Part 3/9:
De Beers' strategic marketing was not only brilliant but also somewhat manipulative. The company controlled the supply of diamonds, a key factor in maintaining high prices. Contrary to popular belief, diamonds are not particularly rare; a multitude of minerals is actually harder than diamonds. However, De Beers skillfully limited supply to keep prices from crashing. This approach coincided perfectly with the Baby Boomer generation, who were the most likely group to marry—96% married at least once. As many Boomers married multiple times, often re-purchasing engagement rings, De Beers thrived, generating sales that peaked at about $6 billion a year in the 2000s.