De Beers

In 1888, Cecil John Rhodes, backed by financiers Alfred Beit and N M Rothschild & Sons, founded De Beers in South Africa. The company grew from a single mining operation into a near-monopoly that at its peak controlled 80 to 85 percent of the world's rough diamond distribution. That grip loosened over decades: by 2000, its market share had fallen to 63 percent, and by 2021 it stood at 25 percent, level with Russian rival Alrosa.

Ernest Oppenheimer joined the board in 1926 and expanded the monopoly further, but his tenure also drew fire. Critics accused De Beers of price fixing and trust behavior, including withholding industrial diamonds from the United States during World War II. The Oppenheimer family held a major stake until 2011, when Anglo American paid $5.1 billion for their 40 percent share, raising its ownership to 85 percent. The government of Botswana owns the remaining 15 percent. In May 2024, Anglo American announced plans to spin off or sell De Beers, a move that could reshape the diamond industry.

Today, De Beers operates open-pit, underground, alluvial, and coastal mines in Botswana, Namibia, South Africa, and Canada, and runs Gemfair, an artisanal mining business in Sierra Leone. The company sells rough diamonds through its De Beers Group Auction Sales and markets polished diamonds under the Forevermark brand, which guarantees conflict-free sourcing. Its 1947 slogan "A Diamond Is Forever" helped cement the diamond engagement ring tradition, and its newer "Real is Rare" campaign pushes back against lab-grown stones.[edit]