Last Updated:

2024-04-18 07:45:14

De Beers

Diamond mining corporation based in South Africa and Britain.

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Diamond mining corporation based in South Africa and Britain.

De Beers, founded in 1888, controlled majority of rough diamond distribution until 21st century. It operates in 35 countries with mining activities in Botswana, Namibia, South Africa, and Canada. The company was founded by Cecil Rhodes and later led by Ernest Oppenheimer, who established its global monopoly. In 2011, Anglo American acquired majority stake in De Beers.

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1869

Diamond rush in South Africa

The diamond rush in South Africa began in 1869 when the 'Star of South Africa', an 83.5 carat diamond, was found at Hopetown near the Orange River. Cecil Rhodes rented water pumps to miners during this period.

1871-07-31

Purchase of Vooruitzicht farm by Alfred Johnson Ebden

Brothers Diederik Arnoldus de Beer and Johannes Nicolaas de Beer sold their South African farm named Vooruitzicht to merchant Alfred Johnson Ebden for £6,600 after discovering diamonds on their land.

1874

Battle for Commercial Dominance in Kimberley Diamond Fields

Cecil Rhodes and Barney Barnato compete by buying claims and shares in nearby mines, leading to a market flood and plummeting diamond prices, ultimately necessitating a merger.

1880

Formation of De Beers Mining Company

In 1880, Cecil Rhodes acquired diamond fields, including those owned by the de Beer brothers, and bought out the claims of his rival Barney Barnato to establish the De Beers Mining Company.

1885

Discovery of De Beers Diamond Mine

The De Beers Diamond Mine was discovered around 1885, leading to the establishment of one of the most prominent diamond mining companies in the world.

1887

De Beers Establishment

In 1887, De Beers was established in southern Africa by citizen-owners with a focus on creating lasting benefits for the local communities. The company has evolved significantly since its inception, to the point where its founder Cecil Rhodes would not recognize it today.

1888

Formation of De Beers

De Beers was established in 1888 and became a major player in the diamond industry.

1889

Rhodes' agreement with the Diamond Syndicate

Cecil Rhodes negotiated a strategic agreement with the London-based Diamond Syndicate in 1889, regulating diamond output and maintaining prices during trade slumps.

1898

Discovery of diamonds near Pretoria

Diamonds were discovered on farms near Pretoria in 1898, leading to the discovery of the Premier Mine where the Cullinan Diamond, the largest rough diamond ever discovered, was found in 1905.

1902

Ernest Oppenheimer Takes Over De Beers

After Cecil Rhodes' death in 1902, Ernest Oppenheimer took control of De Beers and transformed the company into a global empire.

1910

Ernest Oppenheimer emphasizes the importance of scarcity in diamond production

In 1910, Ernest Oppenheimer highlighted the key principle behind De Beers's success, stating that the value of diamonds could only be increased by making them scarce through reducing production.

1917

Founding of Anglo American Corporation

Ernest Oppenheimer established the Anglo American Corporation with the aim of advancing gold mining operations in South Africa.

1925

Ernest Oppenheimer Creates New Diamond Syndicate

In 1925, Ernest Oppenheimer, founder of the Anglo-American Corporation, established a new diamond syndicate, further solidifying his presence in the diamond industry. This strategic move contributed to the evolution of diamond market dynamics.

1926

Sir Ernest Oppenheimer Elected to De Beers Board

In 1926, Sir Ernest Oppenheimer, who was knighted for his wartime efforts, joined the De Beers Board after Anglo American, the company he founded, became a significant shareholder in De Beers.

1927

Oppenheimer becomes chairman of the board of De Beers

By 1927, Oppenheimer became the chairman of the board of De Beers after buying his way onto the board of directors.

1928

Opening of First African Cutting Factory in Kimberley

In 1928, De Beers opened its first African cutting factory in Kimberley, South Africa, marking the introduction of diamond cutting to the region.

1929

Ernest Oppenheimer becomes chairman of De Beers

In 1929, Ernest Oppenheimer assumed the position of chairman of De Beers after acquiring shares and joining the board in 1926.

1932

Great Depression impacts diamond demand

In 1932, the Great Depression causes a decline in diamond demand, leading to the closure of all De Beers mines.

1934

Harry Oppenheimer joins De Beers Board

In 1934, Harry Oppenheimer, the son of Sir Ernest Oppenheimer, becomes a member of the De Beers Board.

1939

De Beers introduces the 4Cs diamond grading system

In 1939, De Beers collaborates with the Gemological Institute of America to create the 4Cs diamond grading system, which includes cut, colour, clarity, and carat weight.

1945

Antitrust case against De Beers

In 1945, the US Justice Department filed an antitrust case against De Beers for attempting to negotiate a way around the Sherman Antitrust Act during World War II. The case was dismissed as De Beers had no presence on US soil.

1947

Introduction of 'A Diamond is Forever' Slogan

The iconic slogan 'A diamond is forever' was coined by the advertising agency N.W. Ayer in 1947 as part of a successful campaign to associate diamonds with enduring love and commitment. This slogan became a timeless symbol in the diamond industry.

1955-05

Ernest Oppenheimer inaugurates new headquarters for Anglo American and De Beers

In May 1955, Ernest Oppenheimer inaugurated the new headquarters that consolidated the operations of Anglo American and the De Beers group.

1957-11

Harry Oppenheimer takes over Anglo and De Beers after Ernest's death

Following Ernest Oppenheimer's passing in November 1957, his son Harry Oppenheimer assumed control of Anglo American and De Beers.

1959

De Beers advertising campaign in Japan

In 1959, De Beers started a successful advertising campaign in Japan to promote diamonds as a symbol of the modern West and break from traditional Japanese norms, leading to a significant increase in diamond sales among Japanese brides.

1960

De Beers Auction Sales Begin

De Beers starts supporting non-Sightholder businesses with rough diamond supplies through De Beers Auction Sales, trading as Diamdel.

1964

Discovery of Kimberlite in Botswana

De Beers prospectors in northern Botswana discover Kimberlite, the ore that contains diamonds.

1967

Establishment of Debswana in partnership with the Government of Botswana

In 1967, the Government of the Republic of Botswana collaborates with De Beers to form Debswana, a 50-50 partnership aimed at developing the Orapa mine in Botswana.

1969

Discovery of Jwaneng Kimberlite Pipe in Botswana

De Beers geologists uncover the Jwaneng kimberlite pipe in the Botswana desert, leading to the establishment of the world's most profitable diamond mine.

1972

Commencement of Production at Jwaneng Mine in Botswana

Production starts at the Jwaneng mine in Botswana, a significant diamond mine for De Beers.

1981

Rise of diamond-wearing among Japanese brides

By 1981, almost 60 percent of Japanese brides wore diamonds, a significant increase from 5 percent in 1967, showcasing the success of De Beers' advertising campaign in Japan.

1982

Discovery of Kimberlite in Northern Ontario by De Beers Exploration

De Beers Exploration finds kimberlite in Northern Ontario, which later develops into the Victor mine.

1988

Publication of 'The Founder: Cecil Rhodes and the Pursuit of Power'

In 1988, Robert I. Rotberg and Miles F. Shore released 'The Founder: Cecil Rhodes and the Pursuit of Power', a book that explores the life and ambitions of Cecil Rhodes. The book provides insights into Rhodes' influence and impact on history.

1993-01

Shadows and Lights Campaign by De Beers

De Beers launched the 'Shadows and Lights' campaign in the first quarter of 1993, featuring television advertisements with silhouettes of people wearing diamonds set to the music of 'Palladio' by Karl Jenkins.

1995

Nicky Oppenheimer becomes Chairman of De Beers

In 1995, Nicky Oppenheimer takes on the role of Chairman at De Beers, a renowned diamond company.

1998

Reports Library

In 1998, De Beers Group established a library of reports.

1999

De Beers Millennium Star diamond unveiled

In 1999, the 203.04 carat De Beers Millennium Star diamond was introduced, marking the beginning of the new millennium with a stunning gem.

2000-12

UN adopts General Assembly Resolution for diamond certification scheme

In December 2000, the UN endorsed the creation of an international certification scheme for rough diamonds following the Fowler Report recommendations.

2001

Formation of De Beers Jewellers

De Beers Jewellers was established in 2001, focusing on celebrating diamonds as natural works of art. The designers at De Beers Jewellers started crafting unique pieces to highlight the beauty of diamonds.

2002

Opening of De Beers flagship store in London

In 2002, De Beers opened its flagship store in London, embodying the sophistication, creativity, and individuality associated with the city.

2003

Establishment of Kimberley Process Certification Scheme

In 2003, the Kimberley Process Certification Scheme was created to prevent the trade of conflict diamonds. This initiative ensured that all diamonds from De Beers were certified as conflict-free.

2004

De Beers price fixing scandal

In 2004, De Beers paid a fine to settle charges of colluding with General Electric to fix the price of industrial diamonds. The company later settled a class-action lawsuit in 2008 for price fixing.

2005

De Beers launches the 'Talisman' collection

In 2005, De Beers introduced the 'Talisman' collection, which was the first fine jewellery line to feature the raw beauty of rough diamonds alongside polished ones. The collection utilized an ancient setting technique called serti poinçon to securely place rough and polished diamonds in gold without the use of claws, creating the illusion of larger diamonds.

2006-12-31

De Beers agreement with European Commission

By the end of 2008, De Beers committed to stop purchasing rough diamonds from Russian mining company Alrosa as part of a legally binding agreement with the European Commission to ensure competition.

2008

De Beers becomes part of Anglo American plc group

In 2008, a year after acquiring the Oppenheimer family's shares, De Beers officially became part of the Anglo American plc group, marking a significant consolidation in the diamond industry.

2009

De Beers launches 'Enchanted Lotus' collection

In 2009, De Beers introduced the 'Enchanted Lotus' collection, which has become one of the brand's iconic collections. The collection features a central motif inspired by the spiritual flower, symbolizing purity, serenity, and eternity.

2011-11-04

Anglo American increases shareholding in De Beers

On November 4, 2011, Anglo American agreed to raise its shareholding in De Beers from 45% to 85%, solidifying its position as the majority shareholder.

2011-11-11

Anglo American acquires De Beers Group's 40 percent share

Anglo American, previously holding a 45 percent stake in the company, purchased the De Beers Group's 40 percent share for $5.1 billion in cash. This acquisition marked a significant shift in ownership within the diamond industry.

2011-12-14

De Beers opens third store in mainland China

Despite ownership changes, De Beers continued its expansion by opening its third store in mainland China on December 14th. This expansion signified the company's commitment to the Chinese market.

2012

Imaginary by De Beers Collection Revealed

In 2012, De Beers unveiled the high jewellery collection 'Imaginary' at Paris's couture fashion week, followed by the introduction of a special engagement service called 'For You Forever' where clients could customize their diamond, ring, design, and setting.

2013

Introduction of 'For You, Forever' engagement ring service by De Beers

The year 2013 saw the launch of 'For You, Forever', a personalized engagement ring service by De Beers where clients could choose their own diamond, ring design, and setting.

2014

Report on price fixing in South African rough diamond trade

In 2014, a report identified over US$3.3 billion in price fixing within the South African rough diamond trade from 2004 to 2012, with De Beers being a dominant player. The report highlighted profit shifting and lack of transparency in the industry.

2015-01

De Beers Consolidated Mines sells Kimberley Mines to Ekapa Minerals

In January 2015, De Beers Consolidated Mines finalizes the sale of Kimberley Mines to Ekapa Minerals (Pty) Limited.

2016-09

Opening of Gahcho Kue mine in Canada

De Beers launched its third mine in Canada, Gahcho Kue, in September 2016.

2017-03

Acquisition of LVMH's share in De Beers Jewellers

In March 2017, The De Beers Group of Companies acquired LVMH's 50% shareholding in De Beers Diamond Jewellers, leading to the unveiling of the new name De Beers Jewellers.

2017-06

Establishment of De Beers Ventures

De Beers Ventures was established by De Beers Group in June 2017 to consider minority stake investments in start-ups and growth companies beneficial to the diamond sector.

2017-08

De Beers partners with Stanford Graduate School of Business

In August 2017, De Beers collaborated with Stanford Graduate School of Business to support business ventures in Botswana, Namibia, and South Africa, aiming to assist early entrepreneurs in commercializing their ideas.

2017-09

De Beers partners with UN Women for women's advancement

In September 2017, De Beers joined forces with UN Women to promote the progress of women within the company and the regions it operates in, launching initiatives like supporting women micro-entrepreneurs near the Venetia diamond mine.

2018-04

De Beers Forevermark expands in Indonesia

In April 2018, De Beers Forevermark extends its presence in Asia by launching in Indonesia through a partnership with Central Mega Kencana.

2018-05

Introduction of Lightbox Brand by De Beers

In May 2018, De Beers introduced the 'Lightbox' brand, offering synthetic diamonds at a fraction of the cost of natural diamonds. The brand aimed to provide affordable lab-grown diamonds to consumers.

2018-09

Launch of Lightbox Brand Sales

The new 'Lightbox' brand by De Beers began selling in September 2018, offering lab-grown diamonds produced in Oregon at significantly lower prices compared to natural diamonds.

2019

Okavango Eternal

De Beers launched the Okavango Eternal project in 2019 to protect the environment and promote sustainability.

2020-02

De Beers reports worst earnings since acquisition by Anglo American

In February 2020, De Beers disclosed its poorest financial results since being purchased by Anglo American in 2012.

2021-09-09

De Beers iconic campaign and slogan 'A diamond is forever'

De Beers, known as the home of diamonds since 1888, became famous for its 1947 iconic campaign and slogan 'A diamond is forever'. The brand is credited with popularizing the concept of eternal love symbolized by diamond rings.

2022

De Beers Diamond Jewellers store opening at Times Square Mall in Dalian, China

A 55-square meter De Beers Diamond Jewellers store recently opened at the Times Square Mall in Dalian, China, following the success of two other De Beers stores in the country. Despite the absence of the original founders, De Beers remains a billion-dollar business.

2023

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De Beers