Mine company purchased precious stones for price support
The South African diamond company De Beers is on its role as guardian
of the most sought-after gemstones in the world. 66 years controlled
the company through its monopoly sales organization, with the Central
Selling Organization (CSO) in London, nearly 65 percent of world trade
rough diamonds.
Now the company will function as the "buyer of last resort" to give
up. This, the Group announced in London. "Our strategic realignment is
one of the most important steps of development of the diamond industry
since the 30s," said Nicky Oppenheimer, chairman of De Beers.
Especially in the U.S. the group has repeatedly accused the monopoly
of the CSO. In future De Beers as a "supplier of choice" (supplier of
choice) act. This means that De Beers stopped buying up the excess
supply of rough diamonds on the market and hoarding in order to
stabilize the diamond price.
