De Beers Consolidated has held a large stake in Anglo, and Anglo has had large stakes in De Beers Consolidated and Centenary these relationships, and De Beers's investment portfolio, were in the process of being significantly modified in 1999. Since 1929 they have almost always shared the same chairman. Together they are often referred to as the Oppenheimer empire or "greater group," forged by Ernest Oppenheimer.
In the late 1990s De Beers produced about half of the world's rough gem diamonds, and through the CSO, based in London, was marketing approximately 70 percent of the world diamond production.įormed by Cecil Rhodes and others, De Beers is a close associate of the Anglo American Corporation of South Africa (Anglo), founded by Ernest Oppenheimer in 1917. It also manufactures synthetic diamond and abrasive products. The combined group's main activities include: prospecting for and mining diamonds the tightly controlled global marketing of its own rough-that is, uncut and unpolished-diamond production and that of cooperating producers via the Central Selling Organisation (CSO), the De Beers marketing arm and, exceptionally (given that it does not retail the finished product), the worldwide advertising and promotion of diamond jewelry. De Beers Consolidated has a 9.5 percent interest in Centenary. The two share identical boards of directors and their stock is traded as a linked unit.
The second is a Swiss-registered holding company created to direct all the De Beers interests outside South Africa. The first is a South African holding company controlling the group's South African assets. In 1990 it was split into two basic parts, De Beers Consolidated Mines Limited (De Beers Consolidated) and De Beers Centenary AG (Centenary). The De Beers Group dominates the world market in rough diamonds.
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