Customer Reviews

The Last Empire: De Beers, Diamonds, and the World

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This book's title describes it as one about "De Beers, Diamonds, and the World." Instead, a more accurate title would have described the book as telling of "Political Inequality Between the Races in South Africa." True, the book discusses De Beers quite a bit, but the discussions seem incidental to the author's focus on the plight of South African blacks throughout history. The description of De Beers's diversification is less than cursory; the book often omits major business decisions completely but then later assumes knowledge of them by the reader. For instance, the book leaves out any mention of *how* De Beers came to own an interest in copper mining, but still mentions such mining interest a couple of times toward the end. Further, complex business relationships, such as that between Anglo-American, Consolidated, and De Beers, need much more explanation than they get. The author spends considerably more time discussing how "Anglo-American" was chosen as the company's name than what its exact corporate form is and how it its relationship to De Beers works out in practice. Last, I take issue with the writing style itself. The prose is heavy and dry; even interesting characters' stories are flaccid and dull. Overall, this book is a good complement to other South African history books, but as a book about diamonds and the workings of De Beers (the book it puts itself out to be), "Last Empire" falls utterly flat.

I thought this book was very informative and one of the easiest reading non-fiction books out there. I was surprised to find out just how many different people were involved with the diamond trade in South Africa: Cecil Rhodes (the only person to have a country named directly after him), Queen Victoria, Winston Churchill...the list goes on. This book is one I had to add to my own shelf.

Thank you Mr. Stefan Kanfer for tackling the project on the diamond empire. The subject matter is not easy to write, but Mr. Kanfer managed to tell a story in a way that portrays a business biography in an academic yet exciting tone. "The Last Empire" is a very thoroughly researched and extremely well written book. I've learnt so much about the history of the most powerful diamond organization in the world (The DeBeers), its operation, structures, system, human interaction and the people behind the industry. Lots of great pictures and the stories of old Africa is filled with romantic images it makes reading a pleasure. Truly inspiring!

Of the books I've recently read on the subject of diamonds, "The Last Empire" is without peer. It's more a history of the diamond fields during the early years than a study of the diamond industry as a whole, but it offers many captivating stories of those times and Kanfer's writing brings them alive. I won't use the usual "I couldn't put it down" cliche (it's a bit big to read at one sitting) but I couldn't wait to start reading it again.

It explains in great detail the convoluted shenanigans of those early "pioneers", how greed made South Africa into a land of woe and strife, and how one man managed to gain a diamond monopoly and turn it into a huge industry. I learned quite a bit from reading it, and I only wish an updated edition were available.

"The Last Empire" is a history of De Beers Consolidated Mines from the discovery in 1867 of diamonds in South Africa until 1993. Author Stefan Kanfer chronicles the diamond rush in late 19th century South Africa, with its colorful, unscrupulous speculator-magnates, black diggers, and illegal diamond traffic. He recounts 3 generations of diamond men, starting with De Beers founder Cecil Rhodes and other plutocrat-statesmen of the first generation who operated amidst tensions between British, Boer, and black populations. Ernest Oppenheimer, founder of Anglo-American gold mining, brought De Beers into the 20th century and created the diamond syndicate that we know today through the turmoil of 2 world wars, the Great Depression, labor revolts, and racial strife. His son Harry Oppenheimer, the third generation of De Beers royalty, expanded the company and ruthlessly consolidated its power while he embraced progressive politics at home.

The history of De Beers is no less than the history of South Africa itself: complicated, controversial, predatory, violent, and idealistic. South Africa was built on the diamond business. The author points out that De Beers fits the dictionary definition of "empire" better than any other commercial entity. "The Last Empire" leaves the reader in awe of that empire, intrigued by the adventurers and swindlers that created fortunes from big holes in the ground, and at the same time taken aback by the inescapable power of De Beers. Stefan Kanfer clearly admires the Oppenheimers' accomplishments, though he also illustrates their hypocrisies. He does not express an opinion as to the benefits or downside of De Beers' price controls, but Kanfer does detail De Beers' more ruthless campaigns to prevent devaluation by controlling supply in the 1970s and 1980s. I would have liked more information about the market for industrial diamonds, but this is absorbing, essential reading for anyone curious about the history or economics of diamonds.

A lot has changed since 1993, when "The Last Empire" was published. Then, the wholesale market for diamonds was oversaturated due to recessions in the West and Japan, De Beers controlled nearly 90% of the world's diamonds, its companies constituted 54% of the listings on South Africa's stock exchange and accounted for 25% of the nation's wealth. This book was written with De Beers in the midst of a diamond glut crisis but with a firm hold on its dominant position. Now the recession, and apartheid, are over, South Africa's economy is growing, but De Beers controls no more than 50% of the world's diamonds. The value of gold is through the roof, however, and De Beers sister company Anglo-American is the largest gold producer in the West. The Empire still stands even if the cartel falters. "The Last Empire" is a fine introduction to the tumultuous and exotic history of South Africa and an impressively researched account of how the diamond industry came to be what it is today.

Kanfer has done an outstanding job of making the past come to life. The book is an excellent study of a country, a company and the uneasy relationship between government and the people. A wonderful combination of history, biography, and business.

Fascinating history of both the country and the diamond business. Fast paced, interesting, makes you look at diamonds in a whole new light.

I enjoyed the book for the facts that it presented. It's amazing to read how 23-25 year old men(boys) were the "movers and shakers" back in those days! A very good author.

Beginning at the very start of diamond discovery in Africa, this book takes the reader along the process that made DeBeers the cartel it is today, controlling 90% of the diamonds on the market. Although it is entirely factual, it is not a boring textbook-style read. It is a wonderfully-written story about the people involved in the diamond industry from its very roots to what it has become today. It leaves out no detail of the violence, abuse, and dishonesty that brought DeBeers to the forefront of the diamond market. A fantastic read.