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Beginning of Paper
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"And while the law [of competition] may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department."
-Andrew Carnegie
Since the 1930s when Sir Ernest Oppenheimer established the Central Selling Organisation, De Beers Consolidated Mines have controlled the selling and marketing of approximately 80% of the worlds rough diamond production (C ....
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Middle of Paper
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.... A monopoly industry is characterised by having no close substitutes. Although there are substitutes for diamonds such as rubies, emeralds and cubic zirconias, many believe that there are no other gems that exhibit the same beauty of the diamond. Perhaps this belief was created out of De Beers advertising campaign, A Diamond is Forever (Capon, 1998, pg 6) which began in 1947. Whatever the reason that consumers want diamonds, and diamonds only, doesnt matter. Consumers demand th ....
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