All entries for Monday 29 January 2007
January 29, 2007
Fearing a backlash like the one that damaged the fur industry, diamond dealers have recently begun to promote “ethical diamonds.” However, there has been widespread criticism of the diamond industry’s attempts to self regulate. DeBeers, which controls 60 _ 70% of the world’s uncut diamonds, has yet to agree to an independent audit requested by Amnesty International. DeBeers recently claimed that after 70 years of running a diamond cartel, it will not continue to stockpile diamonds in order to artificially inflate the price of the stones.