2 Key Concepts Flashcards
When did diamond sources in South African start appearing?
Abundant South African diamond sources appeared in the late 1800s, just as diamond demand broadened. The Eureka and the Star of South Africa were found in the 1860s in South Africa.
What started the diamond rush?
The diamond rush began with the discovery of the Star of South Africa in 1869.
Early South African diamond fields contained what?
Early South African diamond fields contained hundreds of small, individually owned, and operated claims.
Why did Cecil Rhodes try to control the production of diamonds?
Cecil Rhodes wanted to stabilize diamond prices, so he started by trying to control production.
Cecil Rhodes established what company in 1888? Why?
Cecil Rhodes established De Beers Consolidated Mines Ltd. in 1888 to direct mining operations.
Why did De Beers begin buying rough from other producers?
When it couldn’t own every mine, De Beers began buying rough from other producers to safeguard diamond prices and ensure market stability.
Why did the demand for industrial diamond rough go up during World War II?
Military needs heightened demand for industrial diamond rough during World War II.
How did De Beers control the price of diamonds?
De Beers had full or partial ownership of many mines, and bought rough from others through purchasing contracts.
How is rough sorted?
Rough is sorted into categories based on size, shape, clarity, and color.
What is a “Sight”?
A “Sight” is an invitation-only trading event. The Central Selling Organisation (CSO) was a rough diamond distribution agency.
When did dynamic changes to the global diamond market first occur?
The early twenty-first century brought dynamic changes to the global diamond market.
