“‘Diamonds are as precious and unique today as they were when worn by princes and kings,’ according to De Beers’ promotion. To believe this requires a certain amount of mental agility, since there are now an estimated 500 million carats of gems in the hands of the public. This accumulated stock – the ‘overhang’ – is equivalent to about fifty times annual gem production. It must at all costs be prevented from becoming supply and interfering with the delicately crafted market. De Beers’ role as the arch-manipulator and sustainer of the diamond market makes secrecy essential. Above all, the group has to be able to hide the true size of its diamond stocks, particularly when times are hard.” – South Africa Inc. (1988)