Diamonds Industry of South Africa - Essay Example

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Diamonds Industry of South Africa

It discusses the cartel's behavior during the apartheid era, specifically its observance of human rights and corporate responsibility under a fascist and racist regime.
Chapter V discusses the agreement reached between the ANC government and the De Beers cartel on the status of diamond mines and mining industry in South Africa, and how the cartel can help in the country's development program. It also contains recommendations on how the agreement can help in promoting black economic empowerment, and economic and political democratisation throughout South Africa.
De Beers is a monopoly and the cartel of the diamond world. Monopoly is a term that translates literally into "single seller,"1 which means a corporation that dominates the production and distribution of a particular service or product (such as diamonds). There are various forms of monopolies and a cartel is just one of them. A cartel (such as De Beers) is a formal or informal group of corporations that have agreed to avoid and minimise non-productive or destructive competition among them in order to dominate the market and maximise profits.
that maximum strictly, to avoid flooding the market with products which usually results in a decrease of their prices. ...Show more

Summary

The focus of this essay is an analysis of the current agreement and working relationship between De Beers cartel and the ANC government, and their implication on various industry stakeholders, primarily inside South Africa.
Chapter III starts with a discussion on the nature of monopolies and cartels, and traces the emergence of the De Beers conglomerate as an innovative diamond cartel with the discovery of diamond mines in South Africa…
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