By Roman Grynberg, Letsema Mbayi
The worldwide Diamond undefined: Economics and improvement brings jointly a suite of papers protecting a variety of facets of the diamond together with economics, legislation, heritage, sociology and improvement throughout volumes.
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Additional info for The Global Diamond Industry: Economics and Development Volume I
The millions of consumers who bought these symbols of love implicitly agreed to play by the rules that the cartel had set. To be sure, this arrangement did experience the occasional wobble: DeBeers suffered minor losses in 1915 and 1932, for example, and also in 1980 and 1981, when diamond sales dropped and the firm was forced to spend hundreds of millions of dollars to support diamond prices. But these few exceptions prove the general rule: in a world of volatile commodity prices, diamonds were the stone whose value never declined, and the international diamond industry remained consistently and robustly profitable.
The problem of how to exchange experience goods is solved through a pledge mechanism in the form of guarantees, the use of trademarks (brands), or the conducting of advertising campaigns that tell about the quality of products. The seller’s reputation is used as a specific form of pledge. 14 If we try to hypothetically eliminate from market practice the sale of diamonds in lots, it becomes clear that this will give rise to a great many problems. One of them involves incentives to spend resources that are not compensated by any benefit.
Dealers are usually subdivided according to the following criteria: 36 M. Levin and I. 16 The clients at sights conducted by large diamond-mining companies, De Beers in particular, are the top echelon of dealers. The sightholders function in the market as secondary distributors of rough diamonds and/ or as producers of cut diamonds. When selling rough diamonds to other dealers and producers of cut diamonds that do not have access to the sights, they often re-sort the diamonds, thereby adapting to the requests of their buyers.