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Diamonds Aren't Forever: The Story of De Beers
Episode 45
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Today at a Glance:
De Beers created the modern diamond industry through the use of market manipulation, psychological hacks, and clever marketing.
At its height, De Beers had direct or indirect control of the majority of the global diamond supply chain, allowing it to wield its influence to manage prices.
“A Diamond is Forever” was the genius marketing campaign that created the diamond industry as we know it—convincing generations of men and women (1) that diamonds are a show of love—and that the size and quality of the diamond is proportional to the size and quality of the love and (2) that courtship and engagement involve a diamond.
Broad-based pushback against the industry and its roots has led to the rise of alternatives—like lab-grown diamonds—but diamonds remain the standard show of love in most Western cultures.
Diamonds Aren’t Forever
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This felt like a fitting preface to today’s piece. Why? Well, every now and then, a story comes along that grabs my attention and simply won’t let go until I write
Published on 3 years, 11 months ago