Diamond: A Journey to the Heart of an Obsession [Hardcover]

Matthew Hart (Author)

Book Description

Publication Date: November 1, 2001

On a hot morning in May 1999, three Brazilian garimpeiros (small-scale miners) found a large pink diamond in the muddy waters of the Abaete River, a discovery that captivated the diamond trade. Beginning with this dramatic and revealing story, Matthew Hart takes readers on a journey far beyond the window at Tiffany's, into an obsessive, largely hidden, and utterly fascinating world.

From the fog-bound smugglers' paradise of Africa's Diamond Coast to the Manhattan offices of one of the world's most flamboyant diamantaires; from the London salesrooms of De Beers, which manages the longest-running cartel in modern business history, to a truck-parts shop fronting a diamond brokerage in Brazil, Matthew Hart has followed the diamond trail, encountering characters as memorable as the stones they seek. He recreates the modern history of diamonds, starting in 1869 when a native boy in South Africa found a large crystal on a farm, sparking a rush that brought Cecil Rhodes and Ernest Oppenheimer their glory. He chronicles the sensational diamond strike in the 1990s in Canada's Northwest Territories that has shaken the fortress of the old cartel, and profiles the audacious young female geologist Eira Thomas who, against all odds, discovered near the Arctic Circle one of the richest diamond fields in the world. He watches one of the finest diamond cutters operating on a priceless stone and portrays the lives of the countless, nameless cutters in India who have transformed the industry by making valuable the tiny stones that were once considered worthless.

Diamonds also have their dark side. "Malfeasance rustles in the background of the diamond world like a snake in dry grass," writes Hart as he documents the relentless and ingenious thievery that pervades the business and the even more damaging revelations of "war diamonds" financing brutal conflicts in Africa. The diamond world is at a crossroads, he notes, and "who will rule diamonds now and what form the once-secretive business will take are the issues of the day."

In the end, it is the stone itself that fascinates and bewitches the reader. Diamonds are accidents of nature, carbon crystals compressed deep underground millions of years ago; parts of them may even predate the Earth itself. And they are elusive, carried to the surface only in slender volcanoes known as "pipes," most of which are actually barren. Matthew Hart has captured the essence of an exotic substance and its world as surely as a diamond captures light: bending it, reflecting it, and returning it in a blaze of color.

Editorial Reviews

From Publishers Weekly

Any book that details the diamond trade must contend with the brilliance of Stefan Kanfer's 1993 gem, The Last Empire. And Hart's book picks up roughly where Empire left off. When Hart (editor of the New York trade magazine Rapaport Diamond Report) traces the diamond frenzy that struck Canada in the 1990s, his writing is as polished and fiery as when Kanfer re-created the machinations of Cecil Rhodes and Barney Barnato, the Romulus and Remus of the South African diamond cartel. But when the two mine the same territory, Hart's book looks like indicator minerals in comparison: Hart is less successful when he depicts De Beers's origins, the creation of the company's monopoly, and Ernest Oppenheimer, who turned De Beers into a profitable company. Hart, however, has a good eye for intriguing figures in the industry, including a part-wolf sled dog named Thor who was suspected of espionage. In the end, the author expertly takes readers into theft-riven African mines, the back rooms of Brazilian dealers, the polishing rooms in both midtown Manhattan and India's slums, and the sorting rooms in London.

Copyright 2001 Cahners Business Information, Inc.

From Library Journal

No other gem holds the allure and mystery of the diamond. In this book, journalist and author Hart (Golden Giant, 1985) offers a brief history of this supreme gem and the industry surrounding it. Part science text, part business history, part biography, and part travelog, the book provides some fascinating glimpses into the world of diamonds but can appear disjointed. Hart writes about South Africa's long-lived De Beers cartel and the attempts to unseat it, the unscrupulous characters of the trade, and the many aspects of the business, from miners to retailers. Taken separately, the anecdotes are interesting, even engaging, but throughout the book, the reader is left feeling that there is more to the story. A significant portion of the work covers the recent diamond finds in Canada, which Kevin Krajick's Barren Lands: An Epic Search for Diamonds in the North American Arctic (W. H. Freeman, 2001) covers in greater detailed study. Recommended for large business and business history collections. (Index not seen.) Mike Miller, Dallas P.L.
Copyright 2001 Reed Business Information, Inc.

See all Editorial Reviews

Product Details

• Hardcover: 276 pages
• Publisher: Walker & Company (November 1, 2001)
• Language: English
• ISBN-10: 0802713688
• ISBN-13: 978-0802713681
• Product Dimensions: 9.2 x 5.8 x 1.1 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 4.1 out of 5 stars  See all reviews (35 customer reviews)
• Amazon Best Sellers Rank: #176,146 in Books (See Top 100 in Books)
  • #35 in Books > Professional & Technical > Professional Science > Earth Sciences > Rocks & Minerals

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Customer Reviews

Most Helpful Customer Reviews

21 of 21 people found the following review helpful:

4.0 out of 5 stars It Is All Perception, September 16, 2002

By 

taking a rest - See all my reviews
(HALL OF FAME REVIEWER)   

This review is from: Diamond: The History of a Cold-Blooded Love Affair (Paperback)

At one point in the book there is a brief description of the opening remarks at an international gathering of diamond merchants. The featured speaker was explaining the two reasons diamonds have value, "vanity and greed". For those unfamiliar with the diamond industry and the control that DeBeer's has held over the prices of diamonds, the book's contents may be somewhat of a shock. The monopoly this company holds is so complete, the executives of the company cannot come to The United States for they are likely to be subpoenaed if they did. Events described in the book of major new diamond finds together with owners may greatly diminish DeBeer's hold on their monopoly, but they would likely still control 50% of the world's market.

Massive diamonds and a variety of stones that are rare due to their color understandably command whatever price a person is willing to pay. The diamonds that are on the hands of women throughout the world are extremely common, unless they are wearing a golf ball size rock like Elizabeth Taylor. One example the author shares of market manipulation is with a relatively small but perfect stone. When graded d-flawless a diamond is just as the description describes, the price is an entirely different matter. DeBeer's has manipulated the market so that at times such a stone would cost a person $10,000 and when they get greedy or angry, the price becomes $70,000. The price of this grade and size of stone will also change dramatically based on where you make a purchase, head to Tiffany's and you pay for their 5th Avenue location and their name. Head to a less flashy address in the same city, and you will save many thousands of dollars.

Matthew Park also covers a wide variety of topics related to these stones, the history of some of the most famous gems, the efforts to control the sale of stones that finance wars, and the people that are out searching and finding massive fortunes of their own. One particularly fascinating tale is of a young woman who finds an area that will yield billions of dollars of value in Canada. At 24 years of age it was her persistence to keep her father interested, and not walking from a site that brought the find to fruition. The other aspect that is covered is the art of taking a rough stone, and then cleaving and polishing it to a gem. One interesting example was the creation of, "The Centenary Stone". The man who cut and polished the stone took 3 years to create the masterpiece. He spent an entire year studying the rough before making a single move to change it.

This book will whet your appetite for reading more about this phenomenon, for the book covers many areas but does not have the length to cover them in depth. It was also unfortunate that all of the pictures of these remarkable jewels were in black and white, which did little to visually communicate how stunning they are.

20 of 21 people found the following review helpful:

4.0 out of 5 stars Everything you wanted to know about Diamonds but...., May 5, 2002

By 

R. Shaff "Velocipede" (USA) - See all my reviews
(VINE VOICE)    (REAL NAME)   

This review is from: Diamond: A Journey to the Heart of an Obsession (Hardcover)

After hearing a bit about the cable-based feature exposing the incredible monopolistic hold De Beers has on the diamond industry and the associated corruption, crime and cruelty associated with diamond mining and the inherent competition, I became acutely aware that the bobbles adorning our fingers, wrists, necks and ears came at a very high price--human as well as financial. To my surprise, I ran across DIAMOND and hoped it would delve deeper into this mysteriously clandestine industry. Matthew Hart unravels the mystery quite well.

Hart has a leg up on most journalists penning a book on this trade. His position as editor of the industry trade magazine, "Rapaport Diamond Report," provides him with the expertise to report on this cabal industry as well as the background and knowledge to impart the history of the diamond trade. However, Hart does the reader one better by being a genuinely gifted storyteller.

Hart lays out the basic foundation and history of diamond geology and its shrouded history. From yarns about hustlers and theives to the geological formations known as pipes, Hart imparts the beauty and dark side of the trade. And, as mentioned, Hart casts his line into the vast monopoly known as De Beers. He explains how De Beers has managed to control the flow of diamonds not only to the wholesale "site" markets but, more recently, to the retail market as well. We learn how the Oppenheimer family has ruled this industry with an iron fist and a deft touch. Further, and strangely to this reader, we learn the origins of the De Beers name...a totally unexpected twist.

Hart informs the reader of great finds and great adventures. He focuses on several large diamonds discoveries - an 81-carat pink from the jungles of Brazil and the discovery of Canada's first major diamond mine. One of the more adventurous stories is that of Eira Thomas, a 24-year-old female geologist who played a major role in the Canadian find. We learn of the painstaking 3-year study and comiseration prior to the actual cutting of the 599-carat Centenary diamond as well as the discovery of the 3,107-carat Cullinan diamond (the largest "rough" on record). Hart even takes the reader behind the scenes to an advertising agency where a mentally exhausted executive, in a 11th-hour blitz of creative brio, coins the enduring phrase "A Diamond is Forever."

Hart is engaging, cogent and very well informed. Anyone wanting to learn more about this industry and the mysterious wonder of the "beautiful rock," will find this book fascinating reading.

11 of 11 people found the following review helpful:

5.0 out of 5 stars Diamonds from Top to Bottom, May 16, 2002

By 

R. Hardy "Rob Hardy" (Columbus, Mississippi USA) - See all my reviews
(TOP 100 REVIEWER)    (HALL OF FAME REVIEWER)    (REAL NAME)   

This review is from: Diamond: A Journey to the Heart of an Obsession (Hardcover)

At a conference on diamonds in 1997, a speaker expressed his confidence in the diamond market. It was founded on two supports, he said: vanity and greed, and humans could be relied upon for a perpetual supply of both. It isn't surprising, then, that there has been a multimillion dollar advertising campaign stretching over the last decades to emphasize the happier side, the romance of diamonds. Romance or not, there is someone eager to steal a diamond from a mine, or to divert rough diamonds from their appointed cutters and polishers, or to jump a claim on a supposed diamond field, or fence diamonds to sponsor a war, or jack up prices artificially. "Malfeasance rustles in the background of the diamond world like a snake in dry grass," writes Matthew Hart in _Diamond: A Journey to the Heart of an Obsession_ (Walker & Co.), a wide-ranging and entertaining look at different components of the diamond business.

One cannot tell the story of diamonds without telling about De Beers, which started cornering the market in diamonds over a century ago; but much of this story is about how De Beers is losing control over the diamond market. De Beers executives do not travel to the United States, because they would be arrested; there are charges, the latest from 1994, for price fixing. ("The most senior managers of the world's preeminent diamond company are thus effectively prevented from setting foot in their largest market.") The main assaults on De Beers have not been legal, of course, but simple economic competition. Diamond mines in Russia, Canada, and Australia are now profitable, and India, which is not a primary supplier of diamonds, is busy supplying cut and polished jewels which other mines formerly sold only for industrial use. Hart is best on the skullduggery, large and small, in the diamond trade, which is taken for granted. He tells about the history of some famous gems, like the Hope Diamond, and describes the complicated process of cutting a diamond in some detail.

Hart has plenty of good stories. He has been the mining editor for the New York monthly the _Rapaport Diamond Report_, and has visited the exotic areas he tells about. Diamonds in the rough are an annual six billion dollar industry; those same diamonds wind up in the jewelry stores going for 56 billion, and Hart has surveyed the process from beginning to end. There are summaries here of geology and history, as well as the technology of cutting and polishing the gems we cannot get enough of. Hart is not a flashy writer, but the many facets of this lucrative and larcenous trade make scintillating reading.