as Khadija Sharife & Sarah Bracking (2016) Diamond pricing and valuation in South Africa's extractive political economy, ''Review of African Political Economy'', 43:150, 556-575, DOI: 10.1080/03056244.2016.1177504. The original report is also available at lcsv-wp4-bracking-sharife-revised-16062014.pdf (manchester.ac.uk) (30th January 2022)</ref> Sharife simultaneously published an article<ref>Khadija Sharife, 100 Reporters http://100r.org/2014/05/rough-and-polished/</ref> disclosing the political system that cultivated revenue leakage, including the donation of De Beers staff to the State Diamond Trader (SDT). The report, like the article, utilised aggregated data produced by the Kimberley Process (KP) certificates of import-exports, relying on figures listed by the diamond companies themselves, in which De Beers was the dominant player. The South African Department of Mineral Resources (DMR) disclosed that De Beers did not authorise them to publish figures involving values, sales, pricing and other data, preventing transparency of the industry.{{Citation needed|date=February 2021}}

==See also==
* [[Blood diamond]]
* [[Canadian diamonds]]
* [[De Beers Diamond Oval]]
* [[Julian Ogilvie Thompson]]
* [[List of diamonds]]
* [[List of synthetic diamond manufacturers]]
* [[Peace in Africa (ship)|''Peace in Africa'' (ship)]], diamond mining dredge
* [[Synthetic diamond]]
* [[The Case of the Disappearing Diamonds]] (TV documentary)

==Notes==
{{Reflist|30em}}

==References==
* {{Cite news |last=Epstein |first=Edward Jay |date=February 1982 |title=Have You Ever Tried to Sell a Diamond? |url=https://www.theatlantic.com/past/docs/issues/82feb/8202diamond2.htm |newspaper=The Atlantic Monthly |access-date=2 November 2010}}
* {{Cite book |last=Epstein |first=Edward J. |year=1982 |chapter=Chapter 18: The American Conspiracy |chapter-url=http://www.edwardjayepstein.com/diamond/chap18.htm |title=The Diamond Invention: The Rise and Fall of Diamonds |url=http://www.edwardjayepstein.com/diamond/prologue.htm |location=New York |publisher=Simon & Schuster |isbn=9780671412890 |oclc=959300264}}
* {{Cite book |last1=Rotberg |first1=Robert I. |author2=Miles F. Shore |year=1988 |title=The Founder: Cecil Rhodes and the Pursuit of Power |location=Oxford; New York |publisher=Oxford University Press |isbn=9780195049688 |oclc=17732194}}

==External links==
{{commons category|De Beers}}
* [https://www.debeersgroup.com De Beers Group]
* [https://www.debeers.com De Beers Jewellers]

{{Anglo American plc}}
{{Rothschilds}}
{{Authority control}}

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