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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[–] dessalines@lemmy.ml 53 points 1 week ago (4 children)

Can't wait for the upcoming NYT op-eds: "China is killing the diamond mining monopolies: but at what cost???"

[–] ShinkanTrain@lemmy.ml 49 points 1 week ago* (last edited 1 week ago) (1 children)

Just a quick search gave me some fun ones

BONUS

[–] PolandIsAStateOfMind@lemmy.ml 14 points 1 week ago* (last edited 1 week ago)

Last one sounds like way too extreme satire but knowing those ghouls priorities it's probably real.

[–] appropriateghost@lemmy.ml 23 points 1 week ago

can someone pleaseee think of the oligarchy PLEAAAASE.

DEMOCRACY (copyrighted/trademarked) IS AT STAKE!!

[–] sparky@lemmy.federate.cc 17 points 1 week ago

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?

[–] GnuLinuxDude@lemmy.ml 2 points 1 week ago

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.

[–] AlexLost@lemmy.world 39 points 1 week ago

Good. Fake "rare" gemstones are actually the most common of all gems. Take down the cartel!

[–] Etterra@discuss.online 31 points 1 week ago (1 children)

Good, fuck em. Diamonds are shiny carbon rocks with no more intrinsic value, except maybe for industrial use, if they're cheaper than synthetic.

[–] KingGimpicus@sh.itjust.works 11 points 1 week ago (1 children)

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.

[–] KitKatKitCat@piefed.social 8 points 1 week ago* (last edited 1 week ago) (1 children)

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.

[–] Evotech@lemmy.world 4 points 1 week ago* (last edited 1 week ago)

Yeah, they are artisinal

[–] ShinkanTrain@lemmy.ml 24 points 1 week ago

[–] wurzelgummidge@lemmy.ml 22 points 1 week 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 1 week ago* (last edited 1 week ago)

The OG NFT

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

[–] lostoncalantha@lemmy.world 22 points 1 week ago

Fantastic news. Hope the diamond trade crashes.

[–] wewbull@feddit.uk 17 points 1 week ago

Oh no!

[–] jmankman@lemmy.myserv.one 13 points 1 week ago

I'm sure they'll be fine, after all, "diamonds are forerver", right DeBeers?

[–] TomMasz@lemmy.world 13 points 1 week ago

Bummer, dude.

[–] geolaw@lemmygrad.ml 12 points 1 week ago

Please China make a 4,000 carat diamond and gift it to South Africa

[–] emergencyfood@sh.itjust.works 6 points 1 week ago

DeBoers