A seemingly ordinary, simple business game, perhaps far-reaching. After a deal that is considered "left-handed right-handed", South Africa's Oppenheimer family may say goodbye to the diamond industry since the three generations. A diamond dynasty monopolized by the Oppenheimer family for a century may be divided up by "all the princes."
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On New Year's Day 2011, a sudden change in equity was clouded between Anglo American, one of the world's largest mining companies, and De Beers, the world's largest diamond company. The former plans to obtain a controlling stake in the latter through a share purchase. Previously, Anglo American had owned a 40% stake in De Beers. The plan to further acquire is another 45% of the shares owned by the Oppenheimer family.
In fact, the Oppenheimer family is also a long-term investor in Anglo American. Anglo American itself was founded in South Africa in 1917 by the Oppenheimer family. However, not long ago the family sold its shares in Anglo American on a large scale, and its shareholding fell to less than 2% for the first time. Insiders pointed out that if the acquisition plan led by other large shareholders of Anglo American is implemented, the long-term relationship between the Oppenheimer family and Anglo American and De Beers will never return.
However, regardless of the outcome of the acquisition, whether or not the Oppenheimer family will be squeezed out of the diamond industry, after all, the Oppenheimer family once controlled 90% of the global rough diamond market. For nearly a century, the absolute influence of this once-diamond dynasty on the world diamond industry should not be forgotten by the world.
Diamonds make South Africa's richest man
Oppenheimer is a Jewish surname. In 1880, Ernest Oppenheimer, the founder of the Diamond Dynasty, was born into a family of cigar manufacturers in Germany. At the age of 16, he came to London with his brother and worked in a diamond sorting workshop of a Jewish diamond dealer, responsible for picking up flawed diamonds. Soon, the Jewish diamond dealers found that although there was no professional training, Ennest seemed to have a natural discernment of the pros and cons of diamonds. In the age of no jewelry identification machine, the value of such vision is self-evident.
At the age of 21, Enner, who was heavily equipped, was sent by Jewish diamond dealers to work in the office in Kimberley, South Africa. Kimberley is South Africa's famous "City of Diamonds". After more than 30 years of history, it has discovered a huge diamond mine, attracting a large number of "drillers" from all over the world.
In addition to diamonds, Ernest seems to have a natural affinity for business and politics. In Kimberley, Ennest was able to trade in the British and German colonies with his unique experience of German birth and British growth. Although this lucrative trade risk is great, for Ennest, the risk is hard to beat him. While making money, he also accumulated valuable political connections. In 1912, Ernest was elected as the mayor of Kimberley and re-elected for three consecutive terms, eventually entering the South African Parliament on behalf of Kimberley.
During the First World War, the diamond mine owned by the Germans, called the "forbidden zone", was occupied by the South African army and could not be started. Thus, Ernest established the South African Anglo American Company in 1917 (its initial capital of 1 million pounds, half from the United States, half from the United Kingdom, hence the name), using the company's stock to talk with the Germans about the acquisition. Since the Germans were unable to judge the war at the time, they did not know whether the South African army would retreat, so they sold the rich mine to Ernest at a very low price along with the risk of losing money. In this way, the Oppenheimer family owns its first diamond mine.
The war is coming to an end, and the Oppenheimer’s diamond business is beginning to show up, which has brought competition to another old diamond company in South Africa, the British Desirs of the British Cecil Rhodes. Troubled. At that time, De Beers had a history of more than 30 years. It was listed on the Johannesburg Stock Exchange in 1893. It was the most complete and powerful diamond mining and selling company in South Africa at that time.
Backed by the rich mine, Ernest began a price war with Rhodes. Over time, Rhodes gradually could not stand, because he was worried that his company's stock would become rubbish. In 1926, he took the initiative to find Ennest negotiations. In the end, South African Anglo American and De Beers merged in a way that swaps equity. This is the real purpose of Ernest: with De Beers, you can eliminate other weak diamond companies one by one.
By the end of the 20th century, Rhodes died, Ernest has become an irreplaceable amnesty for the entire African diamond industry. However, Ernest’s appetite does not stop there. In 1929, the global economic depression caused a sharp drop in demand for diamonds, and the Diamond Enterprise Alliance in London came to the brink of bankruptcy – a coalition that had been one of De Beers’ main competitors. Ennest seized the opportunity to integrate the two businesses at a very low cost through negotiations with members of the alliance.
In 1934, Ernest founded the prestigious Central Distribution Agency (CSO) in London, responsible for the sale of De Beers diamonds on the international market. Later, CSO became the world's largest diamond sales channel.
Ernest believes that "the only way to increase the value of diamonds is to make them scarce, that is, to reduce production." The birth of a monopoly diamond dynasty finally allowed it to practice this theory. Because Ernest decided to close all diamonds in his hands, during the period of 1930-33, the world's diamond production plummeted from 22 million carats per year to less than 14,000 carats, and diamond prices continued to rise.
Another benefit of the monopoly brought to Ernest is even more obvious: once other diamond companies emerge, De Beers releases a large reserve of diamonds, causing the price of diamonds to plummet, causing the other party to go bankrupt or surrender. This makes it almost impossible for any new entrant to compete with him.
Ernest's E. Oppenheimer father and son company, founded in 1935, controls all the business of the family. Most of these businesses are packaged in the Anglo American Group. This model lasted for many years until 1999, when Anglo American and the Minorco company based in Luxembourg merged to form Anglo American Group Co., Ltd. and listed in London.
In the early 1950s, Ernest became the richest man in South Africa.
Control 90% of rough diamond sales worldwide
Personal glory time is limited. In 1957, Ernest died. Harry Frederick Oppenheimer, 49, inherited his father's entire legacy - $180 million and a diamond dynasty that accounts for 80% of the world's diamond production.
Harry Middle School studied at the Thurs College of the oldest aristocratic secondary school in the UK and then graduated from the Christian College of Oxford. He likes to collect antique books, silent and low-key, rich in conservation. Like his father, Harry has a unique talent for politics. For many years after graduation, he has been a member of the South African Parliament until his father died, and he had to give up his political career because of the huge family business.