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Essay / Research Paper Abstract
A 3 page paper discussing changes in the international retail diamond market occurring over the past decade. Diamonds are within the economic reach of a greater number of people than when supply and price were so tightly controlled by a single company. Diamonds are not so plentiful that they are no longer considered a luxury item, but in recent years they have become a luxury that greater numbers of people can afford to buy. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSeconDiamond.rtf
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Unformatted sample text from the term paper:
York Times published an article the day before Valentines Day 2002 describing the change in the retail diamond market over the previous decade. De Beers, long the worlds leader
in diamond production and the leading supplier of high-end diamonds, had been able to keep diamonds price high literally for decades. The price and availability of diamonds has been
declining for some time, however, the result of relatively recent availability of diamonds from outside of De Beers control (Kaufman, 2002). The purpose here is to assess the situation
according to microeconomic principles. The Microeconomic View Microeconomics refers to the economic choices made by individuals, households and businesses. Any of these
entities must weigh the implications of taking some economic action driven by any reason, which can originate in any number of areas. As more Americans lose health insurance coverage,
many consider carefully whether they will seek medical attention for ailments that they consider relatively minor. As the price of gas increases, travelers may reduce consumption.
Choices such as these are affected by supply and demand, the principle stating that as supply increases, price decreases (Sosin, n.d.). When De Beers was
able to control the level of supply of diamonds available to most of the world, it also was able to keep prices artificially high. In the 1980s, however, "enormous
deposits of diamonds [were] discovered outside of South Africa, most notably in the Northern Territories of Australia" (Kaufman, 2002). In terms of clarity
and quality, these diamonds do not approach the standard of quality established by De Beers decades ago. Many of them are extremely small; others carry unacceptable colors. "In
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