1 00:00:15,056 --> 00:00:17,809 -[engine rumbling]                  -[machinery whirring] 2 00:00:24,065 --> 00:00:26,067 curious music 3 00:00:54,262 --> 00:00:55,597 [man]                      Well, I know my wife's been 4 00:00:55,638 --> 00:00:57,057 looking around                    for something special. 5 00:00:57,098 --> 00:00:58,558 After all, it's been 6 00:00:58,600 --> 00:01:00,101 a few years                 since I bought her a diamond. 7 00:01:00,143 --> 00:01:02,103 [woman]                       This is a half hoop. 8 00:01:02,145 --> 00:01:03,938 Of course, the diamond content              in the full hoop 9 00:01:03,980 --> 00:01:05,190 is much greater. 10 00:01:05,231 --> 00:01:07,692 Was it a half hoop                      or a full hoop 11 00:01:07,734 --> 00:01:09,527 your wife had in mind? 12 00:01:10,111 --> 00:01:13,573 [man]   I think she'd prefer                   the full hoop. 13 00:01:13,615 --> 00:01:15,200 Most women do. 14 00:01:17,243 --> 00:01:18,953 [Jane]                       Mary, have you seen these? 15 00:01:18,995 --> 00:01:22,123 [Mary]                       Jane, those are diamonds. 16 00:01:22,165 --> 00:01:25,293 I know. Aren't they gorgeous? 17 00:01:25,335 --> 00:01:27,754 And it is your birthday                    quite soon. 18 00:01:27,796 --> 00:01:29,464 Well... 19 00:01:29,964 --> 00:01:32,092 [man]   It's always worth              showing an expensive piece 20 00:01:32,133 --> 00:01:33,468 from the top end 21 00:01:33,510 --> 00:01:35,303 even if it doesn't sell                    for some time. 22 00:01:35,345 --> 00:01:37,305 You know, what you might call           an aspirational piece. 23 00:01:37,347 --> 00:01:39,307 Uh, so what's the point               of attracting people 24 00:01:39,349 --> 00:01:41,434 with an item                   they can't afford to buy? 25 00:01:41,476 --> 00:01:44,145 Because they'll tend to spend     more on what they choose to buy. 26 00:01:46,564 --> 00:01:48,817 [whirring] 27 00:01:48,858 --> 00:01:51,152 [dial clicking] 28 00:01:51,653 --> 00:01:53,613 [man]                     Well, this is the one I like, 29 00:01:53,655 --> 00:01:56,699 but why is it nearly twice              the price of this one? 30 00:01:57,408 --> 00:02:00,537 [woman]   The value of a diamond     depends on four characteristics. 31 00:02:00,578 --> 00:02:02,163 The larger the diamond, 32 00:02:02,205 --> 00:02:04,040 the rarer it is,                   the better the color, 33 00:02:04,082 --> 00:02:05,583 the more valuable it is. 34 00:02:05,625 --> 00:02:08,503 The greater the clarity,             the more beautiful it is. 35 00:02:10,421 --> 00:02:12,006 However,                    it's the quality of the cut 36 00:02:12,048 --> 00:02:13,550 that gives the diamond                   its brilliance. 37 00:02:14,175 --> 00:02:16,761 -[man]   What about that one?          -[man 2]   A very fine stone. 38 00:02:16,803 --> 00:02:18,471 Remarkably few inclusions. 39 00:02:18,513 --> 00:02:21,516 Yes, well, internal                 characteristics are only 40 00:02:21,558 --> 00:02:23,184 really visible                     through the loupe. 41 00:02:23,226 --> 00:02:24,853 Beautiful clarity. 42 00:02:24,894 --> 00:02:26,938 [whirring] 43 00:02:30,233 --> 00:02:31,693 [man]                            And, of course, 44 00:02:31,734 --> 00:02:33,820 you don't see                  the high dispersion you get 45 00:02:33,862 --> 00:02:35,780 with simulated stones. 46 00:02:35,822 --> 00:02:37,282 It is a diamond, then? 47 00:02:54,132 --> 00:02:55,925 atmospheric music 48 00:03:22,869 --> 00:03:25,747 I like so much idea                about synthetic diamonds. 49 00:03:26,789 --> 00:03:29,751 It is much more cheaper                 than natural stones. 50 00:03:30,543 --> 00:03:33,504 And also, they looks better. 51 00:03:36,257 --> 00:03:41,221 [interviewer]   But if a diamond     can be produced in a laboratory, 52 00:03:41,262 --> 00:03:43,765 of the same or better quality, 53 00:03:43,806 --> 00:03:45,266 for much, much cheaper, 54 00:03:45,308 --> 00:03:48,269 why should we still                  mine for diamonds? 55 00:03:52,857 --> 00:03:54,484 Uh, that's... 56 00:03:54,525 --> 00:03:57,445 I can tell you only this is           a good question. [laughs] 57 00:03:58,821 --> 00:04:03,618 Some people want something that          really belongs to the earth, 58 00:04:03,660 --> 00:04:06,329 something what is made by God, 59 00:04:06,371 --> 00:04:10,250 not made in the... some lab. 60 00:04:10,291 --> 00:04:12,585 What do you think about this? 61 00:04:19,717 --> 00:04:21,469 dramatic music 62 00:04:27,016 --> 00:04:29,227 [Martin Rapaport]           Let me tell you a story, right? 63 00:04:29,269 --> 00:04:31,479 When I started                in the diamond business, um, 64 00:04:31,521 --> 00:04:33,940 and I was knocking on doors, 65 00:04:33,982 --> 00:04:36,651 my mother gave me $5,000 cash. 66 00:04:36,693 --> 00:04:38,653 I said, "Mom, I don't want              to take your money." 67 00:04:38,695 --> 00:04:40,613 She says, "I don't want you              to spend the money. 68 00:04:40,655 --> 00:04:42,448 I want you to put it                    in your pocket. 69 00:04:42,490 --> 00:04:44,158 You'll talk differently                    if you have 70 00:04:44,200 --> 00:04:46,244 $5,000 in your pocket." 71 00:04:46,286 --> 00:04:48,579 That's what she said to me. 72 00:04:48,621 --> 00:04:51,666 You wear something                     that's valuable 73 00:04:51,708 --> 00:04:55,628 and you know it's valuable,            you strut differently. 74 00:04:55,670 --> 00:04:57,088 You feel different. 75 00:04:57,130 --> 00:04:59,173 Your sense of confidence,           your sense of who you are, 76 00:04:59,215 --> 00:05:00,383 is different. 77 00:05:00,425 --> 00:05:03,845 The real thing has... 78 00:05:03,886 --> 00:05:06,806 brings with it a certain sense           of "I know it's real." 79 00:05:06,848 --> 00:05:10,685 You could have a Picasso                  in your house-- 80 00:05:10,727 --> 00:05:13,062 it's a lithograph, 81 00:05:13,104 --> 00:05:16,065 and maybe no one knows that           it's not the real thing, 82 00:05:16,107 --> 00:05:18,318 but you do. 83 00:05:20,069 --> 00:05:21,571 [interviewer]                       When I tell people 84 00:05:21,612 --> 00:05:23,239 I'm gonna sit down                  with Martin Rapaport, 85 00:05:23,281 --> 00:05:24,907 what I usually say is, 86 00:05:24,949 --> 00:05:26,284 "This is the most famous person        in the diamond industry. 87 00:05:26,326 --> 00:05:27,785 He sets the prices of diamonds." 88 00:05:27,827 --> 00:05:29,829 Oh, I don't set the prices.             I report the prices. 89 00:05:29,871 --> 00:05:32,081 It's like the weatherman.            I don't make the weather. 90 00:05:32,123 --> 00:05:34,709 I let you know                    what the weather is. 91 00:05:36,711 --> 00:05:38,379 -No.                                 -Why? 92 00:05:39,213 --> 00:05:40,965 Because I don't think that... 93 00:05:41,007 --> 00:05:43,217 I don't legitimize a product        that I believe is gonna be seen 94 00:05:43,259 --> 00:05:47,221 as one of the most illegitimate      products in the 21st century. 95 00:05:50,933 --> 00:05:53,061 -When was 9/11?                          -2001. 96 00:05:53,102 --> 00:05:55,646 Yeah. So, in 2003, 97 00:05:55,688 --> 00:05:59,484 I made a conference in New York           about synthetic diamonds. 98 00:05:59,525 --> 00:06:01,569 [man] This is what the,              uh, machine looks like. 99 00:06:01,611 --> 00:06:04,530 And when we apply the pressure             and the temperature 100 00:06:04,572 --> 00:06:06,741 to this core, the... Whoa! 101 00:06:06,783 --> 00:06:08,993 [Rapaport]   Synthetic diamonds               were not that new, 102 00:06:09,035 --> 00:06:10,495 but the ability to create 103 00:06:10,536 --> 00:06:13,664 gem-quality                     synthetic diamonds was. 104 00:06:13,706 --> 00:06:16,542 Visually, even to the most             experienced gemologist, 105 00:06:16,584 --> 00:06:19,879 they may be indistinguishable            from natural diamond. 106 00:06:19,921 --> 00:06:22,340 [murmuring] 107 00:06:22,382 --> 00:06:24,217 [man]                 It's a big problem for all of us 108 00:06:24,258 --> 00:06:26,386 because it's already                    on the market. 109 00:06:26,427 --> 00:06:28,262 It's already here. 110 00:06:28,304 --> 00:06:30,306 What are we going to do? 111 00:06:31,140 --> 00:06:32,850 [Rapaport]                        A synthetic diamond 112 00:06:32,892 --> 00:06:35,603 will be produced               and reproduced with machines 113 00:06:35,645 --> 00:06:38,731 until supply exceeds demand. 114 00:06:38,773 --> 00:06:41,234 The consumer is used to                 having technology 115 00:06:41,275 --> 00:06:44,362 bring them products            they otherwise couldn't afford. 116 00:06:44,404 --> 00:06:46,072 Simple as that. 117 00:06:46,114 --> 00:06:47,782 A diamond is a diamond. 118 00:06:47,824 --> 00:06:49,951 Are you crazy?                 The wedding ring is a sign 119 00:06:49,992 --> 00:06:51,536 of ultimate commitment and love, 120 00:06:51,577 --> 00:06:53,454 and the woman doesn't               just think it's worth, 121 00:06:53,496 --> 00:06:54,956 I don't know, $80 or 120... 122 00:06:54,997 --> 00:06:57,458 "Put it on a scale,               and that's our marriage." 123 00:06:57,500 --> 00:06:59,544 No, no, no, not at all. 124 00:06:59,585 --> 00:07:03,464 The diamond's actually               a symbol of commitment. 125 00:07:03,506 --> 00:07:05,299 It has to be expensive. 126 00:07:05,341 --> 00:07:07,260 It has to have value.                Has to retain value. 127 00:07:07,301 --> 00:07:10,847 The woman projects                the value of the diamond 128 00:07:10,888 --> 00:07:12,849 onto herself. 129 00:07:12,890 --> 00:07:15,184 "He's giving me something                 of great value 130 00:07:15,226 --> 00:07:18,104 because he values me greatly." 131 00:07:18,146 --> 00:07:21,941 He thinks she thinks,            "Oh, this is like a diamond. 132 00:07:21,983 --> 00:07:25,069 I just got a better deal              'cause it's man-made." 133 00:07:25,111 --> 00:07:26,612 They're suckers. 134 00:07:26,654 --> 00:07:28,698 Because eventually,                what's going to happen? 135 00:07:28,739 --> 00:07:30,283 They're gonna come back                   in ten years, 136 00:07:30,324 --> 00:07:33,244 and they'll say,                   "Oh, what's it worth? 137 00:07:33,286 --> 00:07:35,538 What's my marriage worth? 138 00:07:35,580 --> 00:07:37,957 What's my relationship worth?" 139 00:07:38,958 --> 00:07:41,878 dramatic music 140 00:07:41,919 --> 00:07:44,464 [Aja Raden]                     I just think the idea of 141 00:07:44,505 --> 00:07:48,843 "is it real or isn't it real"                 is so absurd. 142 00:07:48,885 --> 00:07:51,137 I was at a birthday party                     in Paris, 143 00:07:51,179 --> 00:07:54,682 and the woman sitting next me,         she smiled and said, "So, 144 00:07:54,724 --> 00:07:56,184 what kind of jewelry                    do you design?" 145 00:07:56,225 --> 00:08:00,605 I was like, "Um, well,             actually, I designed that. 146 00:08:00,646 --> 00:08:02,690 I designed                     your engagement ring." 147 00:08:02,732 --> 00:08:05,485 And she said,               "You design engagement rings?" 148 00:08:05,526 --> 00:08:09,655 And I said, "No, I designed            your engagement ring." 149 00:08:10,907 --> 00:08:14,494 And her husband immediately            asked me what all men ask. 150 00:08:14,535 --> 00:08:16,287 They ask about the price. 151 00:08:16,329 --> 00:08:17,663 "Tell me the truth. 152 00:08:17,705 --> 00:08:19,373 Well, how much                    should it have cost?" 153 00:08:19,415 --> 00:08:21,334 He just kept saying,                 "Tell me the truth." 154 00:08:21,375 --> 00:08:24,170 And I said, "You want the truth?     Do you want to know the truth? 155 00:08:24,212 --> 00:08:26,464 The truth about diamonds is         they're all exactly the same 156 00:08:26,506 --> 00:08:28,716 and none of them are                really worth anything." 157 00:08:28,758 --> 00:08:30,384 And then, ultimately,                     I was like, 158 00:08:30,426 --> 00:08:32,678 "Do you know what                  a diamond cartel is?" 159 00:08:35,306 --> 00:08:37,433 [Raden]                               Mm-hmm. 160 00:08:37,475 --> 00:08:39,435 People want a variety of things. 161 00:08:39,477 --> 00:08:41,145 None of them are particularly 162 00:08:41,187 --> 00:08:44,607 about romance or true love. 163 00:08:44,649 --> 00:08:46,275 suspenseful music 164 00:08:46,317 --> 00:08:47,318 [snarls] 165 00:08:47,360 --> 00:08:48,819 People want things 166 00:08:48,861 --> 00:08:51,697 because they've been told                   to want them. 167 00:08:51,739 --> 00:08:54,242 And De Beers has convinced 168 00:08:54,283 --> 00:08:57,828 hundreds of millions of people           over almost a century 169 00:08:57,870 --> 00:09:01,916 so effectively                  that they want a diamond. 170 00:09:01,958 --> 00:09:05,419 And the way they did it             was by inventing a product-- 171 00:09:05,461 --> 00:09:07,505 they called it                     an engagement ring-- 172 00:09:07,547 --> 00:09:09,966 that would hold these                 little white diamonds, 173 00:09:10,007 --> 00:09:12,176 which were                    the least desirable kind. 174 00:09:12,218 --> 00:09:13,344 But before that, 175 00:09:13,386 --> 00:09:14,679 nobody really wanted them, 176 00:09:14,720 --> 00:09:16,472 and this was just a way to get 177 00:09:16,514 --> 00:09:19,100 the new emerging middle class                   of America 178 00:09:19,141 --> 00:09:21,310 after World War II to buy them. 179 00:09:21,352 --> 00:09:23,271 So, what is a diamond? 180 00:09:23,312 --> 00:09:24,647 What's a stone worth? 181 00:09:24,689 --> 00:09:26,232 Why do people want                     what they want? 182 00:09:26,274 --> 00:09:28,818 And in this case, 183 00:09:28,859 --> 00:09:32,446 the answer is:                because they've been told to. 184 00:09:32,488 --> 00:09:33,698 That must've set you back a bit. 185 00:09:33,739 --> 00:09:35,741 Not really.                   About two months' salary. 186 00:09:35,783 --> 00:09:37,910 Not much for something                   that's forever. 187 00:09:37,952 --> 00:09:40,496 [announcer]                      A diamond is forever. 188 00:09:41,289 --> 00:09:42,748 [Raden]                           De Beers invented 189 00:09:42,790 --> 00:09:44,625 a way to sell them to people. 190 00:09:44,667 --> 00:09:49,213 People want the thing,                   the best thing, 191 00:09:49,255 --> 00:09:51,549 and they've convinced them              that that's a diamond 192 00:09:51,591 --> 00:09:54,635 and nothing else. 193 00:09:56,596 --> 00:09:59,223 [reporter]   De Beers is                 the diamond business, 194 00:09:59,265 --> 00:10:01,475 and this building is                   where they control 195 00:10:01,517 --> 00:10:03,477 the world diamond trade. 196 00:10:04,145 --> 00:10:06,772 curious music 197 00:10:06,814 --> 00:10:09,984 By buying up most of              the world's uncut diamonds, 198 00:10:10,026 --> 00:10:13,821 the company can regulate supply              to select dealers... 199 00:10:15,197 --> 00:10:18,618 ...increasing it in good years           and reducing it in bad 200 00:10:18,659 --> 00:10:20,995 to keep prices high. 201 00:10:21,037 --> 00:10:23,831 [reporter 2]                    A century after it began, 202 00:10:23,873 --> 00:10:27,126 the diamond cartel              still controls the production, 203 00:10:27,168 --> 00:10:30,338 the marketing and the pricing of   rough diamonds around the world. 204 00:10:30,379 --> 00:10:32,089 [Raden]                        It's impossible to say 205 00:10:32,131 --> 00:10:36,510 factual statements about           De Beers without sounding... 206 00:10:38,220 --> 00:10:40,473 ...judgmental. 207 00:10:40,514 --> 00:10:42,683 [reporter 2]                     Its monopolistic control 208 00:10:42,725 --> 00:10:44,352 violates U.S. antitrust laws, 209 00:10:44,393 --> 00:10:48,022 but the cartel has successfully              kept its executives 210 00:10:48,064 --> 00:10:49,857 beyond the reach                    of American justice. 211 00:10:49,899 --> 00:10:51,525 [man]                          Well, until there's 212 00:10:51,567 --> 00:10:54,528 a major crack in the market,            the cartel will survive 213 00:10:54,570 --> 00:10:56,989 simply because                     it is too powerful. 214 00:10:57,031 --> 00:10:58,824 [Raden]   And that's fine,                   because it's not 215 00:10:58,866 --> 00:11:01,160 about anything important;              it's about diamonds. 216 00:11:01,202 --> 00:11:03,537 De Beers executives are nervous           about all of this. 217 00:11:03,579 --> 00:11:04,914 They would not allow themselves 218 00:11:04,955 --> 00:11:06,374 to be interviewed                      for   60 Minutes. 219 00:11:06,415 --> 00:11:08,042 [Raden]                             Then again, 220 00:11:08,084 --> 00:11:09,877 it's very important              because it's moved capital 221 00:11:09,919 --> 00:11:12,755 across continents                  for about 100 years. 222 00:11:14,674 --> 00:11:16,884 -[birds chirping]                   -[insects trilling] 223 00:11:24,225 --> 00:11:26,435 [engine rumbling] 224 00:11:28,396 --> 00:11:31,357 "Serena e Lomunno"                   by Riz Ortolani 225 00:11:37,947 --> 00:11:39,573 [Stephen Lussier]                  History has always been 226 00:11:39,615 --> 00:11:41,742 part of the diamond world. 227 00:11:41,784 --> 00:11:43,035 The generation 228 00:11:43,077 --> 00:11:44,912 that preceded me within De Beers 229 00:11:44,954 --> 00:11:47,415 who would've, you know,              locked the front door, 230 00:11:47,456 --> 00:11:49,250 and nobody in, thank you. 231 00:11:49,291 --> 00:11:51,085 [interviewer] This interview           would not have happened. 232 00:11:51,127 --> 00:11:52,837 No, I don't think so. 233 00:11:54,463 --> 00:11:57,550 De Beers was controlled by          the Oppenheimers since really 234 00:11:57,591 --> 00:11:59,260 sort of the 1920s. 235 00:11:59,301 --> 00:12:03,055 But they're all gone,              and, well, I'm still there, 236 00:12:03,097 --> 00:12:04,849 so I carry on with the mission. 237 00:12:07,435 --> 00:12:12,273 Yeah, you know,               it helps in life to be lucky. 238 00:12:12,815 --> 00:12:15,609 There must have been                   something ordained 239 00:12:15,651 --> 00:12:17,903 in the way I ended up. 240 00:12:17,945 --> 00:12:19,280 Some say, "What's your job,                then, Stephen?" 241 00:12:19,321 --> 00:12:21,115 Oh, well, you know,                in a way, my job is to 242 00:12:21,157 --> 00:12:24,076 inspire, I guess,                      each generation 243 00:12:24,118 --> 00:12:28,372 with this extraordinary story                of the diamond. 244 00:12:28,414 --> 00:12:29,957 People don't know, huh, 245 00:12:29,999 --> 00:12:32,418 a diamond is like                  three billion years old. 246 00:12:32,460 --> 00:12:33,961 Older than life. 247 00:12:34,920 --> 00:12:37,965 Some of them older                 than stars in the sky. 248 00:12:40,801 --> 00:12:42,803 You can't make that. 249 00:12:42,845 --> 00:12:45,264 Yeah, we can synthesize carbon, 250 00:12:45,306 --> 00:12:48,309 but in reality,            we can't make what a diamond is. 251 00:12:48,350 --> 00:12:51,020 We can't make something             which is a billion years old 252 00:12:51,061 --> 00:12:53,647 that connects us              to the formation of the world. 253 00:12:53,689 --> 00:12:57,818 We can't make something where     every one is inherently unique. 254 00:12:57,860 --> 00:13:01,822 And we can't make something           that has an intrinsic rarity 255 00:13:01,864 --> 00:13:03,824 and preciousness to it. 256 00:13:03,866 --> 00:13:05,701 And the one thing that 257 00:13:05,743 --> 00:13:08,287 waried us a lot about                 lab-grown diamonds 258 00:13:08,329 --> 00:13:11,665 is if they were marketed              in a way that pretended 259 00:13:11,707 --> 00:13:14,794 that they had the values                of a real diamond. 260 00:13:16,879 --> 00:13:19,799 playful music 261 00:13:22,218 --> 00:13:25,262 We're in the period                    of misinformation. 262 00:13:25,304 --> 00:13:26,972 Well, confusion. 263 00:13:27,014 --> 00:13:29,350 People aren't quite sure           what it is or what it isn't, 264 00:13:29,391 --> 00:13:33,270 but, um, it's only                  an existential threat 265 00:13:33,312 --> 00:13:37,274 if-if we somehow damage                 the relationship 266 00:13:37,316 --> 00:13:40,778 that consumers have            with what a diamond really is. 267 00:13:47,910 --> 00:13:49,703 You know, there are                 some ways to make it 268 00:13:49,745 --> 00:13:51,330 more difficult                  for existing technology, 269 00:13:51,372 --> 00:13:53,249 but it doesn't mean that              there aren't solutions. 270 00:13:55,125 --> 00:13:57,711 We have a responsibility                  to detect them. 271 00:13:57,753 --> 00:13:59,338 The question becomes: 272 00:13:59,380 --> 00:14:02,550 What type of technology                do you need to do so? 273 00:14:02,591 --> 00:14:04,093 Detection I'm not fussed about, 274 00:14:04,134 --> 00:14:06,595 because I know                    what De Beers can do. 275 00:14:06,637 --> 00:14:08,389 dramatic music 276 00:14:16,438 --> 00:14:18,482 intriguing music 277 00:14:18,524 --> 00:14:21,151 [wind whistling] 278 00:14:44,967 --> 00:14:46,594 [John Janik]                     Do you perceive aluminum 279 00:14:46,635 --> 00:14:48,304 as being a valuable material? 280 00:14:48,846 --> 00:14:50,598 -[interviewer] Personally?                  -Personally. 281 00:14:50,639 --> 00:14:51,765 -Aluminum?                           -Aluminum. 282 00:14:51,807 --> 00:14:53,183 -Negative.                              -No. 283 00:14:53,225 --> 00:14:55,102 Do you know that                    there's an aluminum 284 00:14:55,144 --> 00:14:58,188 little obelisk on top             of the Washington Monument? 285 00:14:59,815 --> 00:15:01,275 Because aluminum, at the time 286 00:15:01,317 --> 00:15:03,235 that the Washington Monument                   was built, 287 00:15:03,277 --> 00:15:05,988 was some of the most             expensive material out there. 288 00:15:06,030 --> 00:15:08,657 It was really hard                     to put together. 289 00:15:08,699 --> 00:15:11,327 You know, it was, like, a feat          that they had done this. 290 00:15:11,368 --> 00:15:13,537 And then,                   like a couple years later, 291 00:15:13,579 --> 00:15:15,915 somebody comes up with a process        to mass-produce aluminum, 292 00:15:15,956 --> 00:15:17,708 and now it's dirt cheap. 293 00:15:17,750 --> 00:15:22,046 So, what was once, you know,          really coveted and valuable 294 00:15:22,087 --> 00:15:25,299 is just a commodity                  that we throw away. 295 00:15:25,341 --> 00:15:27,426 You know, diamond's                  gonna be the same. 296 00:15:28,552 --> 00:15:31,180 [woman]   John Janik,                    he is a Carnegie fellow 297 00:15:31,221 --> 00:15:33,474 from the Carnegie Institution. 298 00:15:33,515 --> 00:15:36,936 Okay, so here you have these,           um, synthetic diamonds. 299 00:15:36,977 --> 00:15:39,146 -Mm-hmm.                     -And you actually, uh... 300 00:15:39,188 --> 00:15:40,981 you like to call them                 cultured diamonds. 301 00:15:41,023 --> 00:15:42,441 You took them                  to the Diamond District-- 302 00:15:42,483 --> 00:15:44,401 the real one--                   not too far from here, 303 00:15:44,443 --> 00:15:46,278 and they couldn't tell                   the difference. 304 00:15:46,320 --> 00:15:48,238 -[Janik] Not-not... not a bit.                 -Not a bit. 305 00:15:48,280 --> 00:15:50,115 And they appraised them                   for basically 306 00:15:50,157 --> 00:15:51,784 what natural diamonds                    would go for? 307 00:15:51,825 --> 00:15:53,494 That's right--                    for wholesale prices. 308 00:15:53,535 --> 00:15:57,247 My PhD was in making crystals           of different materials. 309 00:15:57,831 --> 00:16:01,001 I would make rubies,                which is aluminum oxide 310 00:16:01,043 --> 00:16:03,963 with a little bit                     of chromium in it. 311 00:16:04,004 --> 00:16:07,091 I made exotic uranium compounds. 312 00:16:07,132 --> 00:16:08,926 I made these materials,                   and then I went 313 00:16:08,968 --> 00:16:10,511 and studied their properties. 314 00:16:10,552 --> 00:16:15,349 A crystal is just           a repeating structure of atoms. 315 00:16:15,391 --> 00:16:18,602 So, if you have a carbon             and a carbon and a carbon 316 00:16:18,644 --> 00:16:21,647 in a repeating pattern,             that's a diamond crystal. 317 00:16:21,689 --> 00:16:23,899 We can actually make diamonds            that are more perfect 318 00:16:23,941 --> 00:16:25,234 than natural diamonds. 319 00:16:25,275 --> 00:16:27,194 We can grow                    about a carat per day. 320 00:16:27,236 --> 00:16:28,821 [woman]                  But it will be cheaper, though. 321 00:16:28,862 --> 00:16:30,739 -That's the whole point.          -You can't tell the difference. 322 00:16:30,781 --> 00:16:33,450 So, if you can't tell           the difference, John, then this 323 00:16:33,492 --> 00:16:36,453 inevitably has to hurt            the diamond market out there. 324 00:16:36,495 --> 00:16:38,247 You mean these things                  have value? I... 325 00:16:38,288 --> 00:16:40,416 -I had no idea.                        -[laughing] 326 00:16:45,045 --> 00:16:46,964 [car horns honking] 327 00:16:47,006 --> 00:16:48,799 [Rapaport]                       You got to understand, 328 00:16:48,841 --> 00:16:52,886 the sale of synthetic diamonds         as diamond engagement rings 329 00:16:52,928 --> 00:16:55,723 is a fundamental violation                  of the ethics 330 00:16:55,764 --> 00:16:57,391 of the diamond industry,                  in my opinion. 331 00:16:57,433 --> 00:16:59,018 [interviewer] But is-is it              just about the money? 332 00:16:59,059 --> 00:17:00,352 'Cause, you know, that's... 333 00:17:00,394 --> 00:17:02,896 You-you're hurting people                where it counts. 334 00:17:02,938 --> 00:17:05,899 You're kicking them                  in their emotional, 335 00:17:05,941 --> 00:17:08,944 "I love you," commitment spot. 336 00:17:08,986 --> 00:17:10,904 This is terrible,                   terrible, terrible! 337 00:17:10,946 --> 00:17:12,573 [laughs]                         I mean, come on. 338 00:17:12,614 --> 00:17:15,200 If I want to rip you off,                fine, rip me off. 339 00:17:15,242 --> 00:17:18,495 Why rip me off                  with what I gave my wife? 340 00:17:18,537 --> 00:17:22,458 There's a story of a guy who was       selling treated diamonds-- 341 00:17:22,499 --> 00:17:24,209 it's called                    the Yehuda treatment-- 342 00:17:24,251 --> 00:17:26,754 but he charged everyone                   a-a lot less. 343 00:17:26,795 --> 00:17:28,672 suspenseful music 344 00:17:28,714 --> 00:17:30,924 But when the women found out 345 00:17:30,966 --> 00:17:33,677 that their diamonds                     were treated, 346 00:17:33,719 --> 00:17:36,138 there was a line                     around the block 347 00:17:36,180 --> 00:17:38,807 and around the block                 and around the block 348 00:17:38,849 --> 00:17:40,642 to try to return the diamonds. 349 00:17:40,684 --> 00:17:44,104 The women, they felt               so cheated and so angry, 350 00:17:44,146 --> 00:17:48,567 and this guy, he gave everybody     the money till he had no money. 351 00:17:48,609 --> 00:17:51,195 Then he drank jewelry cleaner             and killed himself. 352 00:17:55,574 --> 00:17:58,285 And he didn't steal... he didn't       rip 'em off, theoretically. 353 00:17:58,327 --> 00:17:59,787 It wasn't about the money. 354 00:17:59,828 --> 00:18:01,371 It was the failure                     to disclose it. 355 00:18:01,413 --> 00:18:03,040 Look, I don't know                  what's gonna happen. 356 00:18:03,082 --> 00:18:04,917 Right?                     But in ten years from now, 357 00:18:04,958 --> 00:18:06,418 there's an extremely great                   likelihood 358 00:18:06,460 --> 00:18:08,629 that people are gonna                 look back and say, 359 00:18:08,670 --> 00:18:10,589 "That diamond industry! 360 00:18:10,631 --> 00:18:12,925 They sold that stuff! 361 00:18:12,966 --> 00:18:15,636 And it wasn't worth               the price I paid at all! 362 00:18:15,677 --> 00:18:16,762 What did they do to me?" 363 00:18:16,804 --> 00:18:18,138 And how is the woman gonna feel 364 00:18:18,180 --> 00:18:20,015 if she projects the value                 of the diamond 365 00:18:20,057 --> 00:18:21,475 onto herself subconsciously? 366 00:18:21,517 --> 00:18:23,811 How is she gonna feel                 about her diamond? 367 00:18:23,852 --> 00:18:25,979 intriguing music 368 00:18:26,021 --> 00:18:28,607 [Raden]                    Let's say someone sees my ring 369 00:18:28,649 --> 00:18:30,734 and says, "Is that real?" 370 00:18:30,776 --> 00:18:31,902 Am I gonna say 371 00:18:31,944 --> 00:18:33,529 yes or no? 372 00:18:36,615 --> 00:18:38,951 No woman who thought              she could get away with it 373 00:18:38,992 --> 00:18:43,455 has ever, ever said,                   "No, it's fake." 374 00:18:47,042 --> 00:18:50,295 Okay, but is                     a diamond a diamond? 375 00:18:50,337 --> 00:18:52,214 [interviewer]                       What do you mean? 376 00:18:52,256 --> 00:18:54,174 [Raden]                      I mean synthetic diamonds 377 00:18:54,216 --> 00:18:56,301 have leaked into                the natural diamond market. 378 00:18:56,343 --> 00:18:58,095 [interviewer]                            Really? 379 00:18:58,137 --> 00:19:00,013 [Raden]                There saying one percent, maybe, 380 00:19:00,055 --> 00:19:01,473 in the form of melee-- 381 00:19:01,515 --> 00:19:03,183 these teeny, teeny,                     tiny diamonds 382 00:19:03,225 --> 00:19:04,852 that are sold in parcels. 383 00:19:04,893 --> 00:19:06,311 It's more like 20%. 384 00:19:06,353 --> 00:19:08,897 And nobody's even saying                    what percent 385 00:19:08,939 --> 00:19:11,150 of larger stones are lab-grown. 386 00:19:15,737 --> 00:19:18,073 But for the diamond,            not for the synthetic diamond. 387 00:19:18,115 --> 00:19:20,075 The diamond was never real,                    either. 388 00:19:20,117 --> 00:19:22,536 The diamond was always a lie. 389 00:19:22,578 --> 00:19:25,581 So the synthetic diamond            is just a lie about a lie, 390 00:19:25,622 --> 00:19:29,668 which I happen to think                   is hilarious 391 00:19:29,710 --> 00:19:31,879 and sort of delightful. 392 00:19:33,130 --> 00:19:34,798 And one could argue                 that synthetic diamonds, 393 00:19:34,840 --> 00:19:36,633 if what you're looking for is 394 00:19:36,675 --> 00:19:39,720 a really colorless,               flawless one-- no nitrogen, 395 00:19:39,761 --> 00:19:43,765 no nothing-- they can be made 396 00:19:43,807 --> 00:19:47,686 like nature intended               but never quite managed. 397 00:20:12,628 --> 00:20:14,421 tense music 398 00:20:50,874 --> 00:20:52,376 Every stone. 399 00:21:00,008 --> 00:21:02,427 Yeah. Yeah. 400 00:21:09,601 --> 00:21:11,395 This is really a problem,                    you know? 401 00:21:23,198 --> 00:21:25,492 Two, three months before this, 402 00:21:25,534 --> 00:21:29,955 we publish that we found like         five percent stones mixed, 403 00:21:29,997 --> 00:21:32,165 you know, so... 404 00:21:36,044 --> 00:21:38,922 [Simic]   They would say,                  "If De Beers says, 405 00:21:38,964 --> 00:21:42,509 'In the thousands of the stones,       we didn't found one stone,' 406 00:21:42,551 --> 00:21:46,847 then... the synthetics                 is not a problem." 407 00:21:46,888 --> 00:21:50,225 Like, uh, "It doesn't matter." 408 00:22:03,030 --> 00:22:05,198 So, where are those stones? 409 00:22:05,240 --> 00:22:06,950 dramatic music 410 00:22:21,173 --> 00:22:24,551 [announcement plays                over speaker in Mandarin] 411 00:22:52,788 --> 00:22:57,459 No one will say, "I'm mixing         and I'm selling," of course. 412 00:22:57,501 --> 00:23:00,379 No one told me this,               but then they are saying, 413 00:23:00,420 --> 00:23:02,381 "Everybody are mixing 414 00:23:02,422 --> 00:23:05,217 if they can get the stones                   from China." 415 00:23:08,845 --> 00:23:11,598 [birds chirping] 416 00:23:16,895 --> 00:23:19,856 [machinery whirring] 417 00:23:19,898 --> 00:23:21,691 dramatic music 418 00:23:25,654 --> 00:23:27,781 [low rumbling] 419 00:23:30,742 --> 00:23:32,786 [rapid clanking] 420 00:23:33,912 --> 00:23:36,957 [machinery whirring                     and clanking] 421 00:23:48,343 --> 00:23:50,971 [jackhammering] 422 00:24:09,364 --> 00:24:11,533 [whooshing] 423 00:24:11,575 --> 00:24:13,785 [sizzling] 424 00:25:03,919 --> 00:25:07,714 -[Simic] Wow. Wow.                    -[man chuckling] 425 00:25:07,756 --> 00:25:10,425 Mm-hmm. Okay. 426 00:25:20,101 --> 00:25:21,436 At the beginning, 427 00:25:21,478 --> 00:25:24,147 the quality was, uh... 428 00:25:24,189 --> 00:25:26,024 was, uh, problematic. 429 00:25:42,958 --> 00:25:45,043 Who is, who is buying                    these stones? 430 00:25:45,085 --> 00:25:47,420 Where they are                    selling these stones? 431 00:26:32,841 --> 00:26:36,094 -[traffic rumbling]                   -[distant sirens] 432 00:26:38,388 --> 00:26:41,433 Look, we don't really                   sell diamonds. 433 00:26:41,474 --> 00:26:44,144 We sell the idea                   behind the diamonds. 434 00:26:44,185 --> 00:26:46,271 And what's going on              with these synthetic guys, 435 00:26:46,313 --> 00:26:50,150 th-they're like parasites             getting under our skin, 436 00:26:50,191 --> 00:26:51,901 and they're trying to steal              the diamond dream. 437 00:26:51,943 --> 00:26:53,653 That's what they're really                  trying to do. 438 00:26:53,695 --> 00:26:55,739 They're trying                 to steal the diamond dream. 439 00:26:55,780 --> 00:26:58,491 But if they steal                   the diamond dream, 440 00:26:58,533 --> 00:27:01,578 if they burn the diamonds                down to the core, 441 00:27:01,620 --> 00:27:04,164 if they destroy                  the basic customer base 442 00:27:04,205 --> 00:27:05,999 for buying diamonds 443 00:27:06,041 --> 00:27:08,918 as the ultimate symbol                 of committed love, 444 00:27:08,960 --> 00:27:11,379 now they've destroyed                   the whole idea. 445 00:27:11,421 --> 00:27:14,674 And that's the challenge that     we face in the diamond industry. 446 00:27:19,220 --> 00:27:20,597 A young girl... 447 00:27:20,639 --> 00:27:22,849 [quiet, indistinct chatter] 448 00:27:23,892 --> 00:27:26,269 [Rapaport]                        ...thinks about life 449 00:27:26,311 --> 00:27:29,272 and her future and what's              going to happen to her. 450 00:27:29,314 --> 00:27:34,361 And she imagines one day               she will fall in love. 451 00:27:35,153 --> 00:27:36,571 And she'll get married. 452 00:27:36,613 --> 00:27:40,533 And that person                   will give her a diamond. 453 00:27:40,575 --> 00:27:42,285 And so the diamond dream                     is about: 454 00:27:42,327 --> 00:27:45,413 What will life bring me? 455 00:27:45,455 --> 00:27:47,624 What greatness? What happiness? 456 00:27:47,666 --> 00:27:49,709 What's gonna happen to me? 457 00:27:49,751 --> 00:27:52,629 As a ten-year-old girl, even. 458 00:27:54,881 --> 00:27:57,842 The diamond dream                  is about relationships. 459 00:27:57,884 --> 00:28:01,554 The human condition                is about relationships. 460 00:28:01,596 --> 00:28:04,974 We don't want to die alone. 461 00:28:10,021 --> 00:28:12,357 I think the diamond...            you know, the-the words, huh, 462 00:28:12,399 --> 00:28:15,860 "a diamond dream," um, 463 00:28:15,902 --> 00:28:18,405 were probably something              I just thought up, huh? 464 00:28:19,406 --> 00:28:21,366 playful music 465 00:28:21,408 --> 00:28:23,076 -[bells clanging]                        -[mooing] 466 00:28:25,995 --> 00:28:28,540 But actually, it existed               long before De Beers. 467 00:28:28,581 --> 00:28:31,960 You know, it goes well back             to the Duke of Burgundy, 468 00:28:32,001 --> 00:28:34,003 apparently, according to legend, 469 00:28:34,045 --> 00:28:37,507 who gave the first                 diamond betrothal ring. 470 00:28:37,549 --> 00:28:41,010 No marketer told him                     to do so, huh? 471 00:28:41,052 --> 00:28:44,347 And that core reason he did it              is as true today 472 00:28:44,389 --> 00:28:46,516 as it was then, which is that 473 00:28:46,558 --> 00:28:51,479 he was seeking to send            this symbol to his future wife 474 00:28:51,521 --> 00:28:53,773 that she was precious to him 475 00:28:53,815 --> 00:28:56,192 and that this moment                that they were marking 476 00:28:56,234 --> 00:28:57,610 was something precious. 477 00:28:57,652 --> 00:28:59,112 No, because diamond cutting 478 00:28:59,154 --> 00:29:01,114 had just been perfected                     in Bruges 479 00:29:01,156 --> 00:29:04,534 and he wanted Bruges as part         of a multinational land deal 480 00:29:04,576 --> 00:29:07,662 that involved marrying                  Mary of Burgundy. 481 00:29:07,704 --> 00:29:09,456 God, I wish people in history 482 00:29:09,497 --> 00:29:11,833 were named something                   other than Mary. 483 00:29:11,875 --> 00:29:14,878 And I would assume                 he knows that-- maybe-- 484 00:29:14,919 --> 00:29:18,214 but, no, it wasn't 'cause            it was a precious object. 485 00:29:18,256 --> 00:29:20,341 It was a token, for sure. 486 00:29:20,383 --> 00:29:23,845 And he didn't give it to her;          he gave it to her father. 487 00:29:23,887 --> 00:29:25,764 [interviewer]                  And-and the point being? 488 00:29:25,805 --> 00:29:29,142 The point being                 that that story is bunk. 489 00:29:29,184 --> 00:29:30,685 Or... 490 00:29:30,727 --> 00:29:32,312 it's what you make out of it. 491 00:29:32,353 --> 00:29:33,730 It's kind of like a diamond. 492 00:29:33,772 --> 00:29:35,815 It's an ugly rock                 that if you cut enough 493 00:29:35,857 --> 00:29:37,650 reflective windows into it, 494 00:29:37,692 --> 00:29:40,445 it looks like something else. 495 00:29:40,487 --> 00:29:43,531 The 92-carat D color flawless, 496 00:29:43,573 --> 00:29:45,492 heart-shaped diamond and pearl, 497 00:29:45,533 --> 00:29:47,827 the largest                    D color flawless heart 498 00:29:47,869 --> 00:29:49,245 to be offered for sale                    at auction... 499 00:29:49,287 --> 00:29:52,165 [Raden]                     Like, those large diamonds, 500 00:29:52,207 --> 00:29:54,751 those famous diamonds, 501 00:29:54,793 --> 00:29:57,545 they act like it's               a once-in-a-lifetime find, 502 00:29:57,587 --> 00:29:59,506 and yet, every time you look, 503 00:29:59,547 --> 00:30:04,344 Sotheby's or Christie's              is auctioning another one. 504 00:30:04,385 --> 00:30:07,972 It's the largest D flawless        diamond to ever come to market. 505 00:30:08,014 --> 00:30:12,268 It is the largest emerald cut          ever offered at auction. 506 00:30:12,310 --> 00:30:14,312 [Raden]                      But the truth is there are 507 00:30:14,354 --> 00:30:16,856 a lot of diamonds waiting                  for the company 508 00:30:16,898 --> 00:30:21,820 to have a good reason             to have a miraculous find, 509 00:30:21,861 --> 00:30:25,698 and then someone-- let's say... 510 00:30:25,740 --> 00:30:28,701 someone with a skill set               very much like mine-- 511 00:30:28,743 --> 00:30:32,872 would be hired                  under nondisclosure terms 512 00:30:32,914 --> 00:30:37,085 to spin a sort of fantasy 513 00:30:37,126 --> 00:30:39,712 about how                     this diamond was found. 514 00:30:39,754 --> 00:30:43,591 The story that I'm about          to tell you surpasses all those 515 00:30:43,633 --> 00:30:45,552 that nourish my memory. 516 00:30:45,593 --> 00:30:49,389 Never shall I forget the miracle        of the Queen of Kalahari. 517 00:30:49,430 --> 00:30:50,890 [Raden]                     It has to be the right name 518 00:30:50,932 --> 00:30:52,392 and the right story. 519 00:30:52,433 --> 00:30:54,853 They have origin stories,                like superheroes. 520 00:30:54,894 --> 00:30:57,438 [narrator]   In the clouded                mountains of Africa, 521 00:30:57,480 --> 00:31:00,400 an incredible treasure                   was discovered. 522 00:31:00,859 --> 00:31:02,944 It was an abandoned section                 of the mine, 523 00:31:02,986 --> 00:31:04,779 and it was just about                 to be closed down. 524 00:31:04,821 --> 00:31:06,823 [narrator 2]                          A miner found 525 00:31:06,865 --> 00:31:09,909 something glistening,                and with a penknife, 526 00:31:09,951 --> 00:31:11,327 he picked it out. 527 00:31:11,369 --> 00:31:13,079 We weren't sure                    what it was, and... 528 00:31:13,121 --> 00:31:15,164 [narrator 2]   He took it               to his surface manager, 529 00:31:15,206 --> 00:31:16,916 who looked at                     this great big lump 530 00:31:16,958 --> 00:31:19,210 and threw it out the window,                    saying, 531 00:31:19,252 --> 00:31:20,587 "It's a piece of rock crystal." 532 00:31:20,628 --> 00:31:22,088 And then, as we were taking 533 00:31:22,130 --> 00:31:24,090 one last look at it                  in the setting sun, 534 00:31:24,132 --> 00:31:27,218 we saw something glinting,                     and... 535 00:31:27,260 --> 00:31:30,388 The miner retrieved it,            and they looked at it again 536 00:31:30,430 --> 00:31:34,684 and realized that it was                   a 3,106-carat 537 00:31:34,726 --> 00:31:36,561 rough diamond. 538 00:31:36,603 --> 00:31:39,522 Lo and behold, it's this giant,            beautiful diamond 539 00:31:39,564 --> 00:31:41,441 that will then                 be marketed with, you know, 540 00:31:41,482 --> 00:31:44,485 vistas of a sunset              with something that makes them 541 00:31:44,527 --> 00:31:48,072 think of Africa,                   as though Africa isn't 542 00:31:48,114 --> 00:31:52,285 a gigantic continent comprised           of dozens of countries, 543 00:31:52,327 --> 00:31:54,162 most of which have nothing              to do with diamonds. 544 00:31:54,203 --> 00:31:56,748 Welcome to the Karowe mine! 545 00:31:56,789 --> 00:31:59,083 [Raden]                           But the truth is 546 00:31:59,125 --> 00:32:00,919 it got pulled out by a bulldozer 547 00:32:00,960 --> 00:32:05,256 in a pile of dirt and waste, 548 00:32:05,298 --> 00:32:06,758 and that is how                    it was discovered. 549 00:32:06,799 --> 00:32:09,135 -Sold!                             -[applause] 550 00:32:09,177 --> 00:32:11,512 So it's like every origin story. 551 00:32:11,554 --> 00:32:14,432 It's been... embroidered. 552 00:32:21,481 --> 00:32:23,232 intriguing music 553 00:32:29,364 --> 00:32:32,075 [Janik]   The whole concept                of-of romantic love 554 00:32:32,116 --> 00:32:34,118 is actually a fairly new concept 555 00:32:34,160 --> 00:32:36,454 that's probably                 less than 150 years old, 556 00:32:36,496 --> 00:32:39,624 let alone giving                   these expensive gifts 557 00:32:39,666 --> 00:32:41,459 as-as a token of-of that love. 558 00:32:41,501 --> 00:32:44,504 That's even newer.                  That's 100 years old. 559 00:32:44,545 --> 00:32:46,255 [interviewer]                   John, it is your business. 560 00:32:46,297 --> 00:32:48,216 [Janik]                       It is my business. Yeah. 561 00:32:48,257 --> 00:32:49,509 But you don't have to buy                somebody's story. 562 00:32:49,550 --> 00:32:51,302 You don't have to buy                   the marketing. 563 00:32:51,886 --> 00:32:54,514 I was that kid that would,            like, ask questions like, 564 00:32:54,555 --> 00:32:56,224 "If we're all descendant 565 00:32:56,265 --> 00:32:59,477 from Adam and Eve, how-how come         we're not all inbred?" 566 00:32:59,519 --> 00:33:01,187 And, you know, 567 00:33:01,229 --> 00:33:03,189 the answers I would get                  from adults were: 568 00:33:03,231 --> 00:33:06,025 "Shut up. You don't ask                questions like that." 569 00:33:06,067 --> 00:33:07,735 And I realized as a little kid, 570 00:33:07,777 --> 00:33:09,278 if adults don't have                      good answers 571 00:33:09,320 --> 00:33:10,780 for these questions,                    they don't know 572 00:33:10,822 --> 00:33:12,323 what the fuck                   they're talking about. 573 00:33:13,533 --> 00:33:15,994 So my fundamental belief            is that the value of diamond 574 00:33:16,035 --> 00:33:19,205 is in its technological                     capability. 575 00:33:19,247 --> 00:33:21,708 Diamond has the same               transformative potential 576 00:33:21,749 --> 00:33:23,793 that silicon did have, 577 00:33:23,835 --> 00:33:28,047 and I do think that probably             within 15 to 20 years 578 00:33:28,089 --> 00:33:31,384 we'll see amazingly fast                diamond transistors 579 00:33:31,426 --> 00:33:34,345 in a lot of                     our personal devices. 580 00:33:34,387 --> 00:33:36,014 Five... 581 00:33:36,055 --> 00:33:37,640 But we don't think                     of it that way. 582 00:33:37,682 --> 00:33:40,893 We think of it as a gemstone,                 so, you know, 583 00:33:40,935 --> 00:33:44,147 I got to do what I got to do,                    which is 584 00:33:44,188 --> 00:33:48,484 make money by destroying                  a gem industry 585 00:33:48,526 --> 00:33:51,863 to create a new industry          that I think is more valuable. 586 00:33:51,904 --> 00:33:53,906 You know, creative destruction. 587 00:33:53,948 --> 00:33:55,616 Isn't that... wasn't that Shiva? 588 00:33:55,658 --> 00:33:56,784 [interviewer laughs] 589 00:33:56,826 --> 00:33:59,078 [car horns honking] 590 00:34:03,624 --> 00:34:05,418 atmospheric music 591 00:34:26,355 --> 00:34:29,734 I mean, could be, could be               whatever, you know? 592 00:34:29,776 --> 00:34:31,778 dramatic music 593 00:34:48,336 --> 00:34:49,962 They are polishing whatever. 594 00:34:50,004 --> 00:34:53,341 You can send him...                    what you have. 595 00:35:02,058 --> 00:35:04,811 [motorcycle engines buzzing] 596 00:35:04,852 --> 00:35:07,230 curious music 597 00:35:14,821 --> 00:35:16,989 Very, very secret. 598 00:35:17,031 --> 00:35:19,659 So, actually seeing... 599 00:35:19,700 --> 00:35:20,952 You can't. 600 00:35:21,452 --> 00:35:24,038 [interviewer]   And what are they            really scared about? 601 00:35:24,080 --> 00:35:25,331 They are scared, you know... 602 00:35:43,349 --> 00:35:44,517 Every day. 603 00:35:51,023 --> 00:35:53,276 ...they have to go out. 604 00:35:54,068 --> 00:35:56,946 Legally. Or illegally. 605 00:36:06,247 --> 00:36:07,915 Because when are you a thief? 606 00:36:07,957 --> 00:36:09,834 Only when you're caught. 607 00:36:09,876 --> 00:36:13,671 Until then,                   you're an honest person. 608 00:36:15,506 --> 00:36:18,342 It's not synthetics                   which is a problem. 609 00:36:30,813 --> 00:36:34,525 Yeah, it is fraud. It is fraud.         It is downright fraud. 610 00:36:37,612 --> 00:36:39,530 Many, many sources                     in the market. 611 00:36:55,379 --> 00:36:57,089 -[horns honking]                     -[lively chatter] 612 00:37:11,812 --> 00:37:14,106 Nobody can enter. 613 00:37:14,148 --> 00:37:16,400 [motorcycle engines buzzing] 614 00:37:23,699 --> 00:37:26,744 "Ho You Come Here Naughty Boy"             by Naheed Parvez 615 00:37:26,786 --> 00:37:28,579 singer vocalizing 616 00:38:25,219 --> 00:38:29,640 Come here, naughty boy 617 00:38:36,772 --> 00:38:40,901 Oh, you, come here 618 00:38:40,943 --> 00:38:45,323 Naughty boy, naughty boy 619 00:38:48,868 --> 00:38:53,122 Oh, you, come here 620 00:38:53,164 --> 00:38:56,667 Naughty boy, naughty boy... 621 00:39:08,346 --> 00:39:10,306 singer vocalizing 622 00:39:25,988 --> 00:39:28,491 [interviewer] But they're in        the market mixed with naturals? 623 00:39:28,532 --> 00:39:30,659 Is that what he's saying? 624 00:39:30,701 --> 00:39:32,745 [man translating] 625 00:39:37,416 --> 00:39:40,753 Oh, you, come here... 626 00:39:56,268 --> 00:40:00,106 Oh, you, come here 627 00:40:00,147 --> 00:40:04,443 Naughty boy, naughty boy 628 00:40:04,485 --> 00:40:06,612 song ends 629 00:40:27,133 --> 00:40:30,052 [man]   This edition               of International Diamond Week 630 00:40:30,094 --> 00:40:32,638 is taking place during 631 00:40:32,680 --> 00:40:35,474 the most sensitive period 632 00:40:35,516 --> 00:40:38,769 the world diamond industry                 has ever known. 633 00:40:56,162 --> 00:40:59,373 That's a tough, uh, thing to do. 634 00:40:59,415 --> 00:41:01,375 Both are real diamonds. 635 00:41:01,417 --> 00:41:03,127 You know? Both are                real diamonds. You know? 636 00:41:03,169 --> 00:41:04,962 [Peter Meeus]                 The polished diamond output 637 00:41:05,004 --> 00:41:07,506 of one dominant                 synthetic rough producer 638 00:41:07,548 --> 00:41:10,009 is said to enter                    the consumer market 639 00:41:10,050 --> 00:41:12,178 largely undisclosed. 640 00:41:12,219 --> 00:41:13,512 So winter is coming. 641 00:41:13,554 --> 00:41:15,848 [machinery whirring] 642 00:41:33,157 --> 00:41:35,367 Everybody I know knows about it. 643 00:41:38,537 --> 00:41:40,080 -Zero.                      -Because then they would 644 00:41:40,122 --> 00:41:43,709 start asking questions, and...                who benefits? 645 00:41:47,880 --> 00:41:50,716 How? I mean, the police               don't have any clue. 646 00:41:50,758 --> 00:41:53,052 You can't make out                     the difference. 647 00:41:53,093 --> 00:41:55,387 You need special equipment. 648 00:41:55,429 --> 00:41:57,389 There's always been mixing. 649 00:41:57,431 --> 00:41:59,725 The problem is not the mixing. 650 00:41:59,767 --> 00:42:02,228 The problem is consumers           finding out about the mixing. 651 00:42:02,269 --> 00:42:05,564 As long as nobody found out,             nobody cares, right? 652 00:42:07,149 --> 00:42:08,943 Somebody sells me                    a synthetic diamond, 653 00:42:08,984 --> 00:42:10,361 and I don't know it. 654 00:42:10,402 --> 00:42:12,238 Who was the crime                     committed against? 655 00:42:12,279 --> 00:42:14,907 Was it committed against me? 656 00:42:15,741 --> 00:42:17,409 I wanted 657 00:42:17,451 --> 00:42:20,162 a diamond, and here I have one. 658 00:42:20,204 --> 00:42:22,331 So I'm happy. 659 00:42:22,373 --> 00:42:24,375 And if I don't know                     the difference, 660 00:42:24,416 --> 00:42:26,418 the difference doesn't exist. 661 00:42:44,103 --> 00:42:45,771 You don't know. 662 00:42:46,939 --> 00:42:48,857 You don't know. 663 00:43:01,203 --> 00:43:03,789 intriguing music 664 00:43:07,835 --> 00:43:11,088 -[clicks mouse]                   -[computer trilling] 665 00:43:44,163 --> 00:43:48,334 So it means there is               no simple identification. 666 00:43:48,375 --> 00:43:50,836 Not simple, not fast. 667 00:43:50,878 --> 00:43:54,590 Doesn't exist and will               never exist, you know. 668 00:43:56,175 --> 00:43:58,510 uplifting music 669 00:44:05,059 --> 00:44:07,853 The International Institute         of Diamond Grading and Research 670 00:44:07,895 --> 00:44:10,439 is a very new, important              business for De Beers. 671 00:44:10,481 --> 00:44:14,360 It's focused primarily currently     on selling detection equipment 672 00:44:14,401 --> 00:44:16,403 around the world. 673 00:44:22,076 --> 00:44:25,162 [woman]   Welcome to               the new world of authenticity. 674 00:44:25,204 --> 00:44:27,706 [man]   Alrosa Diamond Inspector            is a mini laboratory... 675 00:44:27,748 --> 00:44:29,667 [woman 2]                      GIA's gem-testing device 676 00:44:29,708 --> 00:44:31,669 distinguishes natural diamonds 677 00:44:31,710 --> 00:44:33,462 from laboratory-grown                      diamonds... 678 00:44:33,504 --> 00:44:36,674 It comes with the fastest          and smartest technology ever. 679 00:44:36,715 --> 00:44:38,300 [computer voice]                           Pass. 680 00:44:38,342 --> 00:44:40,052 [man 2]   It's like your own                portable gemologist. 681 00:44:40,094 --> 00:44:41,637 [woman 3]   A person with                no technical knowledge 682 00:44:41,679 --> 00:44:43,555 can easily learn                  and operate the system. 683 00:44:43,597 --> 00:44:46,809 [woman 4]   ...desktop instrument            is easy to operate. 684 00:44:46,850 --> 00:44:48,602 [beeping] 685 00:44:55,943 --> 00:44:58,028 [scoffs]                    Come on. I was like, uh... 686 00:44:58,070 --> 00:45:02,950 All of us, small guys,               small labs, everything, 687 00:45:02,991 --> 00:45:07,079 will-will go, will go...             will be closed very soon. 688 00:45:16,672 --> 00:45:18,465 tense music 689 00:45:18,507 --> 00:45:21,468 [Raden]   They only put the melee            through those machines. 690 00:45:21,510 --> 00:45:22,928 Because its purpose 691 00:45:22,970 --> 00:45:26,056 is not to subvert                 any criminal activity. 692 00:45:26,098 --> 00:45:29,935 It's to make everyone else         feel safe so there's no panic. 693 00:45:29,977 --> 00:45:32,062 Security theater. 694 00:45:43,407 --> 00:45:47,619 Uh, surprise, your big diamond             might be fake, too, 695 00:45:47,661 --> 00:45:51,123 even if you have                that nice GIA certificate. 696 00:45:51,165 --> 00:45:52,875 What do you mean? 697 00:45:52,916 --> 00:45:55,878 I mean you might buy a diamond           with a GIA certificate 698 00:45:55,919 --> 00:45:59,131 telling you where it's from,              where it was mined, 699 00:45:59,173 --> 00:46:04,136 that it's a for-real, actual          and conflict-free diamond, 700 00:46:04,178 --> 00:46:06,805 and the only thing that           you might be conflicted about 701 00:46:06,847 --> 00:46:08,932 is the fact that it's not. 702 00:46:11,310 --> 00:46:14,188 Mm-hmm, and that certificate                is-is like a... 703 00:46:14,229 --> 00:46:15,856 it's like a bearer bond. 704 00:46:15,898 --> 00:46:18,150 If you have it,                   you could have any... 705 00:46:18,192 --> 00:46:19,902 you could...                 you could have a tennis ball 706 00:46:19,943 --> 00:46:23,739 and one of those certificates,             and if they match, 707 00:46:23,781 --> 00:46:27,117 you-you have to accept                that this tennis ball 708 00:46:27,159 --> 00:46:30,078 is a really weird-looking                    diamond. 709 00:46:30,120 --> 00:46:31,747 So there's a whole                    cottage industry 710 00:46:31,789 --> 00:46:33,916 in making fake                     birth certificates 711 00:46:33,957 --> 00:46:37,336 for "fake"                     or lab-grown diamonds. 712 00:46:37,377 --> 00:46:38,796 intriguing music 713 00:46:51,391 --> 00:46:53,936 Well, that's why De Beers           ha-had to respond to that. 714 00:46:53,977 --> 00:46:56,146 'Cause we heard stories                    of mixing. 715 00:46:56,188 --> 00:46:59,191 And-and it doesn't matter to me         whether it's, you know, 716 00:46:59,233 --> 00:47:02,027 a ten-carat diamond, you know,        worth half a million dollars 717 00:47:02,069 --> 00:47:03,987 or whether it-it's                     a one-pointer. 718 00:47:04,029 --> 00:47:06,365 The-the-the promise                     you're making 719 00:47:06,406 --> 00:47:08,784 is that they're all                  miracles of nature. 720 00:47:13,914 --> 00:47:16,708 The role diamonds play                  are about marking 721 00:47:16,750 --> 00:47:18,669 important moments in life 722 00:47:18,710 --> 00:47:23,257 with something that is        intrinsically rare and precious. 723 00:47:24,550 --> 00:47:26,635 And you can't make that. 724 00:47:26,677 --> 00:47:28,512 It's impossible. 725 00:47:28,554 --> 00:47:32,850 It's not about the money,       but it is about precious things, 726 00:47:32,891 --> 00:47:35,143 you know, do cost money. 727 00:47:35,185 --> 00:47:36,520 It's all greed. 728 00:47:36,562 --> 00:47:38,188 [interviewer]                      What do you mean? 729 00:47:38,230 --> 00:47:40,190 You know, if you want to make          money off of these mines, 730 00:47:40,232 --> 00:47:42,359 you got to pretend                  like they're scarce. 731 00:47:42,401 --> 00:47:45,279 You know,                    for many, many, many years, 732 00:47:45,320 --> 00:47:49,032 people only found diamonds in     riverbeds and streams in India, 733 00:47:49,074 --> 00:47:51,201 but then, at some point, 734 00:47:51,243 --> 00:47:54,872 people found that there's these      deposits called kimberlites. 735 00:47:54,913 --> 00:47:57,165 You know, kimberlite pipes                  are not rare. 736 00:47:57,207 --> 00:47:58,876 They're all over the world. 737 00:47:58,917 --> 00:48:00,919 And then they just started                   mining 'em. 738 00:48:02,796 --> 00:48:05,591 So the reality is                      that diamond is 739 00:48:05,632 --> 00:48:08,427 one of the most common gemstones       on the face of the planet. 740 00:48:08,468 --> 00:48:11,013 But De Beers keeps them 741 00:48:11,054 --> 00:48:13,223 off to the side and says,             "No, we don't have 'em. 742 00:48:13,265 --> 00:48:14,975 We don't know what                 you're talking about." 743 00:48:15,017 --> 00:48:16,810 And they control the prices. 744 00:48:16,852 --> 00:48:19,479 [Janik]   They want you                 to continue believing 745 00:48:19,521 --> 00:48:22,441 that your natural gemstone      is valuable and unique and rare 746 00:48:22,482 --> 00:48:25,277 and precious, just like             your love, but it's not. 747 00:48:25,319 --> 00:48:27,946 It's-it's just like                   everybody else's. 748 00:48:27,988 --> 00:48:30,407 [man, translated]                   These are diamonds. 749 00:48:30,449 --> 00:48:31,992 All of those bags, 750 00:48:32,034 --> 00:48:33,619 all the way to the ceiling,                 are diamonds? 751 00:48:33,660 --> 00:48:35,287 [man]                                Yes. 752 00:48:35,329 --> 00:48:36,830 [Chris Wallace]                 And how many other rooms 753 00:48:36,872 --> 00:48:38,332 do you have like this? 754 00:48:38,373 --> 00:48:41,209 Oh, about, uh, 28 rooms. 755 00:48:41,251 --> 00:48:44,087 [Wallace]   How many millions      of carats do you have down here? 756 00:48:44,129 --> 00:48:46,173 [man]                 No, that is a commercial secret. 757 00:48:46,214 --> 00:48:49,468 So this is one of the last            great secrets of Russia? 758 00:48:49,509 --> 00:48:54,556 It's a secret for any           organization storing diamonds. 759 00:48:54,598 --> 00:48:56,141 [Raden]                           There are enough 760 00:48:56,183 --> 00:48:58,310 for every man, woman                and child on the planet 761 00:48:58,352 --> 00:49:00,729 to have a half-carat                     diamond ring, 762 00:49:00,771 --> 00:49:02,272 with a half a billion 763 00:49:02,314 --> 00:49:04,232 carats left over. 764 00:49:04,274 --> 00:49:05,817 [chuckling]                 There are a lot of diamonds. 765 00:49:05,859 --> 00:49:07,569 They're not scarce or rare. 766 00:49:07,611 --> 00:49:10,322 So I'm sorry you're asking         the only chick you got on film 767 00:49:10,364 --> 00:49:12,616 and I have nothing romantic               to say about it, 768 00:49:12,658 --> 00:49:14,534 but they are an economic good, 769 00:49:14,576 --> 00:49:16,328 and they put them                    in ring holders. 770 00:49:18,413 --> 00:49:20,457 [Lussier]                          Well, you know, 771 00:49:20,499 --> 00:49:22,376 we're probably past peak supply. 772 00:49:22,417 --> 00:49:24,252 [interviewer]                            Yeah. 773 00:49:25,587 --> 00:49:28,382 [Lussier]   It's fascinating               to me when I look back 774 00:49:28,423 --> 00:49:30,509 on how my life developed                  the way it did, 775 00:49:30,550 --> 00:49:32,052 because my first interaction 776 00:49:32,094 --> 00:49:34,429 with the world of diamonds                   was actually 777 00:49:34,471 --> 00:49:37,599 well before I ever knew                that I would end up 778 00:49:37,641 --> 00:49:40,352 within De Beers or within the...        within the diamond world. 779 00:49:42,312 --> 00:49:45,273 You know, I grew up                in Schenectady, New York, 780 00:49:45,315 --> 00:49:48,360 the old headquarters                  of General Electric, 781 00:49:48,402 --> 00:49:52,823 the early synthesizer                 of industrial diamond. 782 00:49:52,864 --> 00:49:55,659 A scientist at General Electric,                 Mr. Hall, 783 00:49:55,701 --> 00:49:57,244 he was the next-door neighbor. 784 00:49:57,285 --> 00:49:59,037 He'd give me five dollars                every time it snowed 785 00:49:59,079 --> 00:50:00,872 to shovel his walk. 786 00:50:00,914 --> 00:50:04,668 [reporter]   Dr. H. Tracy Hall            is a world-famous chemist. 787 00:50:04,710 --> 00:50:07,879 He is one of the inventors          of the first practical process 788 00:50:07,921 --> 00:50:12,467 for making large quantities              of man-made diamonds. 789 00:50:12,509 --> 00:50:14,886 It was the sidewalk                  from his front door 790 00:50:14,928 --> 00:50:17,681 and then across the street                that I had to do 791 00:50:17,723 --> 00:50:19,558 with my shovel. 792 00:50:19,599 --> 00:50:21,226 And he'd come out and inspect it 793 00:50:21,268 --> 00:50:23,061 before he'd give me                 the five-dollar bill. 794 00:50:23,103 --> 00:50:24,563 [interviewer laughs] 795 00:50:24,604 --> 00:50:26,398 [interviewer]                  Do you remember Tracy Hall? 796 00:50:26,440 --> 00:50:28,567 [Lussier]   I remember him               as being scary.   [laughs] 797 00:50:28,608 --> 00:50:32,029 [interviewer]   That is one of           the most incredible stories. 798 00:50:32,070 --> 00:50:34,239 From shoveling                    Tracy Hall's driveway 799 00:50:34,281 --> 00:50:36,408 to marrying an Oppenheimer. 800 00:50:36,450 --> 00:50:39,244 I did think subsequently,               "What if I had left 801 00:50:39,286 --> 00:50:41,913 just a little bit more ice          on that pavement?" [chuckles] 802 00:50:41,955 --> 00:50:43,123 [interviewer]                            Really? 803 00:50:43,165 --> 00:50:44,624 [Lussier]                      Well, would we have had 804 00:50:44,666 --> 00:50:45,917 another couple of decades 805 00:50:45,959 --> 00:50:47,252 without synthesized diamond? 806 00:50:47,294 --> 00:50:48,211 [laughs] 807 00:50:48,253 --> 00:50:51,048 dramatic music 808 00:50:51,089 --> 00:50:53,133 [grunts, trumpets] 809 00:50:53,175 --> 00:50:55,385 [Raden]                        I think the fact that 810 00:50:55,427 --> 00:50:57,763 the very top brass at De Beers 811 00:50:57,804 --> 00:51:00,599 sat in a room with you                and signed a release, 812 00:51:00,640 --> 00:51:03,935 it's a sign                    of incredible weakness. 813 00:51:03,977 --> 00:51:06,563 [birds chirping] 814 00:51:06,605 --> 00:51:10,609 Compared to five years ago,           there would be no interview. 815 00:51:10,650 --> 00:51:12,527 There would never be                     an interview. 816 00:51:12,569 --> 00:51:14,404 There's a lot of reasons                     for that. 817 00:51:14,446 --> 00:51:16,073 One of them is, 818 00:51:16,114 --> 00:51:19,451 if synthetic diamond jewelry        ever takes a big market share-- 819 00:51:19,493 --> 00:51:21,620 which I think                    it very well could-- 820 00:51:21,661 --> 00:51:23,705 then it would end up                 like cultured pearls. 821 00:51:23,747 --> 00:51:25,874 No one would remember             there was ever a difference 822 00:51:25,916 --> 00:51:28,585 between cultured diamonds           and not-cultured diamonds. 823 00:51:28,627 --> 00:51:31,421 I don't even bother                 keeping them separate 824 00:51:31,463 --> 00:51:33,882 in my jewelry boxes. 825 00:51:48,396 --> 00:51:51,525 If you want people              to really absorb information, 826 00:51:51,566 --> 00:51:53,819 you need to be able                  to tell it to them 827 00:51:53,860 --> 00:51:56,196 in a way that is memorable. 828 00:51:56,238 --> 00:51:58,156 That's the definition                  of a storyteller. 829 00:51:58,198 --> 00:52:00,700 [elephants grunting] 830 00:52:00,742 --> 00:52:03,662 Stories are the only way                  in today's world 831 00:52:03,703 --> 00:52:08,291 people can absorb information                in any depth. 832 00:52:08,333 --> 00:52:11,962 In the old days,               it was more classic marketing. 833 00:52:12,003 --> 00:52:16,675 You know, I could buy NBC, CBS,         and you all saw it in a week. 834 00:52:16,716 --> 00:52:19,136 But now it's-it's more core. 835 00:52:19,177 --> 00:52:21,179 You need to take a step back. 836 00:52:21,221 --> 00:52:23,682 It's not about myths.                  It's about truth. 837 00:52:23,723 --> 00:52:28,520 And truth is a good thing          if your story is a good one. 838 00:52:28,562 --> 00:52:30,814 gentle music 839 00:52:33,859 --> 00:52:35,694 Actually, here in Botswana, 840 00:52:35,735 --> 00:52:38,029 the world's leading producer                  of diamonds, 841 00:52:38,071 --> 00:52:41,700 there's a huge positive benefit     created by the natural diamond. 842 00:52:47,080 --> 00:52:48,790 [sputters] 843 00:52:49,291 --> 00:52:51,376 You know, sometimes                   synthetic producers 844 00:52:51,418 --> 00:52:53,086 try and position their product 845 00:52:53,128 --> 00:52:55,714 as somehow an ethical             or environmental alternative. 846 00:52:55,755 --> 00:52:58,049 They say, "Oh, we don't make            a hole in the ground." 847 00:52:58,091 --> 00:53:01,344 And you're right, we do make           a big hole in the ground. 848 00:53:01,386 --> 00:53:03,889 It's about                      two kilometers across, 849 00:53:03,930 --> 00:53:06,099 in a country the size of France, 850 00:53:06,141 --> 00:53:09,519 with nothing around it                    but scrubland. 851 00:53:09,561 --> 00:53:11,271 You can look at that                     in two ways. 852 00:53:11,313 --> 00:53:12,939 You can look at that hole                    and say, 853 00:53:12,981 --> 00:53:14,399 "There's a big hole                    in the ground," 854 00:53:14,441 --> 00:53:17,402 or you can look                   in that hole and think, 855 00:53:17,444 --> 00:53:21,072 how lucky the people                    of Botswana were 856 00:53:21,114 --> 00:53:25,410 to have this two-kilometer          bit of land in an area that-- 857 00:53:25,452 --> 00:53:27,078 what were they gonna do with it? 858 00:53:27,120 --> 00:53:29,080 Have like ten cows? 859 00:53:31,291 --> 00:53:33,877 And in that hole has been 860 00:53:33,919 --> 00:53:37,380 this extraordinary               transformation of a country 861 00:53:37,422 --> 00:53:40,008 from four miles of tarred road                  to 4,000 862 00:53:40,050 --> 00:53:41,885 because of that hole                    in the ground. 863 00:53:41,927 --> 00:53:45,096 A doctor for every 50,000 people            before diamonds. 864 00:53:45,138 --> 00:53:47,182 Now a doctor for every 300. 865 00:53:47,224 --> 00:53:50,060 Hospitals, free education. Why? 866 00:53:50,101 --> 00:53:52,771 It's-it's that hole                    in the ground. 867 00:53:55,523 --> 00:53:58,151 De Beers is an African company. 868 00:53:58,193 --> 00:54:01,655 A lot of us may be based           in London, but the deep ethos 869 00:54:01,696 --> 00:54:04,658 of our operations                 has Africa at its core. 870 00:54:05,951 --> 00:54:08,578 And there's nothing                 more important to an African 871 00:54:08,620 --> 00:54:11,331 than their environment--       in particular, their wildlife-- 872 00:54:11,373 --> 00:54:14,334 and you need to protect that,                    as well. 873 00:54:14,376 --> 00:54:16,544 uplifting music 874 00:54:19,339 --> 00:54:20,966 You know, if I could bring 875 00:54:21,007 --> 00:54:22,968 every American                engagement ring consumer here 876 00:54:23,009 --> 00:54:26,972 to see with their own eyes                what diamonds do, 877 00:54:27,013 --> 00:54:30,392 they would never buy anything         but-but a natural diamond. 878 00:54:30,433 --> 00:54:32,727 You'd actually say,                   "Geez, you know, 879 00:54:32,769 --> 00:54:35,230 why would you                    synthesize something 880 00:54:35,272 --> 00:54:37,816 when it could do such harm              to-to this country?" 881 00:54:45,615 --> 00:54:47,951 The story is extraordinarily 882 00:54:47,993 --> 00:54:52,330 inspiring and has the great          convenience of being true. 883 00:54:52,372 --> 00:54:55,583 And you show me another              two-kilometer bit of... 884 00:54:55,625 --> 00:54:58,670 of the world that has done that. 885 00:55:01,006 --> 00:55:03,258 [bird cawing] 886 00:55:09,222 --> 00:55:11,516 [birdcalls] 887 00:55:18,356 --> 00:55:20,108 I want to take                 this problem of synthetics 888 00:55:20,150 --> 00:55:22,110 to a whole other level. 889 00:55:22,152 --> 00:55:25,071 We're now living                     in a world of... 890 00:55:25,113 --> 00:55:27,741 gender equality. 891 00:55:27,782 --> 00:55:32,245 Are diamonds under threat       not because of synthetics only-- 892 00:55:32,287 --> 00:55:34,164 although synthetics                   brings it down-- 893 00:55:34,205 --> 00:55:35,832 because of                     the whole question of, 894 00:55:35,874 --> 00:55:38,043 what is the relationship           between the man and the woman 895 00:55:38,084 --> 00:55:40,378 in the 21st century? 896 00:55:41,755 --> 00:55:45,383 Why is she receiving the gift                and not him? 897 00:55:45,425 --> 00:55:47,635 What's going on here? 898 00:55:47,677 --> 00:55:50,805 I could talk about the idea                 of, you know, 899 00:55:50,847 --> 00:55:53,016 uh, anthropological studies                   that show 900 00:55:53,058 --> 00:55:55,685 that the woman has the babies     and, because she has the babies, 901 00:55:55,727 --> 00:55:57,562 she wants the man                  to make a commitment 902 00:55:57,604 --> 00:56:00,315 and know that he's gonna                support her. Okay. 903 00:56:00,357 --> 00:56:02,400 But we live in                    a modern world today 904 00:56:02,442 --> 00:56:04,569 where women may be earning                 more than men. 905 00:56:04,611 --> 00:56:07,739 She may not need him                     or want him. 906 00:56:07,781 --> 00:56:09,866 We switch jobs                   every couple of years. 907 00:56:09,908 --> 00:56:13,536 Maybe we're gonna switch,          uh, partners every few years. 908 00:56:13,578 --> 00:56:15,914 Our-our society is changing. 909 00:56:15,955 --> 00:56:19,084 And so the role of the diamond               is under threat 910 00:56:19,125 --> 00:56:22,379 because the role of the woman        and the man is under threat. 911 00:56:22,420 --> 00:56:27,342 But every day,               millennials are getting older. 912 00:56:27,384 --> 00:56:30,095 Their clocks are ticking. 913 00:56:30,136 --> 00:56:32,305 Their desire to procreate, 914 00:56:32,347 --> 00:56:34,474 whether it's genetic                     or otherwise 915 00:56:34,516 --> 00:56:38,269 or whether it's, uh, uh,               Darwinian, is there. 916 00:56:38,311 --> 00:56:41,064 What's going to happen? 917 00:56:41,106 --> 00:56:46,111 Does the diamond play a role        in cementing the relationship? 918 00:56:46,152 --> 00:56:49,239 Does the woman                    still want a diamond? 919 00:56:49,280 --> 00:56:52,200 And if so, why? 920 00:56:59,416 --> 00:57:01,918 I-I did. Yeah. 921 00:57:01,960 --> 00:57:06,798 I-I grew a diamond                 for my former fiancée. 922 00:57:06,840 --> 00:57:08,341 [interviewer]             Wait, so what's the story there? 923 00:57:08,383 --> 00:57:10,385 [laughs]                               Um... 924 00:57:10,427 --> 00:57:12,971 I grew a diamond                and had it cut and polished 925 00:57:13,012 --> 00:57:16,891 and, uh, had it set in a setting 926 00:57:16,933 --> 00:57:19,686 and proposed to her with it. 927 00:57:20,854 --> 00:57:22,605 -[interviewer] And?                      -[chuckles] 928 00:57:22,647 --> 00:57:24,816 I think she was unimpressed. 929 00:57:24,858 --> 00:57:27,068 [interviewer, laughing]               What does that mean? 930 00:57:27,110 --> 00:57:28,736 It was too small. 931 00:57:28,778 --> 00:57:30,405 It was half a carat. 932 00:57:30,447 --> 00:57:33,616 -What did she say?                         -Um... 933 00:57:34,742 --> 00:57:36,369 ...that she wanted a bigger one. 934 00:57:36,411 --> 00:57:38,079 [interviewer laughing] 935 00:57:38,121 --> 00:57:40,331 [distant traffic] 936 00:57:42,876 --> 00:57:46,212 [Simic]   Ladies and gentlemen,                dear colleagues, 937 00:57:46,254 --> 00:57:51,259 my name is D-Dusan Simic,         and, uh, I'll talk today about 938 00:57:51,301 --> 00:57:54,512 my invention, my patent. 939 00:58:02,061 --> 00:58:04,439 It will ensure that we will have 940 00:58:04,481 --> 00:58:07,692 two completely different                     products 941 00:58:07,734 --> 00:58:10,695 that cannot hurt each other. 942 00:58:13,323 --> 00:58:15,700 Yeah, yeah, yeah, it is.                It was a decision. 943 00:58:15,742 --> 00:58:18,745 Right now, I'm closing the lab 944 00:58:18,786 --> 00:58:22,081 and I'm going, uh, to do              other things, you know. 945 00:58:22,123 --> 00:58:24,834 It-it was nonsense to have a lab 946 00:58:24,876 --> 00:58:29,130 that it doesn't bring,             it doesn't bring any money. 947 00:58:29,172 --> 00:58:30,507 I really believe in this. 948 00:58:30,548 --> 00:58:32,759 I mean, it could be                 a solution, you know. 949 00:58:32,800 --> 00:58:34,552 upbeat music 950 00:59:11,881 --> 00:59:13,841 [quiet chatter] 951 00:59:54,424 --> 00:59:55,758 [murmuring] 952 01:00:12,692 --> 01:00:14,986 [man]                     Can I ask a dumb question? 953 01:00:39,927 --> 01:00:42,513 [Simic]                       Of course. Of course. 954 01:01:02,408 --> 01:01:05,203 [man] Uh, this brings               the presentations to... 955 01:01:13,836 --> 01:01:16,547 -Come on, I know all about you.        -Okay. Yeah, yeah, yeah. 956 01:01:25,264 --> 01:01:26,683 -You-you have a power...             -I'll do a deal with you. 957 01:01:26,724 --> 01:01:27,850 You have the power... 958 01:01:27,892 --> 01:01:28,685 I have the power                     to make it work. 959 01:01:28,726 --> 01:01:29,977 ...to make it work. 960 01:01:30,895 --> 01:01:32,480 Yes? 961 01:01:35,525 --> 01:01:37,777 [Simic laughs] 962 01:01:46,119 --> 01:01:48,162 [indistinct chatter] 963 01:01:49,455 --> 01:01:51,124 contemplative music 964 01:02:06,764 --> 01:02:08,891 [man]                             And action. 965 01:02:14,105 --> 01:02:16,858 [Lussier]               At De Beers, everything you do, 966 01:02:16,899 --> 01:02:19,277 if the person                     who owns your diamond 967 01:02:19,318 --> 01:02:21,446 sees anything                    that makes them unhappy, 968 01:02:21,487 --> 01:02:23,281 is the wrong thing to do. 969 01:02:23,322 --> 01:02:26,868 They have to feel proud              of-of-of that diamond. 970 01:02:26,909 --> 01:02:29,537 That bit is, like,                     the sacrosanct. 971 01:02:29,579 --> 01:02:32,290 You must protect them. 972 01:02:32,331 --> 01:02:34,292 You don't want people                who question things. 973 01:02:34,333 --> 01:02:35,877 Those aren't good consumers. 974 01:02:35,918 --> 01:02:37,712 They question                    how many of their... 975 01:02:37,754 --> 01:02:39,589 "Are all of these real? 976 01:02:39,630 --> 01:02:43,134 Well, how I know for sure?" 977 01:02:43,176 --> 01:02:44,719 Then they're gonna start              to ask questions about-- 978 01:02:44,761 --> 01:02:46,637 what are the differences? 979 01:02:50,308 --> 01:02:51,809 I don't hate De Beers. 980 01:02:51,851 --> 01:02:53,311 It's not a personal grudge. 981 01:02:53,352 --> 01:02:55,688 It has nothing to do                with my career, per se, 982 01:02:55,730 --> 01:02:57,774 like, you know,                   anybody's annoyed me 983 01:02:57,815 --> 01:02:59,150 at any point in the past 984 01:02:59,192 --> 01:03:01,819 or being the only woman                   in the room. 985 01:03:01,861 --> 01:03:03,863 I-I have no skin in the game. 986 01:03:05,531 --> 01:03:10,495 It's just that I'm interested     in what they're actually doing. 987 01:03:10,536 --> 01:03:12,997 And I think, if you look closer, 988 01:03:13,039 --> 01:03:16,292 it's never really                what you thought you saw. 989 01:03:18,753 --> 01:03:20,671 And in this case,                      you're assuming 990 01:03:20,713 --> 01:03:23,299 the mixing scandal                    was ever a problem 991 01:03:23,341 --> 01:03:25,343 for the people                   claiming it's a problem. 992 01:03:25,384 --> 01:03:27,261 Because they're also 993 01:03:27,303 --> 01:03:31,349 the ones putting the most money      and quietly the most manpower 994 01:03:31,390 --> 01:03:35,353 into growing them in labs. 995 01:03:37,313 --> 01:03:41,359 So, a lie about a lie              about a lie about a lie. 996 01:03:41,400 --> 01:03:43,110 Delightful. 997 01:03:43,152 --> 01:03:46,155 The diamond jewelry industry             is set for a shake-up 998 01:03:46,197 --> 01:03:49,033 after global diamond giant               De Beers announced 999 01:03:49,075 --> 01:03:51,702 it planned to sell diamonds            grown in a laboratory. 1000 01:03:51,744 --> 01:03:55,206 [reporter]   After years of           criticizing lab-made diamonds, 1001 01:03:55,248 --> 01:03:57,708 the world's largest                 diamond miner, De Beers, 1002 01:03:57,750 --> 01:03:59,377 will now sell them. 1003 01:03:59,418 --> 01:04:03,214 Of course they were             working on growing their own. 1004 01:04:03,256 --> 01:04:06,551 De Beers never sold a diamond--           they sold an idea-- 1005 01:04:06,592 --> 01:04:08,719 and this is just a new idea. 1006 01:04:08,761 --> 01:04:10,930 [Lussier]                   The Lightbox brand is bringing 1007 01:04:10,972 --> 01:04:14,392 the synthesized product                   in a way that is 1008 01:04:14,433 --> 01:04:15,810 honest about what it is 1009 01:04:15,852 --> 01:04:18,688 but, equally importantly,                 what it isn't. 1010 01:04:18,729 --> 01:04:20,398 The difference is that, 1011 01:04:20,439 --> 01:04:22,525 while a natural diamond is made         over billions of years, 1012 01:04:22,567 --> 01:04:24,235 comes from deep in the ground, 1013 01:04:24,277 --> 01:04:28,155 a lab-grown diamond is             literally made in a factory 1014 01:04:28,197 --> 01:04:30,491 over a period                     of about two weeks. 1015 01:04:30,533 --> 01:04:32,743 It's something less precious. 1016 01:04:32,785 --> 01:04:34,245 Maybe for travel jewelry. 1017 01:04:34,287 --> 01:04:36,038 It's a nice thing, huh? 1018 01:04:36,080 --> 01:04:39,834 It's... you know, you see          a sparkly blue or pink stone, 1019 01:04:39,876 --> 01:04:42,879 it's pretty, and it's              very inexpensive to make. 1020 01:04:42,920 --> 01:04:45,006 Consumer research tells us                that women prefer 1021 01:04:45,047 --> 01:04:47,216 natural diamonds                 for life's big occasions 1022 01:04:47,258 --> 01:04:49,427 like an engagement ring                or a wedding band, 1023 01:04:49,468 --> 01:04:52,054 but these are perfect for all         of other life's occasions. 1024 01:04:52,096 --> 01:04:54,181 If you lose it,                   don't worry so much, 1025 01:04:54,223 --> 01:04:55,933 'cause it's not very expensive. 1026 01:04:55,975 --> 01:04:58,185 It's not a memorable thing             that 30 years from now 1027 01:04:58,227 --> 01:05:00,563 you're going to be,                 you know, cherishing. 1028 01:05:00,605 --> 01:05:02,773 You're not gonna pass it on               to your children. 1029 01:05:02,815 --> 01:05:04,609 But there's a lot                  of jewelry like that, 1030 01:05:04,650 --> 01:05:06,611 and there's nothing wrong                    with it. 1031 01:05:06,652 --> 01:05:08,321 Oh, yeah, really? 1032 01:05:08,362 --> 01:05:09,989 After shitting on it                    for ten years, 1033 01:05:10,031 --> 01:05:11,699 you want to get into it?                    All right. 1034 01:05:11,741 --> 01:05:13,159 I think where it came from is 1035 01:05:13,200 --> 01:05:14,994 they want to cut out                all the people like me. 1036 01:05:15,036 --> 01:05:17,038 They want to cut out all                the people that are 1037 01:05:17,079 --> 01:05:19,290 creating new diamonds             by undercutting the market. 1038 01:05:19,332 --> 01:05:21,417 [reporter]                    The gemstone giant De Beers 1039 01:05:21,459 --> 01:05:24,795 is building a $94 million dollar          plant there in Gresham. 1040 01:05:24,837 --> 01:05:27,089 The laboratory-made                     stones produced 1041 01:05:27,131 --> 01:05:30,259 will be up to 90% less expensive            than natural stones. 1042 01:05:30,301 --> 01:05:32,053 [Raden]   At that point,                   you have to assume 1043 01:05:32,094 --> 01:05:34,138 they don't want to sell them. 1044 01:05:34,180 --> 01:05:38,267 Because when you have           a product that you can't sell, 1045 01:05:38,309 --> 01:05:39,894 what do you do? 1046 01:05:39,936 --> 01:05:41,646 You put it on sale. 1047 01:05:41,687 --> 01:05:42,980 You reduce the price, right? 1048 01:05:43,022 --> 01:05:45,316 All this product is                     $800 a carat, 1049 01:05:45,358 --> 01:05:47,234 so that's much, much less 1050 01:05:47,276 --> 01:05:48,778 -than natural diamonds.                   -[woman] Wow. 1051 01:05:48,819 --> 01:05:50,154 So it's a different                   thought process-- 1052 01:05:50,196 --> 01:05:51,489 right?-- when you're going                 to shop for it. 1053 01:05:51,530 --> 01:05:54,075 [Raden]                    Now we know, because De Beers 1054 01:05:54,116 --> 01:05:56,077 have told us so,                that there's a difference, 1055 01:05:56,118 --> 01:05:57,828 "We've differentiated." 1056 01:05:57,870 --> 01:06:00,957 But then the FTC just expanded 1057 01:06:00,998 --> 01:06:04,001 the definition of diamond, 1058 01:06:04,043 --> 01:06:06,671 and now it includes                  lab-grown diamonds. 1059 01:06:06,712 --> 01:06:10,800 So, does that mean a diamond          is only worth $800 a carat? 1060 01:06:12,134 --> 01:06:14,345 -[traffic passing]                  -[car horns honking] 1061 01:06:49,839 --> 01:06:52,133 [muttering] 1062 01:06:56,387 --> 01:07:00,808 Simply, he did not...               he did not understand. 1063 01:07:00,850 --> 01:07:02,560 He's talking about                     something else. 1064 01:07:02,601 --> 01:07:05,563 Even I cannot understand          what he wants to say, you know. 1065 01:07:06,939 --> 01:07:08,941 I send mail answer to Martin, 1066 01:07:08,983 --> 01:07:12,570 and, uh, since then,                   he is not, uh... 1067 01:07:12,611 --> 01:07:15,448 he did not answer it. 1068 01:07:15,489 --> 01:07:17,867 I don't... I don't know. 1069 01:07:17,908 --> 01:07:20,786 We did not continue, you know. 1070 01:07:22,329 --> 01:07:24,290 I don't know. 1071 01:07:27,835 --> 01:07:29,628 dramatic music 1072 01:07:50,816 --> 01:07:53,110 -[Simic]   Okay, we go to...?            -[woman]   Uh, LaGuardia. 1073 01:07:53,152 --> 01:07:55,446 -LaGuardia. Okay.                     -Yeah, turn left. 1074 01:08:15,925 --> 01:08:17,551 Something like that? 1075 01:08:23,349 --> 01:08:25,392 You told me D? 1076 01:08:25,434 --> 01:08:28,854 [woman]                   Yeah. Terminal D. Thank you. 1077 01:08:28,896 --> 01:08:31,482 There is no room for this. 1078 01:08:52,002 --> 01:08:54,296 [siren blaring] 1079 01:09:43,429 --> 01:09:44,555 To make money? 1080 01:09:46,849 --> 01:09:50,728 I don't know.             Right now, right now, I'm, uh... 1081 01:09:50,769 --> 01:09:52,855 I'm waiting for it. 1082 01:09:52,897 --> 01:09:54,565 I'll start... 1083 01:09:58,819 --> 01:10:00,571 [chuckles] 1084 01:10:07,286 --> 01:10:09,914 [Simic and interviewer laughing] 1085 01:10:09,955 --> 01:10:12,583 Ah. Good idea, huh? 1086 01:10:19,798 --> 01:10:21,926 So, I don't know...             I don't remember who is who. 1087 01:10:21,967 --> 01:10:23,844 I don't remember who is where. 1088 01:10:23,886 --> 01:10:25,846 Here's Miley and everybody. 1089 01:10:25,888 --> 01:10:27,932 [lively chatter] 1090 01:10:28,557 --> 01:10:32,019 All right, Sunday night,              we have to play craps. 1091 01:10:32,061 --> 01:10:34,021 It's after my speech. 1092 01:10:34,063 --> 01:10:36,148 It's gonna be                     a crazy day for me. 1093 01:10:36,190 --> 01:10:38,150 I'm gonna be blowing up                half the industry. 1094 01:10:38,192 --> 01:10:39,485 What's the speech about? 1095 01:10:39,526 --> 01:10:41,153 -Synthetics.                     -[others] Synthetics! 1096 01:10:41,195 --> 01:10:43,113 -[man] Oh.                        -[man 2] Oh, wow. 1097 01:10:43,155 --> 01:10:44,240 -Yeah.                        -Wow, that's serious. 1098 01:10:44,281 --> 01:10:45,783 It's gonna be happening, man. 1099 01:10:45,824 --> 01:10:48,452 Anyways, thinking about           this threat of synthetics... 1100 01:10:48,494 --> 01:10:50,120 [man 3] I think it's                 a really big problem. 1101 01:10:50,162 --> 01:10:53,290 I bought a lot of stuff          from a-a jeweler in New Jersey, 1102 01:10:53,332 --> 01:10:55,459 and he told me he sells 1103 01:10:55,501 --> 01:10:58,629 95% synthetic diamond                  engagement rings. 1104 01:10:58,671 --> 01:11:01,966 -95%.                   -[Rapaport] What price points? 1105 01:11:02,007 --> 01:11:03,926 All over the place. 1106 01:11:03,968 --> 01:11:06,512 And I'm like, "Oh, how about      this natural stone? It's cheap." 1107 01:11:06,553 --> 01:11:08,847 And he's like,                 "I'm gonna sell synthetic." 1108 01:11:08,889 --> 01:11:10,474 That's-that's scary to me. 1109 01:11:10,516 --> 01:11:12,476 If you have a retail store          and someone's gonna come in, 1110 01:11:12,518 --> 01:11:14,144 they're gonna say,               "How much is this diamond? 1111 01:11:14,186 --> 01:11:16,230 Oh, this one's 5,000?                  It's a one-carat? 1112 01:11:16,272 --> 01:11:17,731 How much is this one?" 1113 01:11:17,773 --> 01:11:20,234 "Uh, this one's 500 bucks.               It's a synthetic." 1114 01:11:20,276 --> 01:11:21,777 "Okay. What's the difference?" 1115 01:11:21,819 --> 01:11:23,654 "I don't know.                    GIA can barely tell." 1116 01:11:23,696 --> 01:11:25,572 [woman]                People that are getting married, 1117 01:11:25,614 --> 01:11:27,074 you're not thinking...            that's like thinking about-- 1118 01:11:27,116 --> 01:11:28,659 [Rapaport]                    You're not thinking what? 1119 01:11:28,701 --> 01:11:30,160 You're not thinking about           getting divorced, you know, 1120 01:11:30,202 --> 01:11:31,495 -when you're getting married.                   -Sure. 1121 01:11:31,537 --> 01:11:33,080 So you don't care about                 the resale value? 1122 01:11:33,122 --> 01:11:34,832 -So... yeah, no, you don't.           -[man 3] No, they don't. 1123 01:11:34,873 --> 01:11:36,625 -[woman] Yeah, they don't care.        -[man 3] Think about it. 1124 01:11:36,667 --> 01:11:38,168 We're in a throw-away economy.           Throw away everything. 1125 01:11:38,210 --> 01:11:39,670 Buy something, throw it away               five years later. 1126 01:11:39,712 --> 01:11:41,505 -[woman] Right.               -You spend $1,000 on a phone, 1127 01:11:41,547 --> 01:11:42,881 -throw it out next year.          -And they-they already realize 1128 01:11:42,923 --> 01:11:44,300 that diamonds have no value. 1129 01:11:44,341 --> 01:11:45,884 I-I have people that                they already say that. 1130 01:11:45,926 --> 01:11:48,887 -Guys, especially.             -[man 3] So, why sell natural? 1131 01:11:48,929 --> 01:11:51,807 That's the big challenge.              That's the challenge. 1132 01:11:51,849 --> 01:11:54,393 [woman] Millennials,               they want an experience. 1133 01:11:54,435 --> 01:11:56,854 You know?                   And-and they are scared... 1134 01:11:56,895 --> 01:11:58,897 -[chatter fades]                    - atmospheric music 1135 01:11:58,939 --> 01:12:02,693 [Raden]   There's this quote                I like that's, uh... 1136 01:12:02,735 --> 01:12:05,529 "All your life, you live               so close to the truth 1137 01:12:05,571 --> 01:12:08,073 that it becomes a permanent blur       in the corner of your eye. 1138 01:12:13,203 --> 01:12:16,874 And when something nudges it         into outline, it's like being 1139 01:12:16,915 --> 01:12:19,543 ambushed by the grotesque." 1140 01:12:20,669 --> 01:12:22,880 A lot of things fall                   into the category 1141 01:12:22,921 --> 01:12:25,966 of true or not true, but... 1142 01:12:26,008 --> 01:12:27,718 a lot of things don't. 1143 01:12:27,760 --> 01:12:31,138 A lot of things start as a lie     and have a way of becoming true. 1144 01:12:31,180 --> 01:12:32,890 intriguing music 1145 01:12:34,767 --> 01:12:37,186 They lied about                     how many there were. 1146 01:12:37,227 --> 01:12:38,562 They lied                      about how they got them. 1147 01:12:38,604 --> 01:12:40,230 They lied about                    where they kept them. 1148 01:12:40,272 --> 01:12:42,191 They lie about                     all kinds of things 1149 01:12:42,232 --> 01:12:43,567 because they built a myth. 1150 01:12:43,609 --> 01:12:45,569 If they want to sell                   natural diamonds, 1151 01:12:45,611 --> 01:12:47,196 they have to insist on the myth. 1152 01:12:47,237 --> 01:12:49,406 If they want to sell                  synthetic diamonds, 1153 01:12:49,448 --> 01:12:51,492 they have to insist on the myth. 1154 01:12:53,786 --> 01:12:55,746 Because why would you want               a synthetic diamond 1155 01:12:55,788 --> 01:12:58,415 if a real diamond                      wasn't valuable? 1156 01:13:29,321 --> 01:13:32,908 -So it's all here?                   -Yeah, this is a... 1157 01:13:32,950 --> 01:13:34,618 This is like a, like a... 1158 01:13:39,665 --> 01:13:42,126 [Raden]                    The truth is not a requirement 1159 01:13:42,167 --> 01:13:43,877 for what people believe. 1160 01:13:43,919 --> 01:13:45,421 What people believe 1161 01:13:45,462 --> 01:13:47,131 is what they want to believe, 1162 01:13:47,172 --> 01:13:50,884 what they need to believe,            what doesn't conflict with 1163 01:13:50,926 --> 01:13:53,804 their more necessary                 load-bearing beliefs. 1164 01:13:53,846 --> 01:13:55,931 Ultimately, what everybody              around them believes. 1165 01:13:55,973 --> 01:13:58,684 [Rapaport]                 Avi, where are the synthetics? 1166 01:13:58,725 --> 01:14:01,311 Anybody know                   where the synthetics are? 1167 01:14:01,353 --> 01:14:02,980 How much are these pinks? 1168 01:14:03,021 --> 01:14:04,690 [man]                    These are around, like, $600. 1169 01:14:04,731 --> 01:14:07,109 [Rapaport]                  Six... Really? So expensive. 1170 01:14:07,151 --> 01:14:08,444 So, what do we do with you guys? 1171 01:14:08,485 --> 01:14:09,862 What should we do                with you synthetic guys? 1172 01:14:09,903 --> 01:14:10,904 You tell me. 1173 01:14:10,946 --> 01:14:12,322 What is your solution? 1174 01:14:12,364 --> 01:14:13,991 I don't know yet. I'm thinking. 1175 01:14:14,032 --> 01:14:16,910 The only solution is you. 1176 01:14:16,952 --> 01:14:19,496 I think you could give us               a proper solution, 1177 01:14:19,538 --> 01:14:22,708 a proper place on the market             and a proper pricing. 1178 01:14:22,749 --> 01:14:24,501 We lose                    the engagement ring market, 1179 01:14:24,543 --> 01:14:26,670 you're all out of business. 1180 01:14:26,712 --> 01:14:28,922 Us being--                  everybody's out of business. 1181 01:14:28,964 --> 01:14:31,758 I have the utmost admiration                 for De Beers. 1182 01:14:33,218 --> 01:14:36,305 Incredible admiration. 1183 01:14:36,346 --> 01:14:39,850 They created an illusion 1184 01:14:39,892 --> 01:14:43,687 so spectacular                    it turned into truth. 1185 01:14:43,729 --> 01:14:46,523 How do you not applaud that? 1186 01:14:54,239 --> 01:14:55,866 [man]                                Okay. 1187 01:14:55,908 --> 01:14:58,494 [Raden]   Mass delusions                  can turn on a dime, 1188 01:14:58,535 --> 01:15:00,913 and it's not that 1189 01:15:00,954 --> 01:15:05,209 synthetic diamonds               might be made undetectable. 1190 01:15:05,250 --> 01:15:07,419 It's that 1191 01:15:07,461 --> 01:15:11,507 they might have been               made real at that point. 1192 01:15:12,257 --> 01:15:14,343 There's the ball game. 1193 01:15:27,105 --> 01:15:29,358 [birds chirping] 1194 01:15:33,987 --> 01:15:36,031 [Simic singing quietly] 1195 01:15:43,247 --> 01:15:45,582 [continues singing] 1196 01:16:15,404 --> 01:16:17,197 dramatic music 1197 01:17:00,866 --> 01:17:02,492 So... 1198 01:17:04,870 --> 01:17:05,996 Became... 1199 01:17:17,174 --> 01:17:18,550 [whispering] 1200 01:17:49,414 --> 01:17:52,542 Okay? Okay. 1201 01:17:52,584 --> 01:17:54,878 Yeah? Wow. 1202 01:17:56,588 --> 01:17:58,924 [quiet chatter] 1203 01:18:00,258 --> 01:18:02,052 [woman]                        Morning, everyone. 1204 01:18:02,094 --> 01:18:03,970 Now we're gonna get                  this party started, 1205 01:18:04,012 --> 01:18:06,848 and I'm gonna welcome                Mr. Martin Rapaport. 1206 01:18:06,890 --> 01:18:08,934 [applause] 1207 01:18:09,726 --> 01:18:11,645 All right.                       Good morning, everybody. 1208 01:18:11,687 --> 01:18:13,355 Uh, welcome.                     Good morning, Vegas. 1209 01:18:13,397 --> 01:18:15,232 Okay, let's see                    where we are here. 1210 01:18:15,273 --> 01:18:17,109 The first thing that                I just want to explain 1211 01:18:17,150 --> 01:18:19,361 a little bit about Rapaport                    is that 1212 01:18:19,403 --> 01:18:21,697 we're in the value business. 1213 01:18:21,738 --> 01:18:23,281 Which means,                     if it's not ethical, 1214 01:18:23,323 --> 01:18:24,783 I don't want to do it, okay? 1215 01:18:24,825 --> 01:18:29,329 Established in 1978,                    230 employees, 1216 01:18:29,371 --> 01:18:31,581 nine offices, uh, six countries. 1217 01:18:31,623 --> 01:18:34,209 RapNet diamond trading network,       the largest in the world-- 1218 01:18:34,251 --> 01:18:37,421 it's got about $7.4 billion           dollars listed every day. 1219 01:18:37,462 --> 01:18:39,214 [applause] 1220 01:18:39,256 --> 01:18:40,882 We're gonna have a vote. 1221 01:18:40,924 --> 01:18:42,467 Should RapNet, the largest 1222 01:18:42,509 --> 01:18:44,094 diamond trading network                   in the world, 1223 01:18:44,136 --> 01:18:46,221 carry synthetics? 1224 01:18:46,263 --> 01:18:48,014 [chuckles]                              Yes. 1225 01:18:48,056 --> 01:18:50,892 Should Rapaport produce           a price list for synthetics? 1226 01:18:50,934 --> 01:18:52,853 Second question. 1227 01:18:52,894 --> 01:18:54,354 [laughing] 1228 01:18:54,396 --> 01:18:56,273 [interviewer] Why-why is this            making you so happy? 1229 01:18:56,314 --> 01:18:57,858 Because let people speak. 1230 01:18:57,899 --> 01:18:59,901 No one knows.                    Everyone's confused. 1231 01:18:59,943 --> 01:19:02,028 I never saw so many people                walking around... 1232 01:19:02,070 --> 01:19:04,281 "I don't know. Should I?          Shouldn't I? Would I? Would I?" 1233 01:19:04,322 --> 01:19:06,116 Let's ask everybody. 1234 01:19:06,158 --> 01:19:09,578 Should we be giving people             the perception of value 1235 01:19:09,619 --> 01:19:11,788 when it's not there? 1236 01:19:12,789 --> 01:19:14,541 What the hell's going on here? 1237 01:19:14,583 --> 01:19:17,085 Could someone tell me?                    Anybody know? 1238 01:19:17,127 --> 01:19:21,131 The threat of synthetic diamonds           is a wake-up call. 1239 01:19:21,173 --> 01:19:22,758 It says, "Hey, guys. 1240 01:19:22,799 --> 01:19:25,177 You got a hole                     in your boat here." 1241 01:19:25,218 --> 01:19:29,473 For this machine, for this, uh,      uh, diamond industry to work, 1242 01:19:29,514 --> 01:19:33,226 we need to have all of these         functioning pieces operating 1243 01:19:33,268 --> 01:19:36,396 at some level of responsibility            and relationship. 1244 01:19:36,438 --> 01:19:40,150 We can't just be ourselves,            our own little islands. 1245 01:19:40,192 --> 01:19:41,860 [machinery whirring] 1246 01:19:41,902 --> 01:19:43,862 elegant music 1247 01:20:13,892 --> 01:20:15,852 [Rapaport]                    We should be thinking about, 1248 01:20:15,894 --> 01:20:17,938 "What exactly are we selling?" 1249 01:20:17,979 --> 01:20:20,357 It's the promise of diamonds. 1250 01:20:21,650 --> 01:20:24,319 And the big question, "Do we        invest in synthetic diamonds?" 1251 01:20:24,361 --> 01:20:26,363 Are we investing in ethical         diamonds in the supply chain? 1252 01:20:26,404 --> 01:20:28,490 Are we gonna do both?                What are we gonna do? 1253 01:20:28,532 --> 01:20:29,699 Wh-Where are we gonna go? 1254 01:20:29,741 --> 01:20:31,201 We know we can't stay                    where we are. 1255 01:20:31,243 --> 01:20:32,994 [whirring] 1256 01:20:35,247 --> 01:20:38,708 And I can say to you that           the RapNet members have voted. 1257 01:20:38,750 --> 01:20:40,836 So roll the drums.                  [imitates drumroll] 1258 01:20:40,877 --> 01:20:42,337 Here is how the votes went. 1259 01:20:42,379 --> 01:20:44,256 Should RapNet list                    synthetic diamonds 1260 01:20:44,297 --> 01:20:46,383 as a way to buy                      and sell diamonds? 1261 01:20:46,424 --> 01:20:49,594 -79% no.                            -[applause] 1262 01:20:49,636 --> 01:20:51,263 [scattered cheers] 1263 01:20:51,304 --> 01:20:54,933 Should Rapaport publish              a synthetic price list? 1264 01:20:54,975 --> 01:20:57,185 No. 1265 01:20:57,227 --> 01:21:00,605 So, what's                     the Rapaport position? 1266 01:21:00,647 --> 01:21:03,441 Claims that synthetic diamonds            are exactly the same 1267 01:21:03,483 --> 01:21:05,402 as natural diamonds, false. 1268 01:21:05,443 --> 01:21:07,737 It's just a big lie. 1269 01:21:19,708 --> 01:21:21,209 [Rapaport]                      Am I gonna be the person 1270 01:21:21,251 --> 01:21:24,421 that's going to legitimize               lab-grown diamonds? 1271 01:21:24,462 --> 01:21:26,423 No, I'm not gonna do that. 1272 01:21:26,464 --> 01:21:28,049 [applause] 1273 01:21:28,091 --> 01:21:30,427 But we have to invest.               We have to go forward. 1274 01:21:30,468 --> 01:21:33,013 We cannot just keep            doing business the way we were. 1275 01:21:33,054 --> 01:21:35,432 Prices are going down. 1276 01:21:35,473 --> 01:21:37,767 What the hell does that mean?              What do you mean? 1277 01:21:37,809 --> 01:21:39,603 How can prices of diamonds                 keep going down 1278 01:21:39,644 --> 01:21:40,896 and down and down? 1279 01:21:40,937 --> 01:21:42,939 What the hell is going on here? 1280 01:21:42,981 --> 01:21:45,108 Even the mining companies now 1281 01:21:45,150 --> 01:21:46,902 don't have enough money                to fix everything. 1282 01:21:46,943 --> 01:21:49,237 But a commitment                   of a billion dollars 1283 01:21:49,279 --> 01:21:51,573 in marketing in actual diamonds 1284 01:21:51,615 --> 01:21:54,993 is something I am calling for            today, here and now. 1285 01:21:55,035 --> 01:21:56,786 [applause, cheering] 1286 01:21:56,828 --> 01:21:58,330 dramatic music 1287 01:22:15,347 --> 01:22:17,098 [Rapaport]                   I am telling you that there is 1288 01:22:17,140 --> 01:22:19,100 a bogeyman under the bed 1289 01:22:19,142 --> 01:22:21,311 and that things are not right. 1290 01:22:21,353 --> 01:22:23,647 But we keep thinking,                "Prices, discounts." 1291 01:22:23,688 --> 01:22:25,565 This is stupid. It's wrong. 1292 01:22:25,607 --> 01:22:28,944 The diamond engagement ring is       an emotional and spiritual gift 1293 01:22:28,985 --> 01:22:31,571 that transcends                   the physical diamond 1294 01:22:31,613 --> 01:22:35,158 as it communicates             the commitment of love forever. 1295 01:22:35,200 --> 01:22:38,453 That is what we're selling. 1296 01:22:38,495 --> 01:22:40,080 But we must have a heart. 1297 01:22:40,121 --> 01:22:42,415 We must have a soul. 1298 01:22:45,126 --> 01:22:48,213 Diamonds are a reflection of us. 1299 01:22:48,254 --> 01:22:51,174 You know that light               bouncing around? It's us. 1300 01:22:51,216 --> 01:22:53,843 We... we the people               of the diamond industry. 1301 01:22:53,885 --> 01:22:56,012 That's what                    these diamonds reflect. 1302 01:22:56,054 --> 01:22:58,515 Know this:                      diamonds are a symbol. 1303 01:22:58,556 --> 01:23:00,517 They're not a product.              They're not a commodity. 1304 01:23:05,271 --> 01:23:07,190 Good, huh? 1305 01:23:07,232 --> 01:23:09,025 Let's go. 1306 01:23:09,067 --> 01:23:10,360 [Rapaport]                     When all is said and done, 1307 01:23:10,402 --> 01:23:12,112 diamonds are only                     as good as we are. 1308 01:23:12,153 --> 01:23:14,823 So I give us a blessing. 1309 01:23:15,991 --> 01:23:18,702 May we be worthy of the product, 1310 01:23:18,743 --> 01:23:20,954 of the symbolism that we sell. 1311 01:23:20,996 --> 01:23:24,541 May we be up to diamonds.                   Thank you. 1312 01:23:24,582 --> 01:23:27,168 [applause] 1313 01:23:53,570 --> 01:23:55,905 music ends 1314 01:24:02,662 --> 01:24:04,914 [wheels rolling] 1315 01:24:10,587 --> 01:24:14,090 "Nothing Lasts Forever"                   by The Kinks 1316 01:24:17,844 --> 01:24:21,056 When we were young 1317 01:24:21,097 --> 01:24:24,225 And green 1318 01:24:24,267 --> 01:24:29,272 We shared our dreams 1319 01:24:29,314 --> 01:24:33,359 Together 1320 01:24:33,401 --> 01:24:37,072 And you were my friend 1321 01:24:37,113 --> 01:24:41,951 We had our good times, pal 1322 01:24:43,286 --> 01:24:47,707 We thought they'd last 1323 01:24:47,749 --> 01:24:51,753 Forever 1324 01:24:51,795 --> 01:24:57,008 But nothing lasts forever 1325 01:24:58,426 --> 01:25:03,306 Nothing lasts forever 1326 01:25:12,816 --> 01:25:15,819 Time goes by 1327 01:25:15,860 --> 01:25:18,905 And people change 1328 01:25:18,947 --> 01:25:21,199 It's best we go 1329 01:25:21,241 --> 01:25:25,662 Our separate ways 1330 01:25:25,703 --> 01:25:30,708 And it was wrong                   to think our love 1331 01:25:30,750 --> 01:25:35,964 Would never end 1332 01:25:36,714 --> 01:25:38,925 My friend 1333 01:25:38,967 --> 01:25:43,179 Nothing lasts forever 1334 01:25:44,722 --> 01:25:49,519 Nothing lasts forever 1335 01:25:58,903 --> 01:26:01,990 Time goes by 1336 01:26:02,031 --> 01:26:05,201 It takes us all 1337 01:26:05,243 --> 01:26:07,912 Nations crumble 1338 01:26:07,954 --> 01:26:11,541 And empires fall 1339 01:26:11,583 --> 01:26:13,918 And who are we 1340 01:26:13,960 --> 01:26:16,671 To think that we 1341 01:26:16,713 --> 01:26:22,051 Would always be? 1342 01:26:22,719 --> 01:26:24,304 You see 1343 01:26:24,345 --> 01:26:28,933 Nothing lasts forever 1344 01:26:30,185 --> 01:26:33,479 Nothing lasts forever 1345 01:26:33,521 --> 01:26:35,565 I know that 1346 01:26:35,607 --> 01:26:39,319 You'll survive 1347 01:26:39,360 --> 01:26:44,032 And you'll get by 1348 01:26:44,073 --> 01:26:47,160 Whatever 1349 01:26:48,786 --> 01:26:51,748 Though you say goodbye 1350 01:26:51,789 --> 01:26:56,127 My love will never die 1351 01:26:57,962 --> 01:27:06,929 It will last forever