Because it is a virtual monopoly, DeBeers cannot operate legally in the United States. All site holders must travel here to buy their rough gems, to a building known only as Charterhouse Street. This is a fortress where 80% of the world’s diamonds gem diamonds are sorted, grated, and sold.
What makes this cartel different is it’s controlled by a single company. A single commercial organization, and that’s DeBeers. And DeBeers itself is controlled by another South African company Anglo American. Interestingly, Anglo American is controlled by DeBeers. And that interlocking ownership is what allows one small family company,E. Oppenheimerand Sons, who own just a small shareholding in Anglo American, to control the whole edifice.