But they rely on curiously circular logic. De Beers insists that it does not keep diamond prices artificially high. Ah, comes the reply, we need to maintain price stability in order to support the mystique. At the end of the day, this is no longer a matter of logic but of faith. Spending any length of time with De Beers managers can feel like a visit to a religious sect.
Nobody questions their conviction.
Only true believers remain in the temple of the faithful. The company's executives exude a missionary zeal. They even speak inadvertently in evangelical terms. Ruling the diamond empire requires not only control of the supply of diamonds to the market, but clever manipulation of desire too. In this respect, the diamond people have proved to be among the greatest salesmen of the century.