This is part one of a three part series, covering the history of De Beers and the diamond market, “conflict diamonds”, and also their more socially conscious, often cheaper alternatives.

When you think of diamonds, what do you think of? A man presenting his girlfriend an extravagant diamond engagement ring? Maybe a man giving his wife of 25 years a necklace with diamond pendant on it, to symbolize their ever growing love for one another? Perhaps you think of Marilyn Monroe in Gentleman Prefer Blondes. Whatever you think of, diamonds are synonymous with everlasting love, wealth, and are apparently a girl’s best friend.

But do you know the history of diamond jewelry, or the effect they have on the world today?

Before the turn of the 20^th century, there was little to no demand for diamonds. In 1870, large areas of diamonds were discovered in South Africa, and were being hauled out by the ton. Investors in the diamond mines decided to merge their interests into a single entity, and in 1888, De Beers Consolidated Mines, Ltd was formed. De Beers began controlling the world’s supply of diamonds by buying up mines under different names – C.S.O in Europe, The Diamond Trading Company is London, and the Syndicate in Israel, among others.

De Beers now had a firm grasp on diamond supply, but they needed to control the demand too. In order to do this, they launched a huge advertising campaign, like nothing else seen at that point. De Beers needed to romanticize the idea of a diamond, and persuade people that there was, in fact, a direct link between the strength of one’s love for some one, and the size of the diamond gift. They needed to convince people that a diamond IS forever, and that a diamond engagement ring was the standard (which it was not at the time). This remarkable campaign had to reach both men, and woman a like. De Beers began giving the biggest stars at the time diamond jewelry to wear. Stories were being run in magazines and newspapers about the size of the diamond engagement rings celebrities were giving and receiving, with pictures. Full color advertisements of diamond jewelry were featured in the most fashion-forward magazines. By 1941, diamond sales had increased 55% since 1938.

De Beers began scheduling lectures at high schools in which they would speak about engagement rings, something that would be pretty unheard of today. Television was becoming more popular, and De Beers would make sure to take full advantage of this by making sure celebrities were seen wearing diamonds whenever they appeared on screen.

The diamond campaign was more than successful in America. Men looked a diamonds as a testament of their love, and a status symbol – the bigger it was, the more successful and wealthy you were. Women were even more obsessed. The bigger your diamond ring, the more your boyfriend/fiance/husband loved you. The other women at the salon would know without even speaking to you that you certainly had a successful, loving husband at home. Diamond engagement rings were now the standard, and were definitely expected if you wanted your girlfriend to even consider marrying you.

De Beers thought this would be the appropriate time to expand into other markets, which as expected, worked just as well. Japan is a perfect example. In 1967, not even 5% of Japanese woman received a diamond engagement ring. By 1972, it was up to 27%. By 1981, 60% of women received a diamond engagement ring. That’s 14 years.

In addition to convincing the public that diamonds were a sign of love, they managed to convince the the world they were pretty rare. In fact, many more gemstones are rarer than diamonds. On the rarity scale (1 – 10, 1 being scarce, and 10 being abundant), diamonds fall at 4. Emeralds, amber (actually more scarce than a 1), multiple kinds of topaz, rubies, padparadscha, and red beryl all fall at 3 or lower. The reason we’re lead to believe diamonds are rare, extravagant jewels is because until just a few years ago, De Beers was an effective monopoly, completely controlling the price of diamonds. In order to manage this, they would buy up companies and mines, and buy up the supply of the companies that refused to join them, effectively giving them a firm hold on diamond distribution. This allowed them to control market prices. It wasn’t until about 2000 that companies from Canada, Russia, and Australia began distributing diamonds outside of the De Beers channel in quantities large enough to end their monopoly.

So next time you look at a necklace featuring a 1 carat diamond at an absurd price, think about this: Is this something you really, truly want, or do you want it because you’re the victim of an absolutely genius ad campaign? The entire idea of the diamond has been romanticized, and it’s time for men and women alike to realize there’s more to jewelry and “tokens of love” than an overpriced carbon allotrope.

Keep an eye out for part two, which will cover “conflict” or “blood” diamonds and the Kimberely process.

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