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Consortinum Auctions 500 Carat Diamond

Updated on August 30, 2011

The True Cost Of A Diamond Auction

It has often been said that diamonds are a girls best friend. When the sparkling stones are set in either platinum or white gold they are truly spectacular. However, the thought of where these diamonds come from and what type of work is due before the finished product is finished. This article will only delve into the auction and the cartel that handle the diamonds. First you have the famous De beers of South Africa and all of the consortium's that purchase a portion of the sites owned and Controlled by the Debeers for many years. The diamond industry is labor intensive and the laborers and guarded, and the living condition are deplorable. Yet, their labor creates a multi-billion dollar industry. In South Africa companies similar to De beers have controlled the resources in such a way as not to allow the natives any opportunity to progress. Some of this control lead to the imprisonment of Nelson Mandela that lasted for twenty seven years. When a person who has the wealth to purchase a diamond ring or watch they usually never consider the misery that produced the gem of beauty. Recently, a diamond auction set a record in price, 35 million dollars for a 507 carat diamond. It was purchased by the Chow Tai Fook, Jewelery Co Ltd of Hong Kong How much social improvement could be made with that type of financing. This is a clear example of mis-distributed wealth.


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    • Brett.Tesol profile image

      Brett Caulton 6 years ago from Thailand

      Yea, I have to agree ... it is often just to be able to say that it is a REAL diamond and how expensive it was. There are many alternatives that are just as beautiful and cheaper ... but aren't so good for showing off your wealth/love. It's a shame that society is asset driven these days ...