10.16.07
De Beers Embraces Africa Cutting Their Own Diamonds
By having Africa cut and polish their own rough diamonds it makes good business sense. The thinking about this is split as many believe that cutting in India and China is cheaper but De Beers argues that by creating more jobs in Africa will stabilize the country and those cities that are involved in the diamond industry and will ultimately have a positive affect on the African economy.
Rough Diamonds
De Beers currently controls about 40% of the diamond market and takes proactive steps to make sure conflict free diamonds or blood diamonds do not make it into their supply of diamonds. De Beers has requested places like New York where the Gemstone industry is the strongest to help in training the African countries in learning how to polish and cut diamonds. De Beers request to have the New York gemstone industry teach the African communities and businesses about polishing and cutting makes it even clearer just how much New York has control of the wholesale diamond market. In order to buy diamonds at wholesale prices you must be in touch with the diamond suppliers in New York as well as the GIA certification companies in this city.