Tony Talks History
The Time Diamonds Were Made Rare
For most of the last century, one company decided how many diamonds the world was allowed to buy. Then it hired an advertising agency to decide what they meant.
This is the story of De Beers, and it is all true.
The numbers in this video
90%The share of the world's diamonds one company controlled once De Beers had bought out its main rival, roughly.Source: encyclopedia.com
14.5MCarats of diamonds taken out of the Big Hole at Kimberley between 1871 and 1914. About three tonnes, from one hole.Source: Wikipedia, Big Hole
1 in 10American brides who got a diamond ring in 1939, by one widely quoted estimate.Source: Statista series 1939-1990; Wikipedia, Engagement ring
8 in 10The same estimate by about 1990: around eight brides in ten got a diamond ring.Source: Statista; Wikipedia
15 to 20 centsAbout what a diamond resells for on the dollar, according to research done for De Beers itself.Source: JCK, "Love for Resale" (about 2012-13)
6 in 10Recent engagement rings with a lab grown stone in one big American wedding survey, roughly. The survey figure is 61%.Source: The Knot 2026 Real Weddings Study, Business Wire, 18 February 2026
Every number has a source
Chapters
- 0:00The Ring at the Counter
- 1:45When Diamonds Were Rare
- 2:221871: The Big Hole
- 4:351888: One Company
- 6:371932: The Mines Close
- 7:34The Box You Can't Refuse
- 8:161938: Selling Love
- 9:571947: A Diamond Is Forever
- 11:41Try Selling It Back
- 12:471967: Japan
- 13:35The Eternity Ring
- 14:24Banned in America
- 15:421954: The Lab Diamond
- 16:432018: Lightbox
- 17:422026: For Sale
- 18:47The Whole Story
- 19:26The Big Hole Today
What we left out
Claims we found and could not stand behind, so they are not in the video.
That the Big Hole is the largest hand-dug hole in the world. The claim is disputed, so the video does not make it.
The drunkenness detail in the camp cook story. It is unsourced, so it was left out, and the rest is told only as "the story goes".
A confirmed sale price for De Beers. About $1 billion has been reported, but Anglo American has not confirmed it, so the video calls it the reported price.
