Word: cartelism
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Faced with a glut of diamonds in South Africa that risked destroying prices, De Beers in 1890 organized a cartel to control supply, which was further tightened in 1925. Beginning in 1938, the company commissioned a series of clever promotions in the U.S. to convince consumers that diamonds were rare (they were not), that they symbolized romantic love (a copywriter's concoction) and that they should never be sold, further limiting the number in circulation. The pinnacle of this campaign was the advertising tagline introduced in 1948: "A diamond is forever." It was used to cement the role...
...TanzaniteOne switched to a "sightholder" selling system in which all the better production is reserved for six preselected clients who buy at a price fixed by TanzaniteOne. The move appears to have helped stabilize prices, which is reassuring for retailers and final consumers, but it smacks of the diamond cartel. However, there are important differences, argues Ian Harebottle, who replaced Nunn, still the largest shareholder, as chief executive at TanzaniteOne last May. TanzaniteOne controls only 35% of tanzanite, compared with De Beers' historic 70% market share. In 2005, TanzaniteOne's sales totaled $41.1 million. "We don't want...
...classes, and the renewed antics of the Student Labor Action Movement (SLAM). SLAM’s unceasing demand for more—higher wages, more vacation time, and, above all, stronger unions—may resonate with the new Democratic Congress’ agenda, but unions, like any other cartel, help their members only at the cost of the general public...
...London exchange killed price competition and risked turning the city's securities market into a backwater as money managers went elsewhere for a better deal. But in 1986, sweeping deregulation known as the Big Bang finally blew things wide open. Out went the late starts, long lunches and cartel practices beloved of London's fusty gents. In came U.S. investment bankers toiling for Goldman Sachs, Merrill Lynch and others, and, with them, a vital injection of talent and competitive instincts...
...OPEC, the energy cartel that supplies a quarter of the oil consumed in the U.S., said it will sell more to make up for the Alaska shortfall, and the Department of Energy is figuring out if the government should tap its strategic reserves, which would start to kick in within a day or two. But those promises did little to allay oil traders, who frantically anticipate other potential supply disruptions in geopolitically strained locales from Nigeria to Venezuela to Iran. "We have problems all over the place," says Phil Flynn, senior market analyst and vice president at Alaron Trading...