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1994 Frontline Documentary
http://www.pbs.org/wgbh/pages/frontline/programs/transcripts/1209.html
"This astonishing documentary investigates how an advertising slogan invented by Madison Avenue executives in 1948 has come to define our most intimate and romantic rituals and ideals. The Diamond Empire, which sent shockwaves through the transnational diamond industry when it first appeared, systematically takes apart the myth that "diamonds are forever." It exposes how one white South African family, through a process of monopoly and fantasy, managed to exert control over the global flow of diamonds and change the very way we think about courtship, marriage, and love — an achievement all the more stunning given that diamonds are in fact neither scarce nor imperishable. Zeroing in on how "the diamond empire" managed to convert something valueless into one of the most coveted commodities in history, the film provides a riveting look at how marketing and consumer culture shape not only global trade and economics, but also our very identities. MEF is delighted to be able to make this powerful educational resource available to teachers once again.
A film by producer and senior journalist Janine Roberts, author of Glitter & Greed: The Secret World of the Diamond Cartel."
http://www.pbs.org/wgbh/pages/frontline/programs/transcripts/1209.html
"This astonishing documentary investigates how an advertising slogan invented by Madison Avenue executives in 1948 has come to define our most intimate and romantic rituals and ideals. The Diamond Empire, which sent shockwaves through the transnational diamond industry when it first appeared, systematically takes apart the myth that "diamonds are forever." It exposes how one white South African family, through a process of monopoly and fantasy, managed to exert control over the global flow of diamonds and change the very way we think about courtship, marriage, and love — an achievement all the more stunning given that diamonds are in fact neither scarce nor imperishable. Zeroing in on how "the diamond empire" managed to convert something valueless into one of the most coveted commodities in history, the film provides a riveting look at how marketing and consumer culture shape not only global trade and economics, but also our very identities. MEF is delighted to be able to make this powerful educational resource available to teachers once again.
A film by producer and senior journalist Janine Roberts, author of Glitter & Greed: The Secret World of the Diamond Cartel."
never was a huge fan of diamonds. its not hard to see through this charade of scarcity and slick marketing doesn't work on everyone. Part of the reason why diamonds are prized, however, is because they are actually very very pretty. So far as the scarcity hoax goes, that pretty much works on the more well-to-do. Telling a poor person that a pretty bauble is scarce and therefore outside their price range only may make some of them want it more but for the most part, if something completely out of your reach, you don't waste your time fretting over it and no one is spending the family savings on buying a pretty stone just cuz the evil De Beers family makes them believe it is scarce.
As Farhad said, it's marketing, and not all that sophisticated at that. Illusion of scarcity for a luxery item is the only way to keep it valuable. Otherwise it's just a pretty stone.
Anyone stupid enough to buy a real diamond from that evil company deserves the exorbitant prices they pay.