DeBeers ( Inflated Worth)
DeBeers was established with the intention of using South African diamond mines. The issue was that, while diamonds were a scarce resource only a few centuries ago, Epstein said that the discovery of incredibly rich mines in South Africa and other African nations was threatening to drive down the costs. Therefore, the founding of DeBeers involved creating a cartel with other producers in a simultaneous effort to control diamond pricing globally.
A cartel is an informal but effective arrangement amongst producers of a resource, good, or service to determine the minimum prices to be charged to the general public for these resources, goods, or services. The typical structure of a cartel also ensures that its cartel leader’s directives are followed by the members.
The Sherman Act was enacted into US law in response to the idea of cartels in general. Cartels are unethical because they overcharge consumers by maintaining prices artificially high. They prey on the general mass of consumers. They also oppose free enterprise because they intimidate their suppliers or co-producers, forcing them to comply with cartel rules under penalty of loss of business or even physical harm.
The DeBeers diamonds are mined in South Africa and sold in London at the Diamond Trading firm, a DeBeers affiliate, at that address. Purchasers from the New York City diamond district, both retail and wholesale buyers, travel there to see what DeBeers has to offer in order to stay in business. A bag of diamonds is given to the diamond distributor by the DeBeers employee in a cramped area. Diamonds cannot be purchased individually by the retailer. Either he takes the entire bag, or he doesn’t.
The retailer also makes a bid for the bag, and the negotiation moves forward based on that. Retailers are extremely wary of dealing with DeBeers because if they reject the bag, make a lowball offer, or otherwise behave like second-class citizens in the diamond trade, DeBeers will either stop offering them new bags of diamonds to buy or will only offer them bags of poor quality diamonds that are difficult to distribute.
Read more: https://www.professionaljeweller.com/bbc-podcast-brands-de-beers-founder-evil/
Colaboration with Nazi?
This tale recounts the involvement of the De Beers diamond cartel in perhaps intentionally assisting the Nazi war effort by supplying them with industrial diamonds despite being aware of the Allied opposition. According to the OSS report the British intelligence mission to provide diamonds, to the Nazis was poorly executed, sparking moral dilemmas regarding De Beers responsibilities.
It is worth noting that while evidence suggests De Beers showed a lack of concern for the repercussions of their actions there is no proof that they actively sought to prolong the war or supported the Nazi regime intentionally. Nonetheless their focus on profit and disregard for suffering resulting from their sales is disconcerting.
The narrative shared by Epstein unveils a chapter in the history of diamonds and the diamond industry. The knowledge that these transactions allowed the Nazis to sustain their war efforts for a ten months leading to hundreds of thousands of casualties renders it a morally reprehensible episode.
The issue of accountability for this period in history remains unresolved. While De Beers may not have been directly responsible, for these deeds their role as enablers cannot be overlooked.
The diamond industry must acknowledge its past. Use it as a driving force, for positive change and openness in their future operations.
The fact that De Beers managed to avoid consequences despite violating laws on a scale raises concerns that warrant further examination. Governments and global organizations must ensure that companies are held responsible for their actions especially when they can greatly impact lives.
In summary this narrative emphasizes the significance of business conduct, corporate accountability and the necessity for transparency in all sectors those, with extensive global reach and influence. It also highlights the value of reflecting on history to shape a brighter tomorrow.
The Founder of DeBeers | Cecile Rhodes
The infamous Cecil Rhodes, a name that stirs both admiration and criticism stands as a figure, in the history of colonialism and imperialism. Starting from origins in England to his rule over extensive African territories Rhodes has left an enduring impact on global affairs. This detailed examination delves into the life deeds and lasting influence of the individual famously referred to as “The Colossus of Rhodes.”
Cecil John Rhodes, born on July 5 1853 in Bishops Stortford, England was destined for greatness since his days. His ambition and shrewdness propelled him from an upbringing to emerge as one of the significant personalities during the Victorian era. However beneath his veneer of success existed a reality – Rhodes ardently supported imperialism and racial dominance while showing a tendency to exploit indigenous populations and accumulate wealth by any means necessary.
Early. Climb to Prominence
Rhodes journey commenced in the landscapes of Hertfordshire where he spent his youth dreaming of adventures and conquests. Despite his performance Rhodes possessed sharp intellect and an unquenchable thirst, for power and affluence. His determination led him to the diamond fields, in South Africa, where he found wealth and set the stage for his dreams of power.
Rhodesia; A Reflection on Colonialism
When talking about Cecil Rhodes one cannot ignore the impact of Rhodesia. The region named after him. His relentless pursuit of land and resources led to the displacement and oppression of Africans leaving a trail of destruction behind. The effects of colonialism still linger in present day Zimbabwe and Zambia where echoes of Rhodes oppressive rule are felt.
Political Power and Imperial Ambitions
Rhodes did not settle for accumulating riches; he aimed to influence nations and reshape Africas map to his liking. Through a mix of strategies and forceful actions he expanded his reach setting the stage for dominance, in Southern Africa. His grand vision of a British Empire drove him to pursue ambitious plans regardless of the human toll.
The Rhodes Scholarship; A Controversial Heritage
Although Rhodes is remembered in history books his lasting legacy could be the Rhodes Scholarship. An academic prize awarded to students worldwide.
However hidden behind the mask of charity is a past marked by exploitation and elitism. Critics claim that the scholarship program perpetuates Rhodes history of inequality and colonial domination sparking calls, for its abolition or restructuring.
Rhodes Beliefs on Race and Empire
At the core of Rhodes beliefs was the idea of supremacy and a divine mandate to govern over “populations. His speeches and writings were filled with language and paternalistic justifications for imperialism portraying an image of a man driven by his own sense of entitlement. Despite this Rhodes racial views have faced criticism with scholars and activists denouncing his legacy of prejudice and subjugation.
Cecil Rhodes and the De Beers Monopoly
Aside from his pursuits Rhodes also held sway over the diamond industry through his ownership of De Beers Consolidated Mines. By monopolizing diamond production and distribution Rhodes amassed wealth and influence while exploiting laborers and harming the environment. The legacy of De Beers continues to loom over the diamond trade underscoring the lasting impact of Rhodes economic imperialism.
Rhodes Influence, on African History
The impact of Rhodes actions is still evident, across Africa, where the effects of colonialism shape social and economic landscapes. The arbitrary borders imposed by powers and the lingering effects of racism and inequality attest to Rhodes enduring influence on history. Yet there is a growing movement among scholars and activists to challenge narratives and shed light on overlooked perspectives.
Reflecting on Public Commemorations
Despite his past Cecil Rhodes is honored in circles through statues and monuments that stand as tributes in Southern Africa and beyond. Nonetheless recent years have witnessed an increasing push to reevaluate Rhodes historical significance and either remove or provide context for his commemorations. The ongoing debate surrounding memory reflects societal divisions concerning issues of identity, legacy and justice.
Controversy Surrounding Rhodes Historical Impact
The question of Cecil Rhodes legacy sparks discussions, among historians, politicians and everyday individuals alike.
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