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.

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[–] wurzelgummidge@lemmy.ml 21 points 3 days ago (1 children)

"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.

[–] bountygiver@lemmy.ml 8 points 2 days ago* (last edited 2 days ago)

The OG NFT

Not only is it also environmentally destructive, it also comes with a side of slavery.