The Force of Art in Paris

A diamond is not forever, or at least its hyper-inflated value is not. The recession is destroying the strength of the diamond invention and its creator and protector, the De Beers corporation. Imagine, at last, alternatives to the diamond symbol of engagement, and to all the diamond-encrusted signs of economic success.
Certainly, there is little joy to be taken from the endless stream of economic woes that appear to be multiplying daily in the news. Perhaps a slight smugness is merited from those of us with socialist or humanist leanings that have objected to the rampant growth of nearly unfettered capitalism and globalization. Although I think people are wondering finally whether free market capitalism is best for society, it is still painful to see the world go down, and to see so many losing jobs and homes.



To see a great giant like De Beers quake is something else though. This is a company that has seen only growth for over half a century, thanks to its thuggish control of the market and publicity campaigns that have changed the very notions of romance, courtship, and marriage in many countries. While all companies try to position themselves a leaders in their industry, De Beers has gone much further, controlling the diamond market with their infamous cartel, which has set the prices of diamonds at astronomical levels by rigidly controlling competition and supply. In London, the majority of the world’s diamonds are stored in the care of De Beer’s “Central Selling Organization”. The notion of diamonds as scarce is false, and that the myth has continued until today represents the power of one of the most successful monopolies ever.
Add to this false perception the role that diamonds have taken on in contemporary society - diamonds are the symbols of romance, power, and wealth. De Beers has been responsible for some of the most brilliant and insidious publicity campaigns of the century, and since they are, essentially, the bosses of the diamond industry, the name De Beers is rarely seen in connection with this publicity - it is only the concept of the diamond itself that is promoted.