Diamonds are forever: monopoly and manipulation
Ever heard the phrase "diamonds are forever"? Ever bought or received a diamond ring as a symbol of romance and faithfulness? Then read this story about the power of advertising to entice conspicuous consumption.
H/T Milan.
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4 comments:
Great line: "Again, sentiments were born out of necessity: older American women received a ring of miniature diamonds because of the needs of a South African corporation to accommodate the Soviet Union."
Yes, there are a few great quotes in the article. I didn't realise till I was halfway through that it was written in 1982 and so probably needs some significant updating since (as far as I am aware) there hasn't been a global crash in diamond prices as the article predicted.
Yes, I wonder how De Beers staved it off...
For those without the time to read the article, here's the College Humour summary.
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