Has The De Beer Diamond Lost I

Part I of Essay
"And while the law [of competition] may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department." Since the 1930’s when Sir Ernest Oppenheimer established the Central Selling Organisation, De Beers Co ....

Part II of Essay
.... by barriers which restrict the entry of new organisations (McTaggart et al, 1999). In a perfect monopoly, the seller has total control over the quantity of goods or services available for sale and the price at which the items are sold (Butterworths Business .. Dictionary, 1997). De Beers Consolidated Mines Central Selling Organisation has had a monopoly on the selling of rough diamonds since the 1930’s. A monopoly industry is characterised by having no close substitutes. Although there are substitutes for diamonds such as rubies, emeralds ....