Diamond: A Journey to the Heart of an Obsession

At a conference on diamonds in 1997, a speaker expressed his confidence in the diamond market. It was founded on two supports, he said: vanity and greed, and humans could be relied upon for a perpetual supply of both. It isn't surprising, then, that there has been a multimillion dollar advertising campaign stretching over the last decades to emphasize the happier side, the romance of diamonds. Romance or not, there is someone eager to steal a diamond from a mine, or to divert rough diamonds from their appointed cutters and polishers, or to jump a claim on a supposed diamond field, or fence diamonds to sponsor a war, or jack up prices artificially. "Malfeasance rustles in the background of the diamond world like a snake in dry grass," writes Matthew Hart in _Diamond: A Journey to the Heart of an Obsession_ (Walker & Co.), a wide-ranging and entertaining look at different components of the diamond business. One cannot tell the story of diamonds without telling about De Beers, which started cornering the market in diamonds over a century ago; but much of this story is about how De Beers is losing control over the diamond market. De Beers executives do not travel to the United States, because they would be arrested; there are charges, the latest from 1994, for price fixing. ("The most senior managers of the world's preeminent diamond company are thus effectively prevented from setting foot in their largest market.") The main assaults on De Beers have not been legal, of course, but simple economic competition. Diamond mines in Russia, Canada, and Australia are now profitable, and India, which is not a primary supplier of diamonds, is busy supplying cut and polished jewels which other mines formerly sold only for industrial use. Hart is best on the skullduggery, large and small, in the diamond trade, which is taken for granted. He tells about the history of some famous gems, like the Hope Diamond, and describes the complicated process of cutting a diamond in some detail. Hart has plenty of good stories. He has been the mining editor for the New York monthly the _Rapaport Diamond Report_, and has visited the exotic areas he tells about. Diamonds in the rough are an annual six billion dollar industry; those same diamonds wind up in the jewelry stores going for 56 billion, and Hart has surveyed the process from beginning to end. There are summaries here of geology and history, as well as the technology of cutting and polishing the gems we cannot get enough of. Hart is not a flashy writer, but the many facets of this lucrative and larcenous trade make scintillating reading.

Matthew Hart's Diamond is an appealing title on many levels, blending geology with a survey of the science and history of the diamond. Hart follows the 'diamond trail' around the world, from a great diamond cutter's works to smugglers and businesspeople. An unusual guide to the heart of an obsession.

Although the title of the book does little to convey the true allure of the book, I found it to be an excellent piece of engaging research. Mr. Hart demonstrates not just "knowledge" about diamonds but a complete mastery in the field. He grabs reader attention through very interesting stories about major finds, tracing the provenance of several well known gems, highlighting the history behind the treasure and managing to pack in a good dose of easily understandable geology as well. All this makes for a very interesting book. As one interested in economics and business, I found the Mr. Hart's treatment of the business dimensions to be very insightful.Diamond mining is apparently a very risky business that comes complete with its own cast of colorful characters, schemers, backstabbers, awfully unethical companies, very talented artisans. Mr. Hart captures the nuances of the careers of this varied cast and does so with a thoroughness that is seldom seen. For example he discusses the intricacies of polishing and cleaving diamonds and brings the entire process to life through his vivid descriptions of the skilled people in New York, and Antwerp who make it happen. The way in which an expert labors, actually obsesses, about the potential cut and the number of facets that he'd like to use on a piece of diamond rough, the mathematical precision with which he brings his vision to life and the single minded attention to detail in an enterprise that could make or break fortunes with the tiny slip of a cutters wheel.....remarkable prose. His discussion of the evolution of the Centenary diamond owned by De Beers is scintillating in that it illustrates the dilemmas that the artisans face when they have to turn a rough diamond into an object of desire.In equal measure he discusses the developments in Brazil, India and South Africa showing how industry performance drivers are changing and how these factors make or break the viability of new finds. His elucidation of the latest developments in geology and prospecting are equally interesting even to those with a passing interest.I know I am waxing poetic about this book. I really feel very strongly positive about the contents that Mr. Hart has placed in his reader's hands. Thank you for a wonderful read Mr. Hart.

This is an excellent read on the diamond history. I first saw the book in the Wall Street Journal and decided to purchase it. I was glad that I did.

It is hard for me to express how much I enjoyed this book. Matthew Hart has shown himself to be a tremendous writer who describes the evolution of the diamond industry in a very captivating way. As one who never took much to geology, Mr. Hart's brilliant prose and the stories themselves made this an excellent book. This book deserves the highest of praises.