What transformed De Beers from a failed cotton farm into a global diamond powerhouse?
The journey of De Beers began in 1870 when Cecil Rhodes moved to South Africa to work on his brother's cotton farm. After the farm failed, Rhodes seized opportunity in the diamond fields of Kimberley, strategically acquiring mining claims and establishing De Beers Consolidated Mines by 1888. Under his leadership, De Beers secured a 90% monopoly over global diamond production.
After Rhodes' death in 1902, the Oppenheimer family continued this dominance, introducing the Diamond Syndicate to regulate supply and stabilize prices. Their marketing genius shone in 1947 with the legendary "A Diamond is Forever" campaign, which transformed diamond engagement rings into a cultural tradition.
Though facing modern challenges from new diamond sources, De Beers' remarkable history shows how strategic vision and marketing brilliance built an empire that continues to shape the diamond industry today.