Answer:
No, De Beers is not an open market. It is a diamond mining company that controls about 40% of the global diamond market. De Beers has been accused of using its market power to artificially inflate the price of diamonds. In 2001, De Beers agreed to end its practice of selling diamonds through a single channel, which was seen as a way to control the market. However, De Beers still has a significant amount of market power, and some experts believe that it continues to use its power to influence the price of diamonds.
De Beers has been criticized for its monopoly power and for its marketing practices, which some say are designed to create a sense of scarcity and exclusivity around diamonds. De Beers has also been accused of human rights abuses in the diamond mines it operates.
In recent years, there has been a growing movement to boycott De Beers and other diamond companies that are accused of unethical practices. This movement has been successful in raising awareness of the issue and in pressuring some companies to change their practices.
Step-by-step explanation: