Describe the micro- and macroeconomic implications of the DeBeers strategy, differentiating between the two perspectives to demonstrate anunderstanding of both points of view.
Some questions to consider:
-Howdid DeBeers eventually end up controlling both supply and demand?
-Whydo Americans give a diamond ring to show their love? How did thistradition come about?
-Howdid DeBeers successfully increase demand for diamonds? What was theBusiness strategy they used?
-Rememberyou want to emphasize how DeBeers controlled demand and supply ofdiamonds–micro economics view but they also controlled the industry demand andsupply as well –macro view
-Was DeBeers ever fined for their business transactions?Describe
-ARETHEY REALLY? EVERYBODY KNOWS THE SLOGAN WHAT DOES IT REALLY MEAN? Why would DeBeers use this advertising slogan? What are the implicationsfor demand?
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