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Abstract
A few years ago a leading US business magazine described the diamond cartel, De Beers Consolidated, as “a monopoly no justice department has been able to touch, a money machine without peer in the capitalist world.”
In this paper H M Thompson examines the origins of De Beers and how the company has handled two recent challenges to its monopoly position, one from Zaire, the other from the Argyle Diamond mine in Australia.