Kimberley was besieged as soon as war broke out, thereby threatening the company's valuable mines. The Second Boer War proved to be a challenging time for the company. Our only risk is the sudden discovery of new mines, which human nature will work recklessly to the detriment of us all. Rhodes was concerned about the break-up of the new monopoly, stating to shareholders in 1896 that: “ The agreement soon proved to be very successful-for example during the trade slump of 1891–1892, supply was simply curtailed to maintain the price. In 1889, Rhodes negotiated a strategic agreement with the London-based Diamond Syndicate, which agreed to purchase a fixed quantity of diamonds at an agreed price, thereby regulating output and maintaining prices. The name derived from the De Beers brothers, Diederik Arnoldus and Johannes Nicholas de Beers, Boers whose farm had become the site of a particularly lucrative mine, although they'd sold the claim and had no involvement with the company that came to bear their name. De Beers Consolidated Mines was formed in 1888 by the merger of the companies of Barney Barnato and Cecil Rhodes, by which time the company was the sole owner of all diamond mining operations in the country. He soon secured funding from the Rothschild family, who would finance his business expansion. He invested the profits of this operation into buying up claims of small mining operators, with his operations soon expanding into a separate mining company. Lord Nathan Mayer Rothschild, of the Rothschild family, funded the development of De Beers.Ĭecil Rhodes, the founder of De Beers, got his start by renting water pumps to miners during the diamond rush that started in 1871, when an 83.5 carat diamond was found on Colesburg Kopje (present day Kimberley), South Africa. During this time, he was involved in a number of controversies, including price fixing, antitrust behaviour and an allegation of not releasing industrial diamonds for the US war effort during World War II. Morgan, managed to wrest control of the empire, building and consolidating the company's global monopoly over the diamond industry until his retirement. In 1927, Ernest Oppenheimer, a German Jewish immigrant to Britain who had earlier founded mining giant Anglo American plc with American financier J.P. The company was founded by Cecil Rhodes, who was financed by Alfred Beit and N M Rothschild & Sons. Mining takes place in Botswana, Namibia, South Africa and Canada. De Beers is active in every category of industrial diamond mining: open-pit, underground, large-scale alluvial, coastal and deep sea.
Community development.ĭe Beers is a family of companies that dominate the diamond, diamond mining, diamond trading and industrial diamond manufacturing sectors. Stuart Brown (Group Finance Director and Board Member)ĭiamond marketing and promotion. Exploration, mining and trading of diamonds
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