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Source link: http://archive.mises.org/15343/how-the-cartels-ensure-diamonds-last-forever/

How the Cartels Ensure Diamonds Last Forever

January 17, 2011 by

Any diamond that enters the market must be certified by the WDC; those that aren’t are considered conflict diamonds, and the individuals involved are prosecuted. Regulatory authority is used to control the global supply and price. FULL ARTICLE by Sreevathsa Karanam

{ 10 comments }

Bogart January 17, 2011 at 9:37 am

Brazil, Canada, China, Russia, Argentina, Chile, the USA, ect, there must be diamonds in these giant countries. I have purchased rubiles, garnets, opals, jades, etc all mined in Brazil, where are the diamonds. I wonder why no one has found any, I bet that the governments are somehow involved…

But that doesn’t still answer the question, where are the laboratory made diamonds? I bet the USG and other governments or worse super-national SEs have a lot to do with the lack of development on these as well. I understand that most of that technology gets applied to silicon for circuits but still they have to go into carbon as well.

Anthony January 17, 2011 at 11:54 am

Synthetic diamonds are definitely on sale… I have seen them advertised for years.

I am not sure about the other countries you mentioned, but Canada and Russia definitely sell diamonds… I also happen to know that Russia at least is sitting on a HUGE stockpile of diamonds that would immediately crash the diamond market if they were to sell them.

Slim934 January 17, 2011 at 12:42 pm

Yeah there are actually quite a few outfits that produce diamonds that are (reportedly) of much greater quality than mined stones.

Whether this is true or not I could not say (I have no knowledge of diamonds).

J. Murray January 18, 2011 at 12:17 pm

For fairly cheap, you can take the ashes of a cremated pet and make a diamond out of it.

Ben January 17, 2011 at 12:00 pm

My wifes ring is a lab-made diamond from Hong-Kong. Cost a little over 350 bucks for the engagement ring, and 250 for the wedding band. There are over 4 carats of diamonds between the two rings. No one can tell the difference, except a jeweler, and because they are flawless, they are even more beautiful than a diamond that came from the ground! We bought the ring from http://www.carat.cc I would definitely buy from them again, and probably will when our 2 year anniversary pops up later this year!

Dan January 17, 2011 at 12:50 pm

The question here should always be What is to be done? And the answer should include who it should be done to.

Joe January 17, 2011 at 3:40 pm

I am always amused at the attempts by the good hearted liberals that make movies to bring the worlds attention to poverty, slavery, etc. etc.. I saw the movie because I like Leonardo DeCaprio. If the movie was factual it is definately a tragety. I also am amused at anything the UN does or doesn’t do. The organization needs to go so all the fat cats can find another avenue for their ill got monies. Did anyone really think that the UN would have found a solution to the “Blood Diamond” situation? As the normal course of business they made it worse. I wish the George Clooney’s and Bono’s and the other high profile people with money would actually follow through on their generousity. Look at Haiti, their supposed to have all this money but nothing is being done to help the Haitian people. These movie stars should start speaking out and let the world know how crooked some of these organizations are. They could start with the UN.

Jim January 17, 2011 at 5:52 pm

A very good book on this subject is The Rise and Fall of Diamonds by Edward Epstein.

Dave M January 17, 2011 at 6:46 pm

There were three diamond mines in Canada but one has shut down, not due to shortage of diamonds recovered but price slump. There are Kimberlite pipes all over Alberta, Saskatchewan and the Territories. Diamond “rarity” is a myth controled by the diamond cartel much like the peak oil myth by the oil cartel.

Antitrust Lawyer January 17, 2011 at 8:50 pm

Fortunately (unfortunately for WDC and DTC), “political correctness” is not a defense to anticompetitive conduct under the antitrust laws.

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