What market structure is the diamond industry?
oligopolistic market
Is the diamond industry an oligopoly?
Since the 1980s, the industry has transformed itself from a monopoly, with De Beers being the sole supplier of diamonds, to an oligopoly.
What companies sell conflict diamonds?
Jewelers that offer conflict-free diamonds
- James Allen. James Allen has long been Money Under 30’s recommended source for finding quality diamond engagement rings at an incredible value online.
- Brilliant Earth.
- Etsy.
- Blue Nile.
- Equalli.
- Fair Trade Jewellery Co.
Why do they call it Blood Diamond?
The term is used to highlight the negative consequences of the diamond trade in certain areas, or to label an individual diamond as having come from such an area. Diamonds mined during the 20th-21st century civil wars in Angola, Ivory Coast, Sierra Leone, Liberia, Guinea, and Guinea Bissau have been given the label.
Why are Blood Diamond considered illegally traded?
Conflict or “blood” diamonds are illegally traded to fund conflict in war-torn areas, particularly in central and western Africa, according to the World Diamond council, which represents the commercial diamond trade.
What does it mean when a diamond is conflict free?
Conflict-free refers to diamonds which have not financed civil wars. Ethical diamonds go further, ensuring fair pay, safe working conditions, environmentally sound practices, and no human rights abuses.
How can you tell if a diamond is conflict free?
Each diamond receives a Kimberley Process certificate—verifying that the diamond is conflict-free. With the widespread adoption of The Kimberley Process, the number of conflict diamonds and associated crimes have dropped considerably worldwide.
Are lab grown diamonds conflict free?
Lab grown diamonds, also known as man made, lab created, or cultured diamonds, are 100% real diamonds and they are chemically, physically, and optically identical to earth-mined diamonds. However, unlike earth-mined diamonds, they are guaranteed conflict free.