Is the diamond industry really corrupt?

Question

I watched a movie called Blood Diamond and it got me wondering if buying a diamond could be supporting slavery.

Answer 1

Yes the diamond trade is corrupt for two main reasons.
The DeBeers corp holds enough of the diamond trade to be considered by the US as violating anti-trust laws. Since the company is based in Belgium there isn't much the US is doing about it aside from awarding other suppliers money if they sue in court.
http://www.jckonline.com/article/CA6415501.html?industryid=20007
http://www.theatlantic.com/doc/198202/diamond

"Conflict Diamonds" are also a problem:
http://www.diamondfacts.org/conflict/index.html
http://www.amnestyusa.org/Our_Issues/Conflict_Diamonds/page.do?id=1011014&n1=3&n2=74
These diamonds fund civil wars in places like Sierra Leone and Angola between internationally recognized governments and other factions.

Answer 2

Two different issues.

Yes, there are diamonds (and other commodities) that are used to finance such atrocities. That's been going on for thousands of years.

Since 1998, by international treaty, diamonds have required certification before being sold on the market. The certification establishes that they were not obtained illegally, or through the use of slaves, or similar illicit means.

As far as the industry itself being corrupt, there are a number of dealers internationally who ignore the certification requirements, or who forge certifications. But that type of criminal activity occurs in any industry.

You also have issues of market strangulation and monopolies by some of the larger diamond brokers worldwide. But that's a whole different topic for another question.

Answer 3

You bet it is. The diamond industry has done a great job creating a false shortage in supply to jack up the price by essentially creating a global trust.

Do you know what the difference between charcoal and diamond is? Elementally they are exactly the same compound, just with a different crystal structure. If you put charcoal under enough heat and pressure, you would get a diamond.

Answer 4

Yes the Industry is very corrupt, and if you think about it, no surprises there in that when it comes to that kind of money for something so small, well you can see where I'm heading

Answer 5

yes, REALLY corrupt.

debeers, the main diamond seller in the world is technically not allowed to directly do business in the usa, because they are an admitted monopoly/cartel.

Answer 6

Of course it is really corrupt.

Throw into the mix that diamonds are not only not rare, but one of the most common "prescious stones" on the planet, and I have never understood why ANYONE falls for that.

Answer 7

Petition for reform eh? No, i think of not. it somewhat is as powerful as asking questions approximately this format in that it's going to accomplish not something. observe of this newborn, no progression is made with the help of genuine looking human beings, in case you prefer to effect replace you may do greater suitable than write letters and chant slogans, you may get Your palms grimy. you may discover revolution somewhat greater distasteful than you think of as quickly as you approach the killing fields.

Answer 8

Yes, according to several networks on the web.

Answer 9

yeah. anyway, why would you want to be a slave to your biotch.

Answer 10

yeah .