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curious music
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Well, I know my wife's been
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looking around
for something special.
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After all, it's been
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a few years
since I bought her a diamond.
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This is a half hoop.
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Of course, the diamond content
in the full hoop
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is much greater.
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Was it a half hoop
or a full hoop
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your wife had in mind?
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I think she'd prefer
the full hoop.
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Most women do.
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Mary, have you seen these?
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Jane, those are diamonds.
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I know. Aren't they gorgeous?
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And it is your birthday
quite soon.
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Well...
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It's always worth
showing an expensive piece
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from the top end
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even if it doesn't sell
for some time.
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You know, what you might call
an aspirational piece.
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Uh, so what's the point
of attracting people
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with an item
they can't afford to buy?
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Because they'll tend to spend
more on what they choose to buy.
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Well, this is the one I like,
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but why is it nearly twice
the price of this one?
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The value of a diamond
depends on four characteristics.
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The larger the diamond,
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the rarer it is,
the better the color,
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the more valuable it is.
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The greater the clarity,
the more beautiful it is.
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00:02:04,415 --> 00:02:06,000
However,
it's the quality of the cut
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that gives the diamond
its brilliance.
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- What about that one?
- A very fine stone.
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Remarkably few inclusions.
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Yes, well, internal
characteristics are only
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really visible
through the loupe.
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Beautiful clarity.
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And, of course,
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you don't see
the high dispersion you get
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with simulated stones.
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It is a diamond, then?
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atmospheric music
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00:03:16,863 --> 00:03:19,741
I like so much idea
about synthetic diamonds.
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It is much more cheaper
than natural stones.
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And also, they looks better.
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But if a diamond
can be produced in a laboratory,
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of the same or better quality,
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for much, much cheaper,
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why should we still
mine for diamonds?
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Uh, that's...
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I can tell you only this is
a good question.
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Some people want something that
really belongs to the earth,
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something what is made by God,
55
00:04:00,365 --> 00:04:04,244
not made in the... some lab.
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00:04:04,285 --> 00:04:06,579
What do you think about this?
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dramatic music
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Let me tell you a story, right?
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00:04:23,263 --> 00:04:25,473
When I started
in the diamond business, um,
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and I was knocking on doors,
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00:04:27,976 --> 00:04:30,645
my mother gave me $5,000 cash.
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I said, "Mom, I don't want
to take your money."
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She says, "I don't want you
to spend the money.
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I want you to put it
in your pocket.
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You'll talk differently
if you have
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00:04:38,194 --> 00:04:40,238
$5,000 in your pocket."
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That's what she said to me.
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You wear something
that's valuable
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and you know it's valuable,
you strut differently.
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00:04:49,664 --> 00:04:51,082
You feel different.
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00:04:51,124 --> 00:04:53,167
Your sense of confidence,
your sense of who you are,
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00:04:53,209 --> 00:04:54,377
is different.
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The real thing has...
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00:04:57,880 --> 00:05:00,800
brings with it a certain sense
of "I know it's real."
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00:05:00,842 --> 00:05:04,679
You could have a Picasso
in your house--
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00:05:04,721 --> 00:05:07,056
it's a lithograph,
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00:05:07,098 --> 00:05:10,059
and maybe no one knows that
it's not the real thing,
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00:05:10,101 --> 00:05:12,312
but you do.
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00:05:14,063 --> 00:05:15,565
When I tell people
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00:05:15,606 --> 00:05:17,233
I'm gonna sit down
with Martin Rapaport,
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what I usually say is,
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"This is the most famous person
in the diamond industry.
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He sets the prices of diamonds."
84
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Oh, I don't set the prices.
I report the prices.
85
00:05:23,865 --> 00:05:26,075
It's like the weatherman.
I don't make the weather.
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I let you know
what the weather is.
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-No.
-Why?
88
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Because I don't think that...
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I don't legitimize a product
that I believe is gonna be seen
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00:05:37,253 --> 00:05:41,215
as one of the most illegitimate
products in the 21st century.
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00:05:44,927 --> 00:05:47,055
-When was 9/11?
-2001.
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Yeah. So, in 2003,
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I made a conference in New York
about synthetic diamonds.
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00:05:53,519 --> 00:05:55,563
This is what the,
uh, machine looks like.
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00:05:55,605 --> 00:05:58,524
And when we apply the pressure
and the temperature
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00:05:58,566 --> 00:06:00,735
to this core, the... Whoa!
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00:06:00,777 --> 00:06:02,987
Synthetic diamonds
were not that new,
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00:06:03,029 --> 00:06:04,489
but the ability to create
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00:06:04,530 --> 00:06:07,658
gem-quality
synthetic diamonds was.
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00:06:07,700 --> 00:06:10,536
Visually, even to the most
experienced gemologist,
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they may be indistinguishable
from natural diamond.
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It's a big problem for all of us
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because it's already
on the market.
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It's already here.
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What are we going to do?
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A synthetic diamond
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will be produced
and reproduced with machines
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until supply exceeds demand.
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The consumer is used to
having technology
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bring them products
they otherwise couldn't afford.
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Simple as that.
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A diamond is a diamond.
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Are you crazy?
The wedding ring is a sign
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of ultimate commitment and love,
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and the woman doesn't
just think it's worth,
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I don't know, $80 or 120...
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"Put it on a scale,
and that's our marriage."
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No, no, no, not at all.
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The diamond's actually
a symbol of commitment.
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It has to be expensive.
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It has to have value.
Has to retain value.
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The woman projects
the value of the diamond
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00:07:04,882 --> 00:07:06,843
onto herself.
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00:07:06,884 --> 00:07:09,178
"He's giving me something
of great value
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because he values me greatly."
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He thinks she thinks,
"Oh, this is like a diamond.
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I just got a better deal
'cause it's man-made."
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They're suckers.
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00:07:20,648 --> 00:07:22,692
Because eventually,
what's going to happen?
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They're gonna come back
in ten years,
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and they'll say,
"Oh, what's it worth?
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What's my marriage worth?
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What's my relationship worth?"
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dramatic music
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I just think the idea of
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"is it real or isn't it real"
is so absurd.
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I was at a birthday party
in Paris,
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and the woman sitting next me,
she smiled and said, "So,
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what kind of jewelry
do you design?"
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I was like, "Um, well,
actually, I designed that.
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I designed
your engagement ring."
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And she said,
"You design engagement rings?"
143
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And I said, "No, I designed
your engagement ring."
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00:08:04,901 --> 00:08:08,488
And her husband immediately
asked me what all men ask.
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They ask about the price.
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"Tell me the truth.
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Well, how much
should it have cost?"
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He just kept saying,
"Tell me the truth."
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And I said, "You want the truth?
Do you want to know the truth?
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The truth about diamonds is
they're all exactly the same
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and none of them are
really worth anything."
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And then, ultimately,
I was like,
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"Do you know what
a diamond cartel is?"
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Mm-hmm.
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People want a variety of things.
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None of them are particularly
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about romance or true love.
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suspenseful music
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People want things
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because they've been told
to want them.
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And De Beers has convinced
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hundreds of millions of people
over almost a century
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so effectively
that they want a diamond.
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And the way they did it
was by inventing a product--
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they called it
an engagement ring--
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00:09:01,541 --> 00:09:03,960
that would hold these
little white diamonds,
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00:09:04,001 --> 00:09:06,170
which were
the least desirable kind.
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00:09:06,212 --> 00:09:07,338
But before that,
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00:09:07,380 --> 00:09:08,673
nobody really wanted them,
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00:09:08,714 --> 00:09:10,466
and this was just a way to get
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the new emerging middle class
of America
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00:09:13,135 --> 00:09:15,304
after World War II to buy them.
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So, what is a diamond?
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What's a stone worth?
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00:09:18,683 --> 00:09:20,226
Why do people want
what they want?
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And in this case,
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00:09:22,853 --> 00:09:26,440
the answer is:
because they've been told to.
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That must've set you back a bit.
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00:09:27,733 --> 00:09:29,735
Not really.
About two months' salary.
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00:09:29,777 --> 00:09:31,904
Not much for something
that's forever.
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A diamond is forever.
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De Beers invented
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00:09:36,784 --> 00:09:38,619
a way to sell them to people.
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People want the thing,
the best thing,
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and they've convinced them
that that's a diamond
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00:09:45,585 --> 00:09:48,629
and nothing else.
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00:09:50,590 --> 00:09:53,217
De Beers is
the diamond business,
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00:09:53,259 --> 00:09:55,469
and this building is
where they control
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the world diamond trade.
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curious music
191
00:10:00,808 --> 00:10:03,978
By buying up most of
the world's uncut diamonds,
192
00:10:04,020 --> 00:10:07,815
the company can regulate supply
to select dealers...
193
00:10:09,191 --> 00:10:12,612
...increasing it in good years
and reducing it in bad
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00:10:12,653 --> 00:10:14,989
to keep prices high.
195
00:10:15,031 --> 00:10:17,825
A century after it began,
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00:10:17,867 --> 00:10:21,120
the diamond cartel
still controls the production,
197
00:10:21,162 --> 00:10:24,332
the marketing and the pricing of
rough diamonds around the world.
198
00:10:24,373 --> 00:10:26,083
It's impossible to say
199
00:10:26,125 --> 00:10:30,504
factual statements about
De Beers without sounding...
200
00:10:32,214 --> 00:10:34,467
...judgmental.
201
00:10:34,508 --> 00:10:36,677
Its monopolistic control
202
00:10:36,719 --> 00:10:38,346
violates U.S. antitrust laws,
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00:10:38,387 --> 00:10:42,016
but the cartel has successfully
kept its executives
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00:10:42,058 --> 00:10:43,851
beyond the reach
of American justice.
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00:10:43,893 --> 00:10:45,519
Well, until there's
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00:10:45,561 --> 00:10:48,522
a major crack in the market,
the cartel will survive
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00:10:48,564 --> 00:10:50,983
simply because
it is too powerful.
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00:10:51,025 --> 00:10:52,818
And that's fine,
because it's not
209
00:10:52,860 --> 00:10:55,154
about anything important;
it's about diamonds.
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00:10:55,196 --> 00:10:57,531
De Beers executives are nervous
about all of this.
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00:10:57,573 --> 00:10:58,908
They would not allow themselves
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00:10:58,949 --> 00:11:00,368
to be interviewed
for 60 Minutes.
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00:11:00,409 --> 00:11:02,036
Then again,
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00:11:02,078 --> 00:11:03,871
it's very important
because it's moved capital
215
00:11:03,913 --> 00:11:06,749
across continents
for about 100 years.
216
00:11:22,390 --> 00:11:25,351
"Serena e Lomunno"
by Riz Ortolani
217
00:11:31,941 --> 00:11:33,567
History has always been
218
00:11:33,609 --> 00:11:35,736
part of the diamond world.
219
00:11:35,778 --> 00:11:37,029
The generation
220
00:11:37,071 --> 00:11:38,906
that preceded me within De Beers
221
00:11:38,948 --> 00:11:41,409
who would've, you know,
locked the front door,
222
00:11:41,450 --> 00:11:43,244
and nobody in, thank you.
223
00:11:43,285 --> 00:11:45,079
This interview
would not have happened.
224
00:11:45,121 --> 00:11:46,831
No, I don't think so.
225
00:11:48,457 --> 00:11:51,544
De Beers was controlled by
the Oppenheimers since really
226
00:11:51,585 --> 00:11:53,254
sort of the 1920s.
227
00:11:53,295 --> 00:11:57,049
But they're all gone,
and, well, I'm still there,
228
00:11:57,091 --> 00:11:58,843
so I carry on with the mission.
229
00:12:01,429 --> 00:12:06,267
Yeah, you know,
it helps in life to be lucky.
230
00:12:06,809 --> 00:12:09,603
There must have been
something ordained
231
00:12:09,645 --> 00:12:11,897
in the way I ended up.
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00:12:11,939 --> 00:12:13,274
Some say, "What's your job,
then, Stephen?"
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00:12:13,315 --> 00:12:15,109
Oh, well, you know,
in a way, my job is to
234
00:12:15,151 --> 00:12:18,070
inspire, I guess,
each generation
235
00:12:18,112 --> 00:12:22,366
with this extraordinary story
of the diamond.
236
00:12:22,408 --> 00:12:23,951
People don't know, huh,
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00:12:23,993 --> 00:12:26,412
a diamond is like
three billion years old.
238
00:12:26,454 --> 00:12:27,955
Older than life.
239
00:12:28,914 --> 00:12:31,959
Some of them older
than stars in the sky.
240
00:12:34,795 --> 00:12:36,797
You can't make that.
241
00:12:36,839 --> 00:12:39,258
Yeah, we can synthesize carbon,
242
00:12:39,300 --> 00:12:42,303
but in reality,
we can't make what a diamond is.
243
00:12:42,344 --> 00:12:45,014
We can't make something
which is a billion years old
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00:12:45,055 --> 00:12:47,641
that connects us
to the formation of the world.
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00:12:47,683 --> 00:12:51,812
We can't make something where
every one is inherently unique.
246
00:12:51,854 --> 00:12:55,816
And we can't make something
that has an intrinsic rarity
247
00:12:55,858 --> 00:12:57,818
and preciousness to it.
248
00:12:57,860 --> 00:12:59,695
And the one thing that
249
00:12:59,737 --> 00:13:02,281
waried us a lot about
lab-grown diamonds
250
00:13:02,323 --> 00:13:05,659
is if they were marketed
in a way that pretended
251
00:13:05,701 --> 00:13:08,788
that they had the values
of a real diamond.
252
00:13:10,873 --> 00:13:13,793
playful music
253
00:13:16,212 --> 00:13:19,256
We're in the period
of misinformation.
254
00:13:19,298 --> 00:13:20,966
Well, confusion.
255
00:13:21,008 --> 00:13:23,344
People aren't quite sure
what it is or what it isn't,
256
00:13:23,385 --> 00:13:27,264
but, um, it's only
an existential threat
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00:13:27,306 --> 00:13:31,268
if-if we somehow damage
the relationship
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00:13:31,310 --> 00:13:34,772
that consumers have
with what a diamond really is.
259
00:13:41,904 --> 00:13:43,697
You know, there are
some ways to make it
260
00:13:43,739 --> 00:13:45,324
more difficult
for existing technology,
261
00:13:45,366 --> 00:13:47,243
but it doesn't mean that
there aren't solutions.
262
00:13:49,119 --> 00:13:51,705
We have a responsibility
to detect them.
263
00:13:51,747 --> 00:13:53,332
The question becomes:
264
00:13:53,374 --> 00:13:56,544
What type of technology
do you need to do so?
265
00:13:56,585 --> 00:13:58,087
Detection I'm not fussed about,
266
00:13:58,128 --> 00:14:00,589
because I know
what De Beers can do.
267
00:14:00,631 --> 00:14:02,383
dramatic music
268
00:14:10,432 --> 00:14:12,476
intriguing music
269
00:14:38,961 --> 00:14:40,588
Do you perceive aluminum
270
00:14:40,629 --> 00:14:42,298
as being a valuable material?
271
00:14:42,840 --> 00:14:44,592
- Personally?
-Personally.
272
00:14:44,633 --> 00:14:45,759
-Aluminum?
-Aluminum.
273
00:14:45,801 --> 00:14:47,177
-Negative.
-No.
274
00:14:47,219 --> 00:14:49,096
Do you know that
there's an aluminum
275
00:14:49,138 --> 00:14:52,182
little obelisk on top
of the Washington Monument?
276
00:14:53,809 --> 00:14:55,269
Because aluminum, at the time
277
00:14:55,311 --> 00:14:57,229
that the Washington Monument
was built,
278
00:14:57,271 --> 00:14:59,982
was some of the most
expensive material out there.
279
00:15:00,024 --> 00:15:02,651
It was really hard
to put together.
280
00:15:02,693 --> 00:15:05,321
You know, it was, like, a feat
that they had done this.
281
00:15:05,362 --> 00:15:07,531
And then,
like a couple years later,
282
00:15:07,573 --> 00:15:09,909
somebody comes up with a process
to mass-produce aluminum,
283
00:15:09,950 --> 00:15:11,702
and now it's dirt cheap.
284
00:15:11,744 --> 00:15:16,040
So, what was once, you know,
really coveted and valuable
285
00:15:16,081 --> 00:15:19,293
is just a commodity
that we throw away.
286
00:15:19,335 --> 00:15:21,420
You know, diamond's
gonna be the same.
287
00:15:22,546 --> 00:15:25,174
John Janik,
he is a Carnegie fellow
288
00:15:25,215 --> 00:15:27,468
from the Carnegie Institution.
289
00:15:27,509 --> 00:15:30,930
Okay, so here you have these,
um, synthetic diamonds.
290
00:15:30,971 --> 00:15:33,140
-Mm-hmm.
-And you actually, uh...
291
00:15:33,182 --> 00:15:34,975
you like to call them
cultured diamonds.
292
00:15:35,017 --> 00:15:36,435
You took them
to the Diamond District--
293
00:15:36,477 --> 00:15:38,395
the real one--
not too far from here,
294
00:15:38,437 --> 00:15:40,272
and they couldn't tell
the difference.
295
00:15:40,314 --> 00:15:42,232
- Not-not... not a bit.
-Not a bit.
296
00:15:42,274 --> 00:15:44,109
And they appraised them
for basically
297
00:15:44,151 --> 00:15:45,778
what natural diamonds
would go for?
298
00:15:45,819 --> 00:15:47,488
That's right--
for wholesale prices.
299
00:15:47,529 --> 00:15:51,241
My PhD was in making crystals
of different materials.
300
00:15:51,825 --> 00:15:54,995
I would make rubies,
which is aluminum oxide
301
00:15:55,037 --> 00:15:57,957
with a little bit
of chromium in it.
302
00:15:57,998 --> 00:16:01,085
I made exotic uranium compounds.
303
00:16:01,126 --> 00:16:02,920
I made these materials,
and then I went
304
00:16:02,962 --> 00:16:04,505
and studied their properties.
305
00:16:04,546 --> 00:16:09,343
A crystal is just
a repeating structure of atoms.
306
00:16:09,385 --> 00:16:12,596
So, if you have a carbon
and a carbon and a carbon
307
00:16:12,638 --> 00:16:15,641
in a repeating pattern,
that's a diamond crystal.
308
00:16:15,683 --> 00:16:17,893
We can actually make diamonds
that are more perfect
309
00:16:17,935 --> 00:16:19,228
than natural diamonds.
310
00:16:19,269 --> 00:16:21,188
We can grow
about a carat per day.
311
00:16:21,230 --> 00:16:22,815
But it will be cheaper, though.
312
00:16:22,856 --> 00:16:24,733
-That's the whole point.
-You can't tell the difference.
313
00:16:24,775 --> 00:16:27,444
So, if you can't tell
the difference, John, then this
314
00:16:27,486 --> 00:16:30,447
inevitably has to hurt
the diamond market out there.
315
00:16:30,489 --> 00:16:32,241
You mean these things
have value? I...
316
00:16:32,282 --> 00:16:34,410
-I had no idea.
317
00:16:41,000 --> 00:16:42,793
You got to understand,
318
00:16:42,835 --> 00:16:46,880
the sale of synthetic diamonds
as diamond engagement rings
319
00:16:46,922 --> 00:16:49,717
is a fundamental violation
of the ethics
320
00:16:49,758 --> 00:16:51,385
of the diamond industry,
in my opinion.
321
00:16:51,427 --> 00:16:53,012
But is-is it
just about the money?
322
00:16:53,053 --> 00:16:54,346
'Cause, you know, that's...
323
00:16:54,388 --> 00:16:56,890
You-you're hurting people
where it counts.
324
00:16:56,932 --> 00:16:59,893
You're kicking them
in their emotional,
325
00:16:59,935 --> 00:17:02,938
"I love you," commitment spot.
326
00:17:02,980 --> 00:17:04,898
This is terrible,
terrible, terrible!
327
00:17:04,940 --> 00:17:06,567
I mean, come on.
328
00:17:06,608 --> 00:17:09,194
If I want to rip you off,
fine, rip me off.
329
00:17:09,236 --> 00:17:12,489
Why rip me off
with what I gave my wife?
330
00:17:12,531 --> 00:17:16,452
There's a story of a guy who was
selling treated diamonds--
331
00:17:16,493 --> 00:17:18,203
it's called
the Yehuda treatment--
332
00:17:18,245 --> 00:17:20,748
but he charged everyone
a-a lot less.
333
00:17:20,789 --> 00:17:22,666
suspenseful music
334
00:17:22,708 --> 00:17:24,918
But when the women found out
335
00:17:24,960 --> 00:17:27,671
that their diamonds
were treated,
336
00:17:27,713 --> 00:17:30,132
there was a line
around the block
337
00:17:30,174 --> 00:17:32,801
and around the block
and around the block
338
00:17:32,843 --> 00:17:34,636
to try to return the diamonds.
339
00:17:34,678 --> 00:17:38,098
The women, they felt
so cheated and so angry,
340
00:17:38,140 --> 00:17:42,561
and this guy, he gave everybody
the money till he had no money.
341
00:17:42,603 --> 00:17:45,189
Then he drank jewelry cleaner
and killed himself.
342
00:17:49,568 --> 00:17:52,279
And he didn't steal... he didn't
rip 'em off, theoretically.
343
00:17:52,321 --> 00:17:53,781
It wasn't about the money.
344
00:17:53,822 --> 00:17:55,365
It was the failure
to disclose it.
345
00:17:55,407 --> 00:17:57,034
Look, I don't know
what's gonna happen.
346
00:17:57,076 --> 00:17:58,911
Right?
But in ten years from now,
347
00:17:58,952 --> 00:18:00,412
there's an extremely great
likelihood
348
00:18:00,454 --> 00:18:02,623
that people are gonna
look back and say,
349
00:18:02,664 --> 00:18:04,583
"That diamond industry!
350
00:18:04,625 --> 00:18:06,919
They sold that stuff!
351
00:18:06,960 --> 00:18:09,630
And it wasn't worth
the price I paid at all!
352
00:18:09,671 --> 00:18:10,756
What did they do to me?"
353
00:18:10,798 --> 00:18:12,132
And how is the woman gonna feel
354
00:18:12,174 --> 00:18:14,009
if she projects the value
of the diamond
355
00:18:14,051 --> 00:18:15,469
onto herself subconsciously?
356
00:18:15,511 --> 00:18:17,805
How is she gonna feel
about her diamond?
357
00:18:17,846 --> 00:18:19,973
intriguing music
358
00:18:20,015 --> 00:18:22,601
Let's say someone sees my ring
359
00:18:22,643 --> 00:18:24,728
and says, "Is that real?"
360
00:18:24,770 --> 00:18:25,896
Am I gonna say
361
00:18:25,938 --> 00:18:27,523
yes or no?
362
00:18:30,609 --> 00:18:32,945
No woman who thought
she could get away with it
363
00:18:32,986 --> 00:18:37,449
has ever, ever said,
"No, it's fake."
364
00:18:41,036 --> 00:18:44,289
Okay, but is
a diamond a diamond?
365
00:18:44,331 --> 00:18:46,208
What do you mean?
366
00:18:46,250 --> 00:18:48,168
I mean synthetic diamonds
367
00:18:48,210 --> 00:18:50,295
have leaked into
the natural diamond market.
368
00:18:50,337 --> 00:18:52,089
Really?
369
00:18:52,131 --> 00:18:54,007
There saying one percent, maybe,
370
00:18:54,049 --> 00:18:55,467
in the form of melee--
371
00:18:55,509 --> 00:18:57,177
these teeny, teeny,
tiny diamonds
372
00:18:57,219 --> 00:18:58,846
that are sold in parcels.
373
00:18:58,887 --> 00:19:00,305
It's more like 20%.
374
00:19:00,347 --> 00:19:02,891
And nobody's even saying
what percent
375
00:19:02,933 --> 00:19:05,144
of larger stones are lab-grown.
376
00:19:09,731 --> 00:19:12,067
But for the diamond,
not for the synthetic diamond.
377
00:19:12,109 --> 00:19:14,069
The diamond was never real,
either.
378
00:19:14,111 --> 00:19:16,530
The diamond was always a lie.
379
00:19:16,572 --> 00:19:19,575
So the synthetic diamond
is just a lie about a lie,
380
00:19:19,616 --> 00:19:23,662
which I happen to think
is hilarious
381
00:19:23,704 --> 00:19:25,873
and sort of delightful.
382
00:19:27,124 --> 00:19:28,792
And one could argue
that synthetic diamonds,
383
00:19:28,834 --> 00:19:30,627
if what you're looking for is
384
00:19:30,669 --> 00:19:33,714
a really colorless,
flawless one-- no nitrogen,
385
00:19:33,755 --> 00:19:37,759
no nothing-- they can be made
386
00:19:37,801 --> 00:19:41,680
like nature intended
but never quite managed.
387
00:20:06,622 --> 00:20:08,415
tense music
388
00:20:44,868 --> 00:20:46,370
Every stone.
389
00:20:54,002 --> 00:20:56,421
Yeah. Yeah.
390
00:21:03,595 --> 00:21:05,389
This is really a problem,
you know?
391
00:21:17,192 --> 00:21:19,486
Two, three months before this,
392
00:21:19,528 --> 00:21:23,949
we publish that we found like
five percent stones mixed,
393
00:21:23,991 --> 00:21:26,159
you know, so...
394
00:21:30,038 --> 00:21:32,916
They would say,
"If De Beers says,
395
00:21:32,958 --> 00:21:36,503
'In the thousands of the stones,
we didn't found one stone,'
396
00:21:36,545 --> 00:21:40,841
then... the synthetics
is not a problem."
397
00:21:40,882 --> 00:21:44,219
Like, uh, "It doesn't matter."
398
00:21:57,024 --> 00:21:59,192
So, where are those stones?
399
00:21:59,234 --> 00:22:00,944
dramatic music
400
00:22:46,782 --> 00:22:51,453
No one will say, "I'm mixing
and I'm selling," of course.
401
00:22:51,495 --> 00:22:54,373
No one told me this,
but then they are saying,
402
00:22:54,414 --> 00:22:56,375
"Everybody are mixing
403
00:22:56,416 --> 00:22:59,211
if they can get the stones
from China."
404
00:23:13,892 --> 00:23:15,685
dramatic music
405
00:24:57,913 --> 00:25:01,708
- Wow. Wow.
406
00:25:01,750 --> 00:25:04,419
Mm-hmm. Okay.
407
00:25:14,095 --> 00:25:15,430
At the beginning,
408
00:25:15,472 --> 00:25:18,141
the quality was, uh...
409
00:25:18,183 --> 00:25:20,018
was, uh, problematic.
410
00:25:36,952 --> 00:25:39,037
Who is, who is buying
these stones?
411
00:25:39,079 --> 00:25:41,414
Where they are
selling these stones?
412
00:26:32,382 --> 00:26:35,427
Look, we don't really
sell diamonds.
413
00:26:35,468 --> 00:26:38,138
We sell the idea
behind the diamonds.
414
00:26:38,179 --> 00:26:40,265
And what's going on
with these synthetic guys,
415
00:26:40,307 --> 00:26:44,144
th-they're like parasites
getting under our skin,
416
00:26:44,185 --> 00:26:45,895
and they're trying to steal
the diamond dream.
417
00:26:45,937 --> 00:26:47,647
That's what they're really
trying to do.
418
00:26:47,689 --> 00:26:49,733
They're trying
to steal the diamond dream.
419
00:26:49,774 --> 00:26:52,485
But if they steal
the diamond dream,
420
00:26:52,527 --> 00:26:55,572
if they burn the diamonds
down to the core,
421
00:26:55,614 --> 00:26:58,158
if they destroy
the basic customer base
422
00:26:58,199 --> 00:26:59,993
for buying diamonds
423
00:27:00,035 --> 00:27:02,912
as the ultimate symbol
of committed love,
424
00:27:02,954 --> 00:27:05,373
now they've destroyed
the whole idea.
425
00:27:05,415 --> 00:27:08,668
And that's the challenge that
we face in the diamond industry.
426
00:27:13,214 --> 00:27:14,591
A young girl...
427
00:27:17,886 --> 00:27:20,263
...thinks about life
428
00:27:20,305 --> 00:27:23,266
and her future and what's
going to happen to her.
429
00:27:23,308 --> 00:27:28,355
And she imagines one day
she will fall in love.
430
00:27:29,147 --> 00:27:30,565
And she'll get married.
431
00:27:30,607 --> 00:27:34,527
And that person
will give her a diamond.
432
00:27:34,569 --> 00:27:36,279
And so the diamond dream
is about:
433
00:27:36,321 --> 00:27:39,407
What will life bring me?
434
00:27:39,449 --> 00:27:41,618
What greatness? What happiness?
435
00:27:41,660 --> 00:27:43,703
What's gonna happen to me?
436
00:27:43,745 --> 00:27:46,623
As a ten-year-old girl, even.
437
00:27:48,875 --> 00:27:51,836
The diamond dream
is about relationships.
438
00:27:51,878 --> 00:27:55,548
The human condition
is about relationships.
439
00:27:55,590 --> 00:27:58,968
We don't want to die alone.
440
00:28:04,015 --> 00:28:06,351
I think the diamond...
you know, the-the words, huh,
441
00:28:06,393 --> 00:28:09,854
"a diamond dream," um,
442
00:28:09,896 --> 00:28:12,399
were probably something
I just thought up, huh?
443
00:28:13,400 --> 00:28:15,360
playful music
444
00:28:19,989 --> 00:28:22,534
But actually, it existed
long before De Beers.
445
00:28:22,575 --> 00:28:25,954
You know, it goes well back
to the Duke of Burgundy,
446
00:28:25,995 --> 00:28:27,997
apparently, according to legend,
447
00:28:28,039 --> 00:28:31,501
who gave the first
diamond betrothal ring.
448
00:28:31,543 --> 00:28:35,004
No marketer told him
to do so, huh?
449
00:28:35,046 --> 00:28:38,341
And that core reason he did it
is as true today
450
00:28:38,383 --> 00:28:40,510
as it was then, which is that
451
00:28:40,552 --> 00:28:45,473
he was seeking to send
this symbol to his future wife
452
00:28:45,515 --> 00:28:47,767
that she was precious to him
453
00:28:47,809 --> 00:28:50,186
and that this moment
that they were marking
454
00:28:50,228 --> 00:28:51,604
was something precious.
455
00:28:51,646 --> 00:28:53,106
No, because diamond cutting
456
00:28:53,148 --> 00:28:55,108
had just been perfected
in Bruges
457
00:28:55,150 --> 00:28:58,528
and he wanted Bruges as part
of a multinational land deal
458
00:28:58,570 --> 00:29:01,656
that involved marrying
Mary of Burgundy.
459
00:29:01,698 --> 00:29:03,450
God, I wish people in history
460
00:29:03,491 --> 00:29:05,827
were named something
other than Mary.
461
00:29:05,869 --> 00:29:08,872
And I would assume
he knows that-- maybe--
462
00:29:08,913 --> 00:29:12,208
but, no, it wasn't 'cause
it was a precious object.
463
00:29:12,250 --> 00:29:14,335
It was a token, for sure.
464
00:29:14,377 --> 00:29:17,839
And he didn't give it to her;
he gave it to her father.
465
00:29:17,881 --> 00:29:19,758
And-and the point being?
466
00:29:19,799 --> 00:29:23,136
The point being
that that story is bunk.
467
00:29:23,178 --> 00:29:24,679
Or...
468
00:29:24,721 --> 00:29:26,306
it's what you make out of it.
469
00:29:26,347 --> 00:29:27,724
It's kind of like a diamond.
470
00:29:27,766 --> 00:29:29,809
It's an ugly rock
that if you cut enough
471
00:29:29,851 --> 00:29:31,644
reflective windows into it,
472
00:29:31,686 --> 00:29:34,439
it looks like something else.
473
00:29:34,481 --> 00:29:37,525
The 92-carat D color flawless,
474
00:29:37,567 --> 00:29:39,486
heart-shaped diamond and pearl,
475
00:29:39,527 --> 00:29:41,821
the largest
D color flawless heart
476
00:29:41,863 --> 00:29:43,239
to be offered for sale
at auction...
477
00:29:43,281 --> 00:29:46,159
Like, those large diamonds,
478
00:29:46,201 --> 00:29:48,745
those famous diamonds,
479
00:29:48,787 --> 00:29:51,539
they act like it's
a once-in-a-lifetime find,
480
00:29:51,581 --> 00:29:53,500
and yet, every time you look,
481
00:29:53,541 --> 00:29:58,338
Sotheby's or Christie's
is auctioning another one.
482
00:29:58,379 --> 00:30:01,966
It's the largest D flawless
diamond to ever come to market.
483
00:30:02,008 --> 00:30:06,262
It is the largest emerald cut
ever offered at auction.
484
00:30:06,304 --> 00:30:08,306
But the truth is there are
485
00:30:08,348 --> 00:30:10,850
a lot of diamonds waiting
for the company
486
00:30:10,892 --> 00:30:15,814
to have a good reason
to have a miraculous find,
487
00:30:15,855 --> 00:30:19,692
and then someone-- let's say...
488
00:30:19,734 --> 00:30:22,695
someone with a skill set
very much like mine--
489
00:30:22,737 --> 00:30:26,866
would be hired
under nondisclosure terms
490
00:30:26,908 --> 00:30:31,079
to spin a sort of fantasy
491
00:30:31,120 --> 00:30:33,706
about how
this diamond was found.
492
00:30:33,748 --> 00:30:37,585
The story that I'm about
to tell you surpasses all those
493
00:30:37,627 --> 00:30:39,546
that nourish my memory.
494
00:30:39,587 --> 00:30:43,383
Never shall I forget the miracle
of the Queen of Kalahari.
495
00:30:43,424 --> 00:30:44,884
It has to be the right name
496
00:30:44,926 --> 00:30:46,386
and the right story.
497
00:30:46,427 --> 00:30:48,847
They have origin stories,
like superheroes.
498
00:30:48,888 --> 00:30:51,432
In the clouded
mountains of Africa,
499
00:30:51,474 --> 00:30:54,394
an incredible treasure
was discovered.
500
00:30:54,853 --> 00:30:56,938
It was an abandoned section
of the mine,
501
00:30:56,980 --> 00:30:58,773
and it was just about
to be closed down.
502
00:30:58,815 --> 00:31:00,817
A miner found
503
00:31:00,859 --> 00:31:03,903
something glistening,
and with a penknife,
504
00:31:03,945 --> 00:31:05,321
he picked it out.
505
00:31:05,363 --> 00:31:07,073
We weren't sure
what it was, and...
506
00:31:07,115 --> 00:31:09,158
He took it
to his surface manager,
507
00:31:09,200 --> 00:31:10,910
who looked at
this great big lump
508
00:31:10,952 --> 00:31:13,204
and threw it out the window,
saying,
509
00:31:13,246 --> 00:31:14,581
"It's a piece of rock crystal."
510
00:31:14,622 --> 00:31:16,082
And then, as we were taking
511
00:31:16,124 --> 00:31:18,084
one last look at it
in the setting sun,
512
00:31:18,126 --> 00:31:21,212
we saw something glinting,
and...
513
00:31:21,254 --> 00:31:24,382
The miner retrieved it,
and they looked at it again
514
00:31:24,424 --> 00:31:28,678
and realized that it was
a 3,106-carat
515
00:31:28,720 --> 00:31:30,555
rough diamond.
516
00:31:30,597 --> 00:31:33,516
Lo and behold, it's this giant,
beautiful diamond
517
00:31:33,558 --> 00:31:35,435
that will then
be marketed with, you know,
518
00:31:35,476 --> 00:31:38,479
vistas of a sunset
with something that makes them
519
00:31:38,521 --> 00:31:42,066
think of Africa,
as though Africa isn't
520
00:31:42,108 --> 00:31:46,279
a gigantic continent comprised
of dozens of countries,
521
00:31:46,321 --> 00:31:48,156
most of which have nothing
to do with diamonds.
522
00:31:48,197 --> 00:31:50,742
Welcome to the Karowe mine!
523
00:31:50,783 --> 00:31:53,077
But the truth is
524
00:31:53,119 --> 00:31:54,913
it got pulled out by a bulldozer
525
00:31:54,954 --> 00:31:59,250
in a pile of dirt and waste,
526
00:31:59,292 --> 00:32:00,752
and that is how
it was discovered.
527
00:32:00,793 --> 00:32:03,129
-Sold!
528
00:32:03,171 --> 00:32:05,506
So it's like every origin story.
529
00:32:05,548 --> 00:32:08,426
It's been... embroidered.
530
00:32:15,475 --> 00:32:17,226
intriguing music
531
00:32:23,358 --> 00:32:26,069
The whole concept
of-of romantic love
532
00:32:26,110 --> 00:32:28,112
is actually a fairly new concept
533
00:32:28,154 --> 00:32:30,448
that's probably
less than 150 years old,
534
00:32:30,490 --> 00:32:33,618
let alone giving
these expensive gifts
535
00:32:33,660 --> 00:32:35,453
as-as a token of-of that love.
536
00:32:35,495 --> 00:32:38,498
That's even newer.
That's 100 years old.
537
00:32:38,539 --> 00:32:40,249
John, it is your business.
538
00:32:40,291 --> 00:32:42,210
It is my business. Yeah.
539
00:32:42,251 --> 00:32:43,503
But you don't have to buy
somebody's story.
540
00:32:43,544 --> 00:32:45,296
You don't have to buy
the marketing.
541
00:32:45,880 --> 00:32:48,508
I was that kid that would,
like, ask questions like,
542
00:32:48,549 --> 00:32:50,218
"If we're all descendant
543
00:32:50,259 --> 00:32:53,471
from Adam and Eve, how-how come
we're not all inbred?"
544
00:32:53,513 --> 00:32:55,181
And, you know,
545
00:32:55,223 --> 00:32:57,183
the answers I would get
from adults were:
546
00:32:57,225 --> 00:33:00,019
"Shut up. You don't ask
questions like that."
547
00:33:00,061 --> 00:33:01,729
And I realized as a little kid,
548
00:33:01,771 --> 00:33:03,272
if adults don't have
good answers
549
00:33:03,314 --> 00:33:04,774
for these questions,
they don't know
550
00:33:04,816 --> 00:33:06,317
what the fuck
they're talking about.
551
00:33:07,527 --> 00:33:09,988
So my fundamental belief
is that the value of diamond
552
00:33:10,029 --> 00:33:13,199
is in its technological
capability.
553
00:33:13,241 --> 00:33:15,702
Diamond has the same
transformative potential
554
00:33:15,743 --> 00:33:17,787
that silicon did have,
555
00:33:17,829 --> 00:33:22,041
and I do think that probably
within 15 to 20 years
556
00:33:22,083 --> 00:33:25,378
we'll see amazingly fast
diamond transistors
557
00:33:25,420 --> 00:33:28,339
in a lot of
our personal devices.
558
00:33:28,381 --> 00:33:30,008
Five...
559
00:33:30,049 --> 00:33:31,634
But we don't think
of it that way.
560
00:33:31,676 --> 00:33:34,887
We think of it as a gemstone,
so, you know,
561
00:33:34,929 --> 00:33:38,141
I got to do what I got to do,
which is
562
00:33:38,182 --> 00:33:42,478
make money by destroying
a gem industry
563
00:33:42,520 --> 00:33:45,857
to create a new industry
that I think is more valuable.
564
00:33:45,898 --> 00:33:47,900
You know, creative destruction.
565
00:33:47,942 --> 00:33:49,610
Isn't that... wasn't that Shiva?
566
00:33:57,618 --> 00:33:59,412
atmospheric music
567
00:34:20,349 --> 00:34:23,728
I mean, could be, could be
whatever, you know?
568
00:34:23,770 --> 00:34:25,772
dramatic music
569
00:34:42,330 --> 00:34:43,956
They are polishing whatever.
570
00:34:43,998 --> 00:34:47,335
You can send him...
what you have.
571
00:34:58,846 --> 00:35:01,224
curious music
572
00:35:08,815 --> 00:35:10,983
Very, very secret.
573
00:35:11,025 --> 00:35:13,653
So, actually seeing...
574
00:35:13,694 --> 00:35:14,946
You can't.
575
00:35:15,446 --> 00:35:18,032
And what are they
really scared about?
576
00:35:18,074 --> 00:35:19,325
They are scared, you know...
577
00:35:37,343 --> 00:35:38,511
Every day.
578
00:35:45,017 --> 00:35:47,270
...they have to go out.
579
00:35:48,062 --> 00:35:50,940
Legally. Or illegally.
580
00:36:00,241 --> 00:36:01,909
Because when are you a thief?
581
00:36:01,951 --> 00:36:03,828
Only when you're caught.
582
00:36:03,870 --> 00:36:07,665
Until then,
you're an honest person.
583
00:36:09,500 --> 00:36:12,336
It's not synthetics
which is a problem.
584
00:36:24,807 --> 00:36:28,519
Yeah, it is fraud. It is fraud.
It is downright fraud.
585
00:36:31,606 --> 00:36:33,524
Many, many sources
in the market.
586
00:37:05,806 --> 00:37:08,100
Nobody can enter.
587
00:37:17,693 --> 00:37:20,738
"Ho You Come Here Naughty Boy"
by Naheed Parvez
588
00:37:20,780 --> 00:37:22,573
singer vocalizing
589
00:38:19,213 --> 00:38:23,634
Come here, naughty boy
590
00:38:30,766 --> 00:38:34,895
Oh, you, come here
591
00:38:34,937 --> 00:38:39,317
Naughty boy, naughty boy
592
00:38:42,862 --> 00:38:47,116
Oh, you, come here
593
00:38:47,158 --> 00:38:50,661
Naughty boy, naughty boy...
594
00:39:02,340 --> 00:39:04,300
singer vocalizing
595
00:39:19,982 --> 00:39:22,485
But they're in
the market mixed with naturals?
596
00:39:22,526 --> 00:39:24,653
Is that what he's saying?
597
00:39:31,410 --> 00:39:34,747
Oh, you, come here...
598
00:39:50,262 --> 00:39:54,100
Oh, you, come here
599
00:39:54,141 --> 00:39:58,437
Naughty boy, naughty boy
600
00:39:58,479 --> 00:40:00,606
song ends
601
00:40:21,127 --> 00:40:24,046
This edition
of International Diamond Week
602
00:40:24,088 --> 00:40:26,632
is taking place during
603
00:40:26,674 --> 00:40:29,468
the most sensitive period
604
00:40:29,510 --> 00:40:32,763
the world diamond industry
has ever known.
605
00:40:50,156 --> 00:40:53,367
That's a tough, uh, thing to do.
606
00:40:53,409 --> 00:40:55,369
Both are real diamonds.
607
00:40:55,411 --> 00:40:57,121
You know? Both are
real diamonds. You know?
608
00:40:57,163 --> 00:40:58,956
The polished diamond output
609
00:40:58,998 --> 00:41:01,500
of one dominant
synthetic rough producer
610
00:41:01,542 --> 00:41:04,003
is said to enter
the consumer market
611
00:41:04,044 --> 00:41:06,172
largely undisclosed.
612
00:41:06,213 --> 00:41:07,506
So winter is coming.
613
00:41:27,151 --> 00:41:29,361
Everybody I know knows about it.
614
00:41:32,531 --> 00:41:34,074
-Zero.
-Because then they would
615
00:41:34,116 --> 00:41:37,703
start asking questions, and...
who benefits?
616
00:41:41,874 --> 00:41:44,710
How? I mean, the police
don't have any clue.
617
00:41:44,752 --> 00:41:47,046
You can't make out
the difference.
618
00:41:47,087 --> 00:41:49,381
You need special equipment.
619
00:41:49,423 --> 00:41:51,383
There's always been mixing.
620
00:41:51,425 --> 00:41:53,719
The problem is not the mixing.
621
00:41:53,761 --> 00:41:56,222
The problem is consumers
finding out about the mixing.
622
00:41:56,263 --> 00:41:59,558
As long as nobody found out,
nobody cares, right?
623
00:42:01,143 --> 00:42:02,937
Somebody sells me
a synthetic diamond,
624
00:42:02,978 --> 00:42:04,355
and I don't know it.
625
00:42:04,396 --> 00:42:06,232
Who was the crime
committed against?
626
00:42:06,273 --> 00:42:08,901
Was it committed against me?
627
00:42:09,735 --> 00:42:11,403
I wanted
628
00:42:11,445 --> 00:42:14,156
a diamond, and here I have one.
629
00:42:14,198 --> 00:42:16,325
So I'm happy.
630
00:42:16,367 --> 00:42:18,369
And if I don't know
the difference,
631
00:42:18,410 --> 00:42:20,412
the difference doesn't exist.
632
00:42:38,097 --> 00:42:39,765
You don't know.
633
00:42:40,933 --> 00:42:42,851
You don't know.
634
00:42:55,197 --> 00:42:57,783
intriguing music
635
00:43:38,157 --> 00:43:42,328
So it means there is
no simple identification.
636
00:43:42,369 --> 00:43:44,830
Not simple, not fast.
637
00:43:44,872 --> 00:43:48,584
Doesn't exist and will
never exist, you know.
638
00:43:50,169 --> 00:43:52,504
uplifting music
639
00:43:59,053 --> 00:44:01,847
The International Institute
of Diamond Grading & Research
640
00:44:01,889 --> 00:44:04,433
is a very new, important
business for De Beers.
641
00:44:04,475 --> 00:44:08,354
It's focused primarily currently
on selling detection equipment
642
00:44:08,395 --> 00:44:10,397
around the world.
643
00:44:16,070 --> 00:44:19,156
Welcome to
the new world of authenticity.
644
00:44:19,198 --> 00:44:21,700
Alrosa Diamond Inspector
is a mini laboratory...
645
00:44:21,742 --> 00:44:23,661
GIA's gem-testing device
646
00:44:23,702 --> 00:44:25,663
distinguishes natural diamonds
647
00:44:25,704 --> 00:44:27,456
from laboratory-grown
diamonds...
648
00:44:27,498 --> 00:44:30,668
It comes with the fastest
and smartest technology ever.
649
00:44:30,709 --> 00:44:32,294
Pass.
650
00:44:32,336 --> 00:44:34,046
It's like your own
portable gemologist.
651
00:44:34,088 --> 00:44:35,631
A person with
no technical knowledge
652
00:44:35,673 --> 00:44:37,549
can easily learn
and operate the system.
653
00:44:37,591 --> 00:44:40,803
...desktop instrument
is easy to operate.
654
00:44:49,937 --> 00:44:52,022
Come on. I was like, uh...
655
00:44:52,064 --> 00:44:56,944
All of us, small guys,
small labs, everything,
656
00:44:56,985 --> 00:45:01,073
will-will go, will go...
will be closed very soon.
657
00:45:10,666 --> 00:45:12,459
tense music
658
00:45:12,501 --> 00:45:15,462
They only put the melee
through those machines.
659
00:45:15,504 --> 00:45:16,922
Because its purpose
660
00:45:16,964 --> 00:45:20,050
is not to subvert
any criminal activity.
661
00:45:20,092 --> 00:45:23,929
It's to make everyone else
feel safe so there's no panic.
662
00:45:23,971 --> 00:45:26,056
Security theater.
663
00:45:37,401 --> 00:45:41,613
Uh, surprise, your big diamond
might be fake, too,
664
00:45:41,655 --> 00:45:45,117
even if you have
that nice GIA certificate.
665
00:45:45,159 --> 00:45:46,869
What do you mean?
666
00:45:46,910 --> 00:45:49,872
I mean you might buy a diamond
with a GIA certificate
667
00:45:49,913 --> 00:45:53,125
telling you where it's from,
where it was mined,
668
00:45:53,167 --> 00:45:58,130
that it's a for-real, actual
and conflict-free diamond,
669
00:45:58,172 --> 00:46:00,799
and the only thing that
you might be conflicted about
670
00:46:00,841 --> 00:46:02,926
is the fact that it's not.
671
00:46:05,304 --> 00:46:08,182
Mm-hmm, and that certificate
is-is like a...
672
00:46:08,223 --> 00:46:09,850
it's like a bearer bond.
673
00:46:09,892 --> 00:46:12,144
If you have it,
you could have any...
674
00:46:12,186 --> 00:46:13,896
you could...
you could have a tennis ball
675
00:46:13,937 --> 00:46:17,733
and one of those certificates,
and if they match,
676
00:46:17,775 --> 00:46:21,111
you-you have to accept
that this tennis ball
677
00:46:21,153 --> 00:46:24,072
is a really weird-looking
diamond.
678
00:46:24,114 --> 00:46:25,741
So there's a whole
cottage industry
679
00:46:25,783 --> 00:46:27,910
in making fake
birth certificates
680
00:46:27,951 --> 00:46:31,330
for "fake"
or lab-grown diamonds.
681
00:46:31,371 --> 00:46:32,790
intriguing music
682
00:46:45,385 --> 00:46:47,930
Well, that's why De Beers
ha-had to respond to that.
683
00:46:47,971 --> 00:46:50,140
'Cause we heard stories
of mixing.
684
00:46:50,182 --> 00:46:53,185
And-and it doesn't matter to me
whether it's, you know,
685
00:46:53,227 --> 00:46:56,021
a ten-carat diamond, you know,
worth half a million dollars
686
00:46:56,063 --> 00:46:57,981
or whether it-it's
a one-pointer.
687
00:46:58,023 --> 00:47:00,359
The-the-the promise
you're making
688
00:47:00,400 --> 00:47:02,778
is that they're all
miracles of nature.
689
00:47:07,908 --> 00:47:10,702
The role diamonds play
are about marking
690
00:47:10,744 --> 00:47:12,663
important moments in life
691
00:47:12,704 --> 00:47:17,251
with something that is
intrinsically rare and precious.
692
00:47:18,544 --> 00:47:20,629
And you can't make that.
693
00:47:20,671 --> 00:47:22,506
It's impossible.
694
00:47:22,548 --> 00:47:26,844
It's not about the money,
but it is about precious things,
695
00:47:26,885 --> 00:47:29,137
you know, do cost money.
696
00:47:29,179 --> 00:47:30,514
It's all greed.
697
00:47:30,556 --> 00:47:32,182
What do you mean?
698
00:47:32,224 --> 00:47:34,184
You know, if you want to make
money off of these mines,
699
00:47:34,226 --> 00:47:36,353
you got to pretend
like they're scarce.
700
00:47:36,395 --> 00:47:39,273
You know,
for many, many, many years,
701
00:47:39,314 --> 00:47:43,026
people only found diamonds in
riverbeds and streams in India,
702
00:47:43,068 --> 00:47:45,195
but then, at some point,
703
00:47:45,237 --> 00:47:48,866
people found that there's these
deposits called kimberlites.
704
00:47:48,907 --> 00:47:51,159
You know, kimberlite pipes
are not rare.
705
00:47:51,201 --> 00:47:52,870
They're all over the world.
706
00:47:52,911 --> 00:47:54,913
And then they just started
mining 'em.
707
00:47:56,790 --> 00:47:59,585
So the reality is
that diamond is
708
00:47:59,626 --> 00:48:02,421
one of the most common gemstones
on the face of the planet.
709
00:48:02,462 --> 00:48:05,007
But De Beers keeps them
710
00:48:05,048 --> 00:48:07,217
off to the side and says,
"No, we don't have 'em.
711
00:48:07,259 --> 00:48:08,969
We don't know what
you're talking about."
712
00:48:09,011 --> 00:48:10,804
And they control the prices.
713
00:48:10,846 --> 00:48:13,473
They want you
to continue believing
714
00:48:13,515 --> 00:48:16,435
that your natural gemstone
is valuable and unique and rare
715
00:48:16,476 --> 00:48:19,271
and precious, just like
your love, but it's not.
716
00:48:19,313 --> 00:48:21,940
It's-it's just like
everybody else's.
717
00:48:21,982 --> 00:48:24,401
These are diamonds.
718
00:48:24,443 --> 00:48:25,986
All of those bags,
719
00:48:26,028 --> 00:48:27,613
all the way to the ceiling,
are diamonds?
720
00:48:27,654 --> 00:48:29,281
Yes.
721
00:48:29,323 --> 00:48:30,824
And how many other rooms
722
00:48:30,866 --> 00:48:32,326
do you have like this?
723
00:48:32,367 --> 00:48:35,203
Oh, about, uh, 28 rooms.
724
00:48:35,245 --> 00:48:38,081
How many millions
of carats do you have down here?
725
00:48:38,123 --> 00:48:40,167
No, that is a commercial secret.
726
00:48:40,208 --> 00:48:43,462
So this is one of the last
great secrets of Russia?
727
00:48:43,503 --> 00:48:48,550
It's a secret for any
organization storing diamonds.
728
00:48:48,592 --> 00:48:50,135
There are enough
729
00:48:50,177 --> 00:48:52,304
for every man, woman
and child on the planet
730
00:48:52,346 --> 00:48:54,723
to have a half-carat
diamond ring,
731
00:48:54,765 --> 00:48:56,266
with a half a billion
732
00:48:56,308 --> 00:48:58,226
carats left over.
733
00:48:58,268 --> 00:48:59,811
There are a lot of diamonds.
734
00:48:59,853 --> 00:49:01,563
They're not scarce or rare.
735
00:49:01,605 --> 00:49:04,316
So I'm sorry you're asking
the only chick you got on film
736
00:49:04,358 --> 00:49:06,610
and I have nothing romantic
to say about it,
737
00:49:06,652 --> 00:49:08,528
but they are an economic good,
738
00:49:08,570 --> 00:49:10,322
and they put them
in ring holders.
739
00:49:12,407 --> 00:49:14,451
Well, you know,
740
00:49:14,493 --> 00:49:16,370
we're probably past peak supply.
741
00:49:16,411 --> 00:49:18,246
Yeah.
742
00:49:19,581 --> 00:49:22,376
It's fascinating
to me when I look back
743
00:49:22,417 --> 00:49:24,503
on how my life developed
the way it did,
744
00:49:24,544 --> 00:49:26,046
because my first interaction
745
00:49:26,088 --> 00:49:28,423
with the world of diamonds
was actually
746
00:49:28,465 --> 00:49:31,593
well before I ever knew
that I would end up
747
00:49:31,635 --> 00:49:34,346
within De Beers or within the...
within the diamond world.
748
00:49:36,306 --> 00:49:39,267
You know, I grew up
in Schenectady, New York,
749
00:49:39,309 --> 00:49:42,354
the old headquarters
of General Electric,
750
00:49:42,396 --> 00:49:46,817
the early synthesizer
of industrial diamond.
751
00:49:46,858 --> 00:49:49,653
A scientist at General Electric,
Mr. Hall,
752
00:49:49,695 --> 00:49:51,238
he was the next-door neighbor.
753
00:49:51,279 --> 00:49:53,031
He'd give me five dollars
every time it snowed
754
00:49:53,073 --> 00:49:54,866
to shovel his walk.
755
00:49:54,908 --> 00:49:58,662
Dr. H. Tracy Hall
is a world-famous chemist.
756
00:49:58,704 --> 00:50:01,873
He is one of the inventors
of the first practical process
757
00:50:01,915 --> 00:50:06,461
for making large quantities
of man-made diamonds.
758
00:50:06,503 --> 00:50:08,880
It was the sidewalk
from his front door
759
00:50:08,922 --> 00:50:11,675
and then across the street
that I had to do
760
00:50:11,717 --> 00:50:13,552
with my shovel.
761
00:50:13,593 --> 00:50:15,220
And he'd come out and inspect it
762
00:50:15,262 --> 00:50:17,055
before he'd give me
the five-dollar bill.
763
00:50:18,598 --> 00:50:20,392
Do you remember Tracy Hall?
764
00:50:20,434 --> 00:50:22,561
I remember him
as being scary.
765
00:50:22,602 --> 00:50:26,023
That is one of
the most incredible stories.
766
00:50:26,064 --> 00:50:28,233
From shoveling
Tracy Hall's driveway
767
00:50:28,275 --> 00:50:30,402
to marrying an Oppenheimer.
768
00:50:30,444 --> 00:50:33,238
I did think subsequently,
"What if I had left
769
00:50:33,280 --> 00:50:35,907
just a little bit more ice
on that pavement?"
770
00:50:35,949 --> 00:50:37,117
Really?
771
00:50:37,159 --> 00:50:38,618
Well, would we have had
772
00:50:38,660 --> 00:50:39,911
another couple of decades
773
00:50:39,953 --> 00:50:41,246
without synthesized diamond?
774
00:50:42,247 --> 00:50:45,042
dramatic music
775
00:50:47,169 --> 00:50:49,379
I think the fact that
776
00:50:49,421 --> 00:50:51,757
the very top brass at De Beers
777
00:50:51,798 --> 00:50:54,593
sat in a room with you
and signed a release,
778
00:50:54,634 --> 00:50:57,929
it's a sign
of incredible weakness.
779
00:51:00,599 --> 00:51:04,603
Compared to five years ago,
there would be no interview.
780
00:51:04,644 --> 00:51:06,521
There would never be
an interview.
781
00:51:06,563 --> 00:51:08,398
There's a lot of reasons
for that.
782
00:51:08,440 --> 00:51:10,067
One of them is,
783
00:51:10,108 --> 00:51:13,445
if synthetic diamond jewelry
ever takes a big market share--
784
00:51:13,487 --> 00:51:15,614
which I think
it very well could--
785
00:51:15,655 --> 00:51:17,699
then it would end up
like cultured pearls.
786
00:51:17,741 --> 00:51:19,868
No one would remember
there was ever a difference
787
00:51:19,910 --> 00:51:22,579
between cultured diamonds
and not-cultured diamonds.
788
00:51:22,621 --> 00:51:25,415
I don't even bother
keeping them separate
789
00:51:25,457 --> 00:51:27,876
in my jewelry boxes.
790
00:51:42,390 --> 00:51:45,519
If you want people
to really absorb information,
791
00:51:45,560 --> 00:51:47,813
you need to be able
to tell it to them
792
00:51:47,854 --> 00:51:50,190
in a way that is memorable.
793
00:51:50,232 --> 00:51:52,150
That's the definition
of a storyteller.
794
00:51:54,736 --> 00:51:57,656
Stories are the only way
in today's world
795
00:51:57,697 --> 00:52:02,285
people can absorb information
in any depth.
796
00:52:02,327 --> 00:52:05,956
In the old days,
it was more classic marketing.
797
00:52:05,997 --> 00:52:10,669
You know, I could buy NBC, CBS,
and you all saw it in a week.
798
00:52:10,710 --> 00:52:13,130
But now it's-it's more core.
799
00:52:13,171 --> 00:52:15,173
You need to take a step back.
800
00:52:15,215 --> 00:52:17,676
It's not about myths.
It's about truth.
801
00:52:17,717 --> 00:52:22,514
And truth is a good thing
if your story is a good one.
802
00:52:22,556 --> 00:52:24,808
gentle music
803
00:52:27,853 --> 00:52:29,688
Actually, here in Botswana,
804
00:52:29,729 --> 00:52:32,023
the world's leading producer
of diamonds,
805
00:52:32,065 --> 00:52:35,694
there's a huge positive benefit
created by the natural diamond.
806
00:52:43,285 --> 00:52:45,370
You know, sometimes
synthetic producers
807
00:52:45,412 --> 00:52:47,080
try and position their product
808
00:52:47,122 --> 00:52:49,708
as somehow an ethical
or environmental alternative.
809
00:52:49,749 --> 00:52:52,043
They say, "Oh, we don't make
a hole in the ground."
810
00:52:52,085 --> 00:52:55,338
And you're right, we do make
a big hole in the ground.
811
00:52:55,380 --> 00:52:57,883
It's about
two kilometers across,
812
00:52:57,924 --> 00:53:00,093
in a country the size of France,
813
00:53:00,135 --> 00:53:03,513
with nothing around it
but scrubland.
814
00:53:03,555 --> 00:53:05,265
You can look at that
in two ways.
815
00:53:05,307 --> 00:53:06,933
You can look at that hole
and say,
816
00:53:06,975 --> 00:53:08,393
"There's a big hole
in the ground,"
817
00:53:08,435 --> 00:53:11,396
or you can look
in that hole and think,
818
00:53:11,438 --> 00:53:15,066
how lucky the people
of Botswana were
819
00:53:15,108 --> 00:53:19,404
to have this two-kilometer
bit of land in an area that--
820
00:53:19,446 --> 00:53:21,072
what were they gonna do with it?
821
00:53:21,114 --> 00:53:23,074
Have like ten cows?
822
00:53:25,285 --> 00:53:27,871
And in that hole has been
823
00:53:27,913 --> 00:53:31,374
this extraordinary
transformation of a country
824
00:53:31,416 --> 00:53:34,002
from four miles of tarred road
to 4,000
825
00:53:34,044 --> 00:53:35,879
because of that hole
in the ground.
826
00:53:35,921 --> 00:53:39,090
A doctor for every 50,000 people
before diamonds.
827
00:53:39,132 --> 00:53:41,176
Now a doctor for every 300.
828
00:53:41,218 --> 00:53:44,054
Hospitals, free education. Why?
829
00:53:44,095 --> 00:53:46,765
It's-it's that hole
in the ground.
830
00:53:49,517 --> 00:53:52,145
De Beers is an African company.
831
00:53:52,187 --> 00:53:55,649
A lot of us may be based
in London, but the deep ethos
832
00:53:55,690 --> 00:53:58,652
of our operations
has Africa at its core.
833
00:53:59,945 --> 00:54:02,572
And there's nothing
more important to an African
834
00:54:02,614 --> 00:54:05,325
than their environment--
in particular, their wildlife--
835
00:54:05,367 --> 00:54:08,328
and you need to protect that,
as well.
836
00:54:08,370 --> 00:54:10,538
uplifting music
837
00:54:13,333 --> 00:54:14,960
You know, if I could bring
838
00:54:15,001 --> 00:54:16,962
every American
engagement ring consumer here
839
00:54:17,003 --> 00:54:20,966
to see with their own eyes
what diamonds do,
840
00:54:21,007 --> 00:54:24,386
they would never buy anything
but-but a natural diamond.
841
00:54:24,427 --> 00:54:26,721
You'd actually say,
"Geez, you know,
842
00:54:26,763 --> 00:54:29,224
why would you
synthesize something
843
00:54:29,266 --> 00:54:31,810
when it could do such harm
to-to this country?"
844
00:54:39,609 --> 00:54:41,945
The story is extraordinarily
845
00:54:41,987 --> 00:54:46,324
inspiring and has the great
convenience of being true.
846
00:54:46,366 --> 00:54:49,577
And you show me another
two-kilometer bit of...
847
00:54:49,619 --> 00:54:52,664
of the world that has done that.
848
00:55:12,350 --> 00:55:14,102
I want to take
this problem of synthetics
849
00:55:14,144 --> 00:55:16,104
to a whole other level.
850
00:55:16,146 --> 00:55:19,065
We're now living
in a world of...
851
00:55:19,107 --> 00:55:21,735
gender equality.
852
00:55:21,776 --> 00:55:26,239
Are diamonds under threat
not because of synthetics only--
853
00:55:26,281 --> 00:55:28,158
although synthetics
brings it down--
854
00:55:28,199 --> 00:55:29,826
because of
the whole question of,
855
00:55:29,868 --> 00:55:32,037
what is the relationship
between the man and the woman
856
00:55:32,078 --> 00:55:34,372
in the 21st century?
857
00:55:35,749 --> 00:55:39,377
Why is she receiving the gift
and not him?
858
00:55:39,419 --> 00:55:41,629
What's going on here?
859
00:55:41,671 --> 00:55:44,799
I could talk about the idea
of, you know,
860
00:55:44,841 --> 00:55:47,010
uh, anthropological studies
that show
861
00:55:47,052 --> 00:55:49,679
that the woman has the babies
and, because she has the babies,
862
00:55:49,721 --> 00:55:51,556
she wants the man
to make a commitment
863
00:55:51,598 --> 00:55:54,309
and know that he's gonna
support her. Okay.
864
00:55:54,351 --> 00:55:56,394
But we live in
a modern world today
865
00:55:56,436 --> 00:55:58,563
where women may be earning
more than men.
866
00:55:58,605 --> 00:56:01,733
She may not need him
or want him.
867
00:56:01,775 --> 00:56:03,860
We switch jobs
every couple of years.
868
00:56:03,902 --> 00:56:07,530
Maybe we're gonna switch,
uh, partners every few years.
869
00:56:07,572 --> 00:56:09,908
Our-our society is changing.
870
00:56:09,949 --> 00:56:13,078
And so the role of the diamond
is under threat
871
00:56:13,119 --> 00:56:16,373
because the role of the woman
and the man is under threat.
872
00:56:16,414 --> 00:56:21,336
But every day,
millennials are getting older.
873
00:56:21,378 --> 00:56:24,089
Their clocks are ticking.
874
00:56:24,130 --> 00:56:26,299
Their desire to procreate,
875
00:56:26,341 --> 00:56:28,468
whether it's genetic
or otherwise
876
00:56:28,510 --> 00:56:32,263
or whether it's, uh, uh,
Darwinian, is there.
877
00:56:32,305 --> 00:56:35,058
What's going to happen?
878
00:56:35,100 --> 00:56:40,105
Does the diamond play a role
in cementing the relationship?
879
00:56:40,146 --> 00:56:43,233
Does the woman
still want a diamond?
880
00:56:43,274 --> 00:56:46,194
And if so, why?
881
00:56:53,410 --> 00:56:55,912
I-I did. Yeah.
882
00:56:55,954 --> 00:57:00,792
I-I grew a diamond
for my former fiancée.
883
00:57:00,834 --> 00:57:02,335
Wait, so what's the story there?
884
00:57:02,377 --> 00:57:04,379
Um...
885
00:57:04,421 --> 00:57:06,965
I grew a diamond
and had it cut and polished
886
00:57:07,006 --> 00:57:10,885
and, uh, had it set in a setting
887
00:57:10,927 --> 00:57:13,680
and proposed to her with it.
888
00:57:14,848 --> 00:57:16,599
- And?
889
00:57:16,641 --> 00:57:18,810
I think she was unimpressed.
890
00:57:18,852 --> 00:57:21,062
What does that mean?
891
00:57:21,104 --> 00:57:22,730
It was too small.
892
00:57:22,772 --> 00:57:24,399
It was half a carat.
893
00:57:24,441 --> 00:57:27,610
-What did she say?
-Um...
894
00:57:28,736 --> 00:57:30,363
...that she wanted a bigger one.
895
00:57:36,870 --> 00:57:40,206
Ladies and gentlemen,
dear colleagues,
896
00:57:40,248 --> 00:57:45,253
my name is D-Dusan Simic,
and, uh, I'll talk today about
897
00:57:45,295 --> 00:57:48,506
my invention, my patent.
898
00:57:56,055 --> 00:57:58,433
It will ensure that we will have
899
00:57:58,475 --> 00:58:01,686
two completely different
products
900
00:58:01,728 --> 00:58:04,689
that cannot hurt each other.
901
00:58:07,317 --> 00:58:09,694
Yeah, yeah, yeah, it is.
It was a decision.
902
00:58:09,736 --> 00:58:12,739
Right now, I'm closing the lab
903
00:58:12,780 --> 00:58:16,075
and I'm going, uh, to do
other things, you know.
904
00:58:16,117 --> 00:58:18,828
It-it was nonsense to have a lab
905
00:58:18,870 --> 00:58:23,124
that it doesn't bring,
it doesn't bring any money.
906
00:58:23,166 --> 00:58:24,501
I really believe in this.
907
00:58:24,542 --> 00:58:26,753
I mean, it could be
a solution, you know.
908
00:58:26,794 --> 00:58:28,546
upbeat music
909
01:00:06,686 --> 01:00:08,980
Can I ask a dumb question?
910
01:00:33,921 --> 01:00:36,507
Of course. Of course.
911
01:00:56,402 --> 01:00:59,197
Uh, this brings
the presentations to...
912
01:01:07,830 --> 01:01:10,541
-Come on, I know all about you.
-Okay. Yeah, yeah, yeah.
913
01:01:19,258 --> 01:01:20,677
-You-you have a power...
-I'll do a deal with you.
914
01:01:20,718 --> 01:01:21,844
You have the power...
915
01:01:21,886 --> 01:01:22,679
I have the power
to make it work.
916
01:01:22,720 --> 01:01:23,971
...to make it work.
917
01:01:24,889 --> 01:01:26,474
Yes?
918
01:01:43,449 --> 01:01:45,118
contemplative music
919
01:02:00,758 --> 01:02:02,885
And action.
920
01:02:08,099 --> 01:02:10,852
At De Beers, everything you do,
921
01:02:10,893 --> 01:02:13,271
if the person
who owns your diamond
922
01:02:13,312 --> 01:02:15,440
sees anything
that makes them unhappy,
923
01:02:15,481 --> 01:02:17,275
is the wrong thing to do.
924
01:02:17,316 --> 01:02:20,862
They have to feel proud
of-of-of that diamond.
925
01:02:20,903 --> 01:02:23,531
That bit is, like,
the sacrosanct.
926
01:02:23,573 --> 01:02:26,284
You must protect them.
927
01:02:26,325 --> 01:02:28,286
You don't want people
who question things.
928
01:02:28,327 --> 01:02:29,871
Those aren't good consumers.
929
01:02:29,912 --> 01:02:31,706
They question
how many of their...
930
01:02:31,748 --> 01:02:33,583
"Are all of these real?
931
01:02:33,624 --> 01:02:37,128
Well, how I know for sure?"
932
01:02:37,170 --> 01:02:38,713
Then they're gonna start
to ask questions about--
933
01:02:38,755 --> 01:02:40,631
what are the differences?
934
01:02:44,302 --> 01:02:45,803
I don't hate De Beers.
935
01:02:45,845 --> 01:02:47,305
It's not a personal grudge.
936
01:02:47,346 --> 01:02:49,682
It has nothing to do
with my career, per se,
937
01:02:49,724 --> 01:02:51,768
like, you know,
anybody's annoyed me
938
01:02:51,809 --> 01:02:53,144
at any point in the past
939
01:02:53,186 --> 01:02:55,813
or being the only woman
in the room.
940
01:02:55,855 --> 01:02:57,857
I-I have no skin in the game.
941
01:02:59,525 --> 01:03:04,489
It's just that I'm interested
in what they're actually doing.
942
01:03:04,530 --> 01:03:06,991
And I think, if you look closer,
943
01:03:07,033 --> 01:03:10,286
it's never really
what you thought you saw.
944
01:03:12,747 --> 01:03:14,665
And in this case,
you're assuming
945
01:03:14,707 --> 01:03:17,293
the mixing scandal
was ever a problem
946
01:03:17,335 --> 01:03:19,337
for the people
claiming it's a problem.
947
01:03:19,378 --> 01:03:21,255
Because they're also
948
01:03:21,297 --> 01:03:25,343
the ones putting the most money
and quietly the most manpower
949
01:03:25,384 --> 01:03:29,347
into growing them in labs.
950
01:03:31,307 --> 01:03:35,353
So, a lie about a lie
about a lie about a lie.
951
01:03:35,394 --> 01:03:37,104
Delightful.
952
01:03:37,146 --> 01:03:40,149
The diamond jewelry industry
is set for a shake-up
953
01:03:40,191 --> 01:03:43,027
after global diamond giant
De Beers announced
954
01:03:43,069 --> 01:03:45,696
it planned to sell diamonds
grown in a laboratory.
955
01:03:45,738 --> 01:03:49,200
After years of
criticizing lab-made diamonds,
956
01:03:49,242 --> 01:03:51,702
the world's largest
diamond miner, De Beers,
957
01:03:51,744 --> 01:03:53,371
will now sell them.
958
01:03:53,412 --> 01:03:57,208
Of course they were
working on growing their own.
959
01:03:57,250 --> 01:04:00,545
De Beers never sold a diamond--
they sold an idea--
960
01:04:00,586 --> 01:04:02,713
and this is just a new idea.
961
01:04:02,755 --> 01:04:04,924
The Lightbox brand is bringing
962
01:04:04,966 --> 01:04:08,386
the synthesized product
in a way that is
963
01:04:08,427 --> 01:04:09,804
honest about what it is
964
01:04:09,846 --> 01:04:12,682
but, equally importantly,
what it isn't.
965
01:04:12,723 --> 01:04:14,392
The difference is that,
966
01:04:14,433 --> 01:04:16,519
while a natural diamond is made
over billions of years,
967
01:04:16,561 --> 01:04:18,229
comes from deep in the ground,
968
01:04:18,271 --> 01:04:22,149
a lab-grown diamond is
literally made in a factory
969
01:04:22,191 --> 01:04:24,485
over a period
of about two weeks.
970
01:04:24,527 --> 01:04:26,737
It's something less precious.
971
01:04:26,779 --> 01:04:28,239
Maybe for travel jewelry.
972
01:04:28,281 --> 01:04:30,032
It's a nice thing, huh?
973
01:04:30,074 --> 01:04:33,828
It's... you know, you see
a sparkly blue or pink stone,
974
01:04:33,870 --> 01:04:36,873
it's pretty, and it's
very inexpensive to make.
975
01:04:36,914 --> 01:04:39,000
Consumer research tells us
that women prefer
976
01:04:39,041 --> 01:04:41,210
natural diamonds
for life's big occasions
977
01:04:41,252 --> 01:04:43,421
like an engagement ring
or a wedding band,
978
01:04:43,462 --> 01:04:46,048
but these are perfect for all
of other life's occasions.
979
01:04:46,090 --> 01:04:48,175
If you lose it,
don't worry so much,
980
01:04:48,217 --> 01:04:49,927
'cause it's not very expensive.
981
01:04:49,969 --> 01:04:52,179
It's not a memorable thing
that 30 years from now
982
01:04:52,221 --> 01:04:54,557
you're going to be,
you know, cherishing.
983
01:04:54,599 --> 01:04:56,767
You're not gonna pass it on
to your children.
984
01:04:56,809 --> 01:04:58,603
But there's a lot
of jewelry like that,
985
01:04:58,644 --> 01:05:00,605
and there's nothing wrong
with it.
986
01:05:00,646 --> 01:05:02,315
Oh, yeah, really?
987
01:05:02,356 --> 01:05:03,983
After shitting on it
for ten years,
988
01:05:04,025 --> 01:05:05,693
you want to get into it?
All right.
989
01:05:05,735 --> 01:05:07,153
I think where it came from is
990
01:05:07,194 --> 01:05:08,988
they want to cut out
all the people like me.
991
01:05:09,030 --> 01:05:11,032
They want to cut out all
the people that are
992
01:05:11,073 --> 01:05:13,284
creating new diamonds
by undercutting the market.
993
01:05:13,326 --> 01:05:15,411
The gemstone giant De Beers
994
01:05:15,453 --> 01:05:18,789
is building a $94 million dollar
plant there in Gresham.
995
01:05:18,831 --> 01:05:21,083
The laboratory-made
stones produced
996
01:05:21,125 --> 01:05:24,253
will be up to 90% less expensive
than natural stones.
997
01:05:24,295 --> 01:05:26,047
At that point,
you have to assume
998
01:05:26,088 --> 01:05:28,132
they don't want to sell them.
999
01:05:28,174 --> 01:05:32,261
Because when you have
a product that you can't sell,
1000
01:05:32,303 --> 01:05:33,888
what do you do?
1001
01:05:33,930 --> 01:05:35,640
You put it on sale.
1002
01:05:35,681 --> 01:05:36,974
You reduce the price, right?
1003
01:05:37,016 --> 01:05:39,310
All this product is
$800 a carat,
1004
01:05:39,352 --> 01:05:41,228
so that's much, much less
1005
01:05:41,270 --> 01:05:42,772
-than natural diamonds.
- Wow.
1006
01:05:42,813 --> 01:05:44,148
So it's a different
thought process--
1007
01:05:44,190 --> 01:05:45,483
right?-- when you're going
to shop for it.
1008
01:05:45,524 --> 01:05:48,069
Now we know, because De Beers
1009
01:05:48,110 --> 01:05:50,071
have told us so,
that there's a difference,
1010
01:05:50,112 --> 01:05:51,822
"We've differentiated."
1011
01:05:51,864 --> 01:05:54,951
But then the FTC just expanded
1012
01:05:54,992 --> 01:05:57,995
the definition of diamond,
1013
01:05:58,037 --> 01:06:00,665
and now it includes
lab-grown diamonds.
1014
01:06:00,706 --> 01:06:04,794
So, does that mean a diamond
is only worth $800 a carat?
1015
01:06:50,381 --> 01:06:54,802
Simply, he did not...
he did not understand.
1016
01:06:54,844 --> 01:06:56,554
He's talking about
something else.
1017
01:06:56,595 --> 01:06:59,557
Even I cannot understand
what he wants to say, you know.
1018
01:07:00,933 --> 01:07:02,935
I send mail answer to Martin,
1019
01:07:02,977 --> 01:07:06,564
and, uh, since then,
he is not, uh...
1020
01:07:06,605 --> 01:07:09,442
he did not answer it.
1021
01:07:09,483 --> 01:07:11,861
I don't... I don't know.
1022
01:07:11,902 --> 01:07:14,780
We did not continue, you know.
1023
01:07:16,323 --> 01:07:18,284
I don't know.
1024
01:07:21,829 --> 01:07:23,622
dramatic music
1025
01:07:44,810 --> 01:07:47,104
- Okay, we go to...?
- Uh, LaGuardia.
1026
01:07:47,146 --> 01:07:49,440
-LaGuardia. Okay.
-Yeah, turn left.
1027
01:08:09,919 --> 01:08:11,545
Something like that?
1028
01:08:17,343 --> 01:08:19,386
You told me D?
1029
01:08:19,428 --> 01:08:22,848
Yeah. Terminal D. Thank you.
1030
01:08:22,890 --> 01:08:25,476
There is no room for this.
1031
01:09:37,423 --> 01:09:38,549
To make money?
1032
01:09:40,843 --> 01:09:44,722
I don't know.
Right now, right now, I'm, uh...
1033
01:09:44,763 --> 01:09:46,849
I'm waiting for it.
1034
01:09:46,891 --> 01:09:48,559
I'll start...
1035
01:10:03,949 --> 01:10:06,577
Ah. Good idea, huh?
1036
01:10:13,792 --> 01:10:15,920
So, I don't know...
I don't remember who is who.
1037
01:10:15,961 --> 01:10:17,838
I don't remember who is where.
1038
01:10:17,880 --> 01:10:19,840
Here's Miley and everybody.
1039
01:10:22,551 --> 01:10:26,013
All right, Sunday night,
we have to play craps.
1040
01:10:26,055 --> 01:10:28,015
It's after my speech.
1041
01:10:28,057 --> 01:10:30,142
It's gonna be
a crazy day for me.
1042
01:10:30,184 --> 01:10:32,144
I'm gonna be blowing up
half the industry.
1043
01:10:32,186 --> 01:10:33,479
What's the speech about?
1044
01:10:33,520 --> 01:10:35,147
-Synthetics.
- Synthetics!
1045
01:10:35,189 --> 01:10:37,107
- Oh.
- Oh, wow.
1046
01:10:37,149 --> 01:10:38,234
-Yeah.
-Wow, that's serious.
1047
01:10:38,275 --> 01:10:39,777
It's gonna be happening, man.
1048
01:10:39,818 --> 01:10:42,446
Anyways, thinking about
this threat of synthetics...
1049
01:10:42,488 --> 01:10:44,114
I think it's
a really big problem.
1050
01:10:44,156 --> 01:10:47,284
I bought a lot of stuff
from a-a jeweler in New Jersey,
1051
01:10:47,326 --> 01:10:49,453
and he told me he sells
1052
01:10:49,495 --> 01:10:52,623
95% synthetic diamond
engagement rings.
1053
01:10:52,665 --> 01:10:55,960
-95%.
- What price points?
1054
01:10:56,001 --> 01:10:57,920
All over the place.
1055
01:10:57,962 --> 01:11:00,506
And I'm like, "Oh, how about
this natural stone? It's cheap."
1056
01:11:00,547 --> 01:11:02,841
And he's like,
"I'm gonna sell synthetic."
1057
01:11:02,883 --> 01:11:04,468
That's-that's scary to me.
1058
01:11:04,510 --> 01:11:06,470
If you have a retail store
and someone's gonna come in,
1059
01:11:06,512 --> 01:11:08,138
they're gonna say,
"How much is this diamond?
1060
01:11:08,180 --> 01:11:10,224
Oh, this one's 5,000?
It's a one-carat?
1061
01:11:10,266 --> 01:11:11,725
How much is this one?"
1062
01:11:11,767 --> 01:11:14,228
"Uh, this one's 500 bucks.
It's a synthetic."
1063
01:11:14,270 --> 01:11:15,771
"Okay. What's the difference?"
1064
01:11:15,813 --> 01:11:17,648
"I don't know.
GIA can barely tell."
1065
01:11:17,690 --> 01:11:19,566
People that are getting married,
1066
01:11:19,608 --> 01:11:21,068
you're not thinking...
that's like thinking about--
1067
01:11:21,110 --> 01:11:22,653
You're not thinking what?
1068
01:11:22,695 --> 01:11:24,154
You're not thinking about
getting divorced, you know,
1069
01:11:24,196 --> 01:11:25,489
-when you're getting married.
-Sure.
1070
01:11:25,531 --> 01:11:27,074
So you don't care about
the resale value?
1071
01:11:27,116 --> 01:11:28,826
-So... yeah, no, you don't.
- No, they don't.
1072
01:11:28,867 --> 01:11:30,619
- Yeah, they don't care.
- Think about it.
1073
01:11:30,661 --> 01:11:32,162
We're in a throw-away economy.
Throw away everything.
1074
01:11:32,204 --> 01:11:33,664
Buy something, throw it away
five years later.
1075
01:11:33,706 --> 01:11:35,499
- Right.
-You spend $1,000 on a phone,
1076
01:11:35,541 --> 01:11:36,875
-throw it out next year.
-And they-they already realize
1077
01:11:36,917 --> 01:11:38,294
that diamonds have no value.
1078
01:11:38,335 --> 01:11:39,878
I-I have people that
they already say that.
1079
01:11:39,920 --> 01:11:42,881
-Guys, especially.
- So, why sell natural?
1080
01:11:42,923 --> 01:11:45,801
That's the big challenge.
That's the challenge.
1081
01:11:45,843 --> 01:11:48,387
Millennials,
they want an experience.
1082
01:11:48,429 --> 01:11:50,848
You know?
And-and they are scared...
1083
01:11:50,889 --> 01:11:52,891
- atmospheric music
1084
01:11:52,933 --> 01:11:56,687
There's this quote
I like that's, uh...
1085
01:11:56,729 --> 01:11:59,523
"All your life, you live
so close to the truth
1086
01:11:59,565 --> 01:12:02,067
that it becomes a permanent blur
in the corner of your eye.
1087
01:12:07,197 --> 01:12:10,868
And when something nudges it
into outline, it's like being
1088
01:12:10,909 --> 01:12:13,537
ambushed by the grotesque."
1089
01:12:14,663 --> 01:12:16,874
A lot of things fall
into the category
1090
01:12:16,915 --> 01:12:19,960
of true or not true, but...
1091
01:12:20,002 --> 01:12:21,712
a lot of things don't.
1092
01:12:21,754 --> 01:12:25,132
A lot of things start as a lie
and have a way of becoming true.
1093
01:12:25,174 --> 01:12:26,884
intriguing music
1094
01:12:28,761 --> 01:12:31,180
They lied about
how many there were.
1095
01:12:31,221 --> 01:12:32,556
They lied
about how they got them.
1096
01:12:32,598 --> 01:12:34,224
They lied about
where they kept them.
1097
01:12:34,266 --> 01:12:36,185
They lie about
all kinds of things
1098
01:12:36,226 --> 01:12:37,561
because they built a myth.
1099
01:12:37,603 --> 01:12:39,563
If they want to sell
natural diamonds,
1100
01:12:39,605 --> 01:12:41,190
they have to insist on the myth.
1101
01:12:41,231 --> 01:12:43,400
If they want to sell
synthetic diamonds,
1102
01:12:43,442 --> 01:12:45,486
they have to insist on the myth.
1103
01:12:47,780 --> 01:12:49,740
Because why would you want
a synthetic diamond
1104
01:12:49,782 --> 01:12:52,409
if a real diamond
wasn't valuable?
1105
01:13:23,315 --> 01:13:26,902
-So it's all here?
-Yeah, this is a...
1106
01:13:26,944 --> 01:13:28,612
This is like a, like a...
1107
01:13:33,659 --> 01:13:36,120
The truth is not a requirement
1108
01:13:36,161 --> 01:13:37,871
for what people believe.
1109
01:13:37,913 --> 01:13:39,415
What people believe
1110
01:13:39,456 --> 01:13:41,125
is what they want to believe,
1111
01:13:41,166 --> 01:13:44,878
what they need to believe,
what doesn't conflict with
1112
01:13:44,920 --> 01:13:47,798
their more necessary
load-bearing beliefs.
1113
01:13:47,840 --> 01:13:49,925
Ultimately, what everybody
around them believes.
1114
01:13:49,967 --> 01:13:52,678
Avi, where are the synthetics?
1115
01:13:52,719 --> 01:13:55,305
Anybody know
where the synthetics are?
1116
01:13:55,347 --> 01:13:56,974
How much are these pinks?
1117
01:13:57,015 --> 01:13:58,684
These are around, like, $600.
1118
01:13:58,725 --> 01:14:01,103
Six... Really? So expensive.
1119
01:14:01,145 --> 01:14:02,438
So, what do we do with you guys?
1120
01:14:02,479 --> 01:14:03,856
What should we do
with you synthetic guys?
1121
01:14:03,897 --> 01:14:04,898
You tell me.
1122
01:14:04,940 --> 01:14:06,316
What is your solution?
1123
01:14:06,358 --> 01:14:07,985
I don't know yet. I'm thinking.
1124
01:14:08,026 --> 01:14:10,904
The only solution is you.
1125
01:14:10,946 --> 01:14:13,490
I think you could give us
a proper solution,
1126
01:14:13,532 --> 01:14:16,702
a proper place on the market
and a proper pricing.
1127
01:14:16,743 --> 01:14:18,495
We lose
the engagement ring market,
1128
01:14:18,537 --> 01:14:20,664
you're all out of business.
1129
01:14:20,706 --> 01:14:22,916
Us being--
everybody's out of business.
1130
01:14:22,958 --> 01:14:25,752
I have the utmost admiration
for De Beers.
1131
01:14:27,212 --> 01:14:30,299
Incredible admiration.
1132
01:14:30,340 --> 01:14:33,844
They created an illusion
1133
01:14:33,886 --> 01:14:37,681
so spectacular
it turned into truth.
1134
01:14:37,723 --> 01:14:40,517
How do you not applaud that?
1135
01:14:48,233 --> 01:14:49,860
Okay.
1136
01:14:49,902 --> 01:14:52,488
Mass delusions
can turn on a dime,
1137
01:14:52,529 --> 01:14:54,907
and it's not that
1138
01:14:54,948 --> 01:14:59,203
synthetic diamonds
might be made undetectable.
1139
01:14:59,244 --> 01:15:01,413
It's that
1140
01:15:01,455 --> 01:15:05,501
they might have been
made real at that point.
1141
01:15:06,251 --> 01:15:08,337
There's the ball game.
1142
01:16:09,398 --> 01:16:11,191
dramatic music
1143
01:16:54,860 --> 01:16:56,486
So...
1144
01:16:58,864 --> 01:16:59,990
Became...
1145
01:17:43,408 --> 01:17:46,536
Okay? Okay.
1146
01:17:46,578 --> 01:17:48,872
Yeah? Wow.
1147
01:17:54,252 --> 01:17:56,046
Morning, everyone.
1148
01:17:56,088 --> 01:17:57,964
Now we're gonna get
this party started,
1149
01:17:58,006 --> 01:18:00,842
and I'm gonna welcome
Mr. Martin Rapaport.
1150
01:18:03,720 --> 01:18:05,639
All right.
Good morning, everybody.
1151
01:18:05,681 --> 01:18:07,349
Uh, welcome.
Good morning, Vegas.
1152
01:18:07,391 --> 01:18:09,226
Okay, let's see
where we are here.
1153
01:18:09,267 --> 01:18:11,103
The first thing that
I just want to explain
1154
01:18:11,144 --> 01:18:13,355
a little bit about Rapaport
is that
1155
01:18:13,397 --> 01:18:15,691
we're in the value business.
1156
01:18:15,732 --> 01:18:17,275
Which means,
if it's not ethical,
1157
01:18:17,317 --> 01:18:18,777
I don't want to do it, okay?
1158
01:18:18,819 --> 01:18:23,323
Established in 1978,
230 employees,
1159
01:18:23,365 --> 01:18:25,575
nine offices, uh, six countries.
1160
01:18:25,617 --> 01:18:28,203
RapNet diamond trading network,
the largest in the world--
1161
01:18:28,245 --> 01:18:31,415
it's got about $7.4 billion
dollars listed every day.
1162
01:18:33,250 --> 01:18:34,876
We're gonna have a vote.
1163
01:18:34,918 --> 01:18:36,461
Should RapNet, the largest
1164
01:18:36,503 --> 01:18:38,088
diamond trading network
in the world,
1165
01:18:38,130 --> 01:18:40,215
carry synthetics?
1166
01:18:40,257 --> 01:18:42,008
Yes.
1167
01:18:42,050 --> 01:18:44,886
Should Rapaport produce
a price list for synthetics?
1168
01:18:44,928 --> 01:18:46,847
Second question.
1169
01:18:48,390 --> 01:18:50,267
Why-why is this
making you so happy?
1170
01:18:50,308 --> 01:18:51,852
Because let people speak.
1171
01:18:51,893 --> 01:18:53,895
No one knows.
Everyone's confused.
1172
01:18:53,937 --> 01:18:56,022
I never saw so many people
walking around...
1173
01:18:56,064 --> 01:18:58,275
"I don't know. Should I?
Shouldn't I? Would I? Would I?"
1174
01:18:58,316 --> 01:19:00,110
Let's ask everybody.
1175
01:19:00,152 --> 01:19:03,572
Should we be giving people
the perception of value
1176
01:19:03,613 --> 01:19:05,782
when it's not there?
1177
01:19:06,783 --> 01:19:08,535
What the hell's going on here?
1178
01:19:08,577 --> 01:19:11,079
Could someone tell me?
Anybody know?
1179
01:19:11,121 --> 01:19:15,125
The threat of synthetic diamonds
is a wake-up call.
1180
01:19:15,167 --> 01:19:16,752
It says, "Hey, guys.
1181
01:19:16,793 --> 01:19:19,171
You got a hole
in your boat here."
1182
01:19:19,212 --> 01:19:23,467
For this machine, for this, uh,
uh, diamond industry to work,
1183
01:19:23,508 --> 01:19:27,220
we need to have all of these
functioning pieces operating
1184
01:19:27,262 --> 01:19:30,390
at some level of responsibility
and relationship.
1185
01:19:30,432 --> 01:19:34,144
We can't just be ourselves,
our own little islands.
1186
01:19:35,896 --> 01:19:37,856
elegant music
1187
01:20:07,886 --> 01:20:09,846
We should be thinking about,
1188
01:20:09,888 --> 01:20:11,932
"What exactly are we selling?"
1189
01:20:11,973 --> 01:20:14,351
It's the promise of diamonds.
1190
01:20:15,644 --> 01:20:18,313
And the big question, "Do we
invest in synthetic diamonds?"
1191
01:20:18,355 --> 01:20:20,357
Are we investing in ethical
diamonds in the supply chain?
1192
01:20:20,398 --> 01:20:22,484
Are we gonna do both?
What are we gonna do?
1193
01:20:22,526 --> 01:20:23,693
Wh-Where are we gonna go?
1194
01:20:23,735 --> 01:20:25,195
We know we can't stay
where we are.
1195
01:20:29,241 --> 01:20:32,702
And I can say to you that
the RapNet members have voted.
1196
01:20:32,744 --> 01:20:34,830
So roll the drums.
1197
01:20:34,871 --> 01:20:36,331
Here is how the votes went.
1198
01:20:36,373 --> 01:20:38,250
Should RapNet list
synthetic diamonds
1199
01:20:38,291 --> 01:20:40,377
as a way to buy
and sell diamonds?
1200
01:20:40,418 --> 01:20:43,588
-79% no.
1201
01:20:45,298 --> 01:20:48,927
Should Rapaport publish
a synthetic price list?
1202
01:20:48,969 --> 01:20:51,179
No.
1203
01:20:51,221 --> 01:20:54,599
So, what's
the Rapaport position?
1204
01:20:54,641 --> 01:20:57,435
Claims that synthetic diamonds
are exactly the same
1205
01:20:57,477 --> 01:20:59,396
as natural diamonds, false.
1206
01:20:59,437 --> 01:21:01,731
It's just a big lie.
1207
01:21:13,702 --> 01:21:15,203
Am I gonna be the person
1208
01:21:15,245 --> 01:21:18,415
that's going to legitimize
lab-grown diamonds?
1209
01:21:18,456 --> 01:21:20,417
No, I'm not gonna do that.
1210
01:21:22,085 --> 01:21:24,421
But we have to invest.
We have to go forward.
1211
01:21:24,462 --> 01:21:27,007
We cannot just keep
doing business the way we were.
1212
01:21:27,048 --> 01:21:29,426
Prices are going down.
1213
01:21:29,467 --> 01:21:31,761
What the hell does that mean?
What do you mean?
1214
01:21:31,803 --> 01:21:33,597
How can prices of diamonds
keep going down
1215
01:21:33,638 --> 01:21:34,890
and down and down?
1216
01:21:34,931 --> 01:21:36,933
What the hell is going on here?
1217
01:21:36,975 --> 01:21:39,102
Even the mining companies now
1218
01:21:39,144 --> 01:21:40,896
don't have enough money
to fix everything.
1219
01:21:40,937 --> 01:21:43,231
But a commitment
of a billion dollars
1220
01:21:43,273 --> 01:21:45,567
in marketing in actual diamonds
1221
01:21:45,609 --> 01:21:48,987
is something I am calling for
today, here and now.
1222
01:21:50,822 --> 01:21:52,324
dramatic music
1223
01:22:09,341 --> 01:22:11,092
I am telling you that there is
1224
01:22:11,134 --> 01:22:13,094
a bogeyman under the bed
1225
01:22:13,136 --> 01:22:15,305
and that things are not right.
1226
01:22:15,347 --> 01:22:17,641
But we keep thinking,
"Prices, discounts."
1227
01:22:17,682 --> 01:22:19,559
This is stupid. It's wrong.
1228
01:22:19,601 --> 01:22:22,938
The diamond engagement ring is
an emotional and spiritual gift
1229
01:22:22,979 --> 01:22:25,565
that transcends
the physical diamond
1230
01:22:25,607 --> 01:22:29,152
as it communicates
the commitment of love forever.
1231
01:22:29,194 --> 01:22:32,447
That is what we're selling.
1232
01:22:32,489 --> 01:22:34,074
But we must have a heart.
1233
01:22:34,115 --> 01:22:36,409
We must have a soul.
1234
01:22:39,120 --> 01:22:42,207
Diamonds are a reflection of us.
1235
01:22:42,248 --> 01:22:45,168
You know that light
bouncing around? It's us.
1236
01:22:45,210 --> 01:22:47,837
We... we the people
of the diamond industry.
1237
01:22:47,879 --> 01:22:50,006
That's what
these diamonds reflect.
1238
01:22:50,048 --> 01:22:52,509
Know this:
diamonds are a symbol.
1239
01:22:52,550 --> 01:22:54,511
They're not a product.
They're not a commodity.
1240
01:22:59,265 --> 01:23:01,184
Good, huh?
1241
01:23:01,226 --> 01:23:03,019
Let's go.
1242
01:23:03,061 --> 01:23:04,354
When all is said and done,
1243
01:23:04,396 --> 01:23:06,106
diamonds are only
as good as we are.
1244
01:23:06,147 --> 01:23:08,817
So I give us a blessing.
1245
01:23:09,985 --> 01:23:12,696
May we be worthy of the product,
1246
01:23:12,737 --> 01:23:14,948
of the symbolism that we sell.
1247
01:23:14,990 --> 01:23:18,535
May we be up to diamonds.
Thank you.
1248
01:23:47,564 --> 01:23:49,899
music ends
1249
01:24:04,581 --> 01:24:08,084
"Nothing Lasts Forever"
by The Kinks
1250
01:24:11,838 --> 01:24:15,050
When we were young
1251
01:24:15,091 --> 01:24:18,219
And green
1252
01:24:18,261 --> 01:24:23,266
We shared our dreams
1253
01:24:23,308 --> 01:24:27,353
Together
1254
01:24:27,395 --> 01:24:31,066
And you were my friend
1255
01:24:31,107 --> 01:24:35,945
We had our good times, pal
1256
01:24:37,280 --> 01:24:41,701
We thought they'd last
1257
01:24:41,743 --> 01:24:45,747
Forever
1258
01:24:45,789 --> 01:24:51,002
But nothing lasts forever
1259
01:24:52,420 --> 01:24:57,300
Nothing lasts forever
1260
01:25:06,810 --> 01:25:09,813
Time goes by
1261
01:25:09,854 --> 01:25:12,899
And people change
1262
01:25:12,941 --> 01:25:15,193
It's best we go
1263
01:25:15,235 --> 01:25:19,656
Our separate ways
1264
01:25:19,697 --> 01:25:24,702
And it was wrong
to think our love
1265
01:25:24,744 --> 01:25:29,958
Would never end
1266
01:25:30,708 --> 01:25:32,919
My friend
1267
01:25:32,961 --> 01:25:37,173
Nothing lasts forever
1268
01:25:38,716 --> 01:25:43,513
Nothing lasts forever
1269
01:25:52,897 --> 01:25:55,984
Time goes by
1270
01:25:56,025 --> 01:25:59,195
It takes us all
1271
01:25:59,237 --> 01:26:01,906
Nations crumble
1272
01:26:01,948 --> 01:26:05,535
And empires fall
1273
01:26:05,577 --> 01:26:07,912
And who are we
1274
01:26:07,954 --> 01:26:10,665
To think that we
1275
01:26:10,707 --> 01:26:16,045
Would always be?
1276
01:26:16,713 --> 01:26:18,298
You see
1277
01:26:18,339 --> 01:26:22,927
Nothing lasts forever
1278
01:26:24,179 --> 01:26:27,473
Nothing lasts forever
1279
01:26:27,515 --> 01:26:29,559
I know that
1280
01:26:29,601 --> 01:26:33,313
You'll survive
1281
01:26:33,354 --> 01:26:38,026
And you'll get by
1282
01:26:38,067 --> 01:26:41,154
Whatever
1283
01:26:42,780 --> 01:26:45,742
Though you say goodbye
1284
01:26:45,783 --> 01:26:50,121
My love will never die
1285
01:26:51,956 --> 01:27:00,965
It will last forever
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