Word: diamonditis
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Dates: during 1940-1949
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Robert Ulich, professor of Education, is scheduled to discuss the general topic of liberty, with emphasis on the responsibilities that will accompany the new independent status of the former "diamond of the British crown...
...Britain's diamond cartel, a most disturbing thing had happened in 1941. A fabulously rich diamond bed was discovered in Tanganyika, Africa. It was eight times larger than South Africa's famed Premier Mine, previously the world's largest, and thus big enough to break the cartel's tight control of the diamond market. Even more worrisome to the cartel were signs that the new bed's discoverer, a bearded, scholarly Canadian named John Thorburn Williamson, 40, did not intend to join the cartel...
...retired Canadian lumber dealer, Williamson was used to playing a lone hand. After acquiring a Ph.D. in geology at McGill University, he went to South Africa to work for a copper mine in 1934. He quit to roam the veldt in search of diamonds. After he found them (according to one story, a native found a diamond and took him to the site), he settled down to mining...
Last week, after months of iron-curtained negotiations, the cartel finally won out. Britain's Colonial Secretary, Arthur Creech Jones, announced in the House of Commons that Williamson Diamond Corp., Ltd. and two smaller Tanganyika producers had agreed to market their output only through the Diamond Trading Co., Ltd., selling agent for the syndicate...
What prompted Williamson to change his mind was not mentioned. But the drop in the diamond market-from sales of some $30 million last year to an estimated $15 million this year-undoubtedly had much to do with...