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If a buyer refused the lot they were offered, it was unlikely they would be invited to future gatherings (Hitt, M., Ireland, R., and Hoskisson, R., 2007). De Beers could also control the supply by reducing the inventory of diamonds when they felt the surplus was getting too big.
During the depression De Beers was able to keep control of the monopoly by closing a number of the mines in South Africa, and only selling to a set of particular clients. When new mines starting opening in other countries, De Beers quickly bought them and made similar negotiations with their governments (Hitt, M., Ireland, R...
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