Reuters reported diamonds have no intrinsic value, and we think of them as precious because of the Oppenheimer dynasty.
As quoted in the market news:
Which is exactly why the family’s exit from the diamond industry is all the more surprising. Africa’s second-richest family…sold their 40 percent stake in De Beers to Anglo American this month for $5.1 billion.
The decision means the dynasty involved in South Africa’s diamond industry for a century, is finally getting out of the business.
Click here to read the full Reuters report.