Jersey the Bailiwick of Jersey, is a Crown dependency located near the coast of Normandy, France. It is the second closest of the Channel Islands to France, after Alderney. Jersey was part of the Duchy of Normandy, whose dukes went on to become kings of England from 1066. After Normandy was lost by the kings of England in the 13th century, the ducal title surrendered to France and the other Channel Islands remained attached to the English crown; the bailiwick consists of the island of Jersey, the largest of the Channel Islands, along with surrounding uninhabited islands and rocks collectively named Les Dirouilles, Les Écréhous, Les Minquiers, Les Pierres de Lecq, other reefs. Although the bailiwicks of Jersey and Guernsey are referred to collectively as the Channel Islands, the "Channel Islands" are not a constitutional or political unit. Jersey has a separate relationship to the Crown from the other Crown dependencies of Guernsey and the Isle of Man, although all are held by the monarch of the United Kingdom.
Jersey is a self-governing parliamentary democracy under a constitutional monarchy, with its own financial and judicial systems, the power of self-determination. The Lieutenant Governor on the island is the personal representative of the Queen. Jersey is not part of the United Kingdom, has an international identity separate from that of the UK, but the UK is constitutionally responsible for the defence of Jersey; the definition of United Kingdom in the British Nationality Act 1981 is interpreted as including the UK and the Islands together. The European Commission have confirmed in a written reply to the European Parliament in 2003 that Jersey is within the Union as a European Territory for whose external relationships the UK is responsible. Jersey is not part of the European Union but has a special relationship with it, notably being treated as within the European Community for the purposes of free trade in goods. British cultural influence on the island is evident in its use of English as the main language and the British pound as its primary currency if some people still speak the Norman language.
Additional cultural commonalities include driving on the left, access to the BBC and ITV regions, a school curriculum following that of England, the popularity of British sports, including cricket. The Channel Islands are mentioned in the Antonine Itinerary as the following: Sarnia, Barsa and Andium, but Jersey cannot be identified because none corresponds directly to the present names; the name Caesarea has been used as the Latin name for Jersey since William Camden's Britannia, is used in titles of associations and institutions today. The Latin name Caesarea was applied to the colony of New Jersey as Nova Caesarea. Andium and Augia were used in antiquity. Scholars variously surmise that Jersey and Jèrri derive from jarð or jarl, or a personal name, Geirr; the ending -ey denotes an island. Jersey history is influenced by its strategic location between the northern coast of France and the southern coast of England. La Cotte de St Brelade is a Palaeolithic site inhabited before rising sea levels transformed Jersey into an island.
Jersey was a centre of Neolithic activity. Evidence of Bronze Age and early Iron Age settlements can be found in many locations around the island. Additional archaeological evidence of Roman influence has been found, in particular at Les Landes, the coastal headland site at Le Pinacle, where remains of a primitive structure are attributed to Gallo-Roman temple worship. Jersey was part of Neustria with the same Gallo-Frankish population as the continental mainland. Jersey, the whole Channel Islands and the Cotentin peninsula came under the control of the duke of Brittany during the Viking invasions, because the king of the Franks was unable to defend them, however they remained in the archbishopric of Rouen. Jersey was invaded by Vikings in the 9th century. In 933 it was annexed to the future Duchy of Normandy, together with the other Channel Islands and Avranchin, by William Longsword, count of Rouen and it became one of the Norman Islands; when William's descendant, William the Conqueror, conquered England in 1066, the Duchy of Normandy and the kingdom of England were governed under one monarch.
The Dukes of Normandy owned considerable estates in the island, Norman families living on their estates established many of the historical Norman-French Jersey family names. King John lost all his territories in mainland Normandy in 1204 to King Philip II Augustus, but retained possession of Jersey and the other Channel Islands. In the Treaty of Paris, the English king formally surrendered his claim to the duchy of Normandy and ducal title, since the islands have been internally self-governing territories of the English crown and latterly the British crown. On 7 October 1406, 1,000 French men at arms led by Pero Niño invaded Jersey, landing at St Aubin's Bay and defeated the 3,000 defenders but failed to capture the island. In the late 16th century, islanders travelled across the North Atlantic to participate in the Newfoundland fisheries. In recognition for help given to him during his exile in Jersey in the 1640s, King Charles II of England gave Vice Admiral Sir George Carteret and governor, a large grant of land in the American colonies in between the Hudson and Delaware rivers, which he promptly named New Jersey.
It is now a state in the Unit
Finsch diamond mine
The Finsch Mine is an underground diamond mine, located near Lime Acres, 160km northwest of Kimberley, it was one of seven operations managed by De Beers Consolidated Mines, formed in July 2004. It is owned by Petra Diamonds Pty Ltd; the Finsch mine is a traditional diamantiferous kimberlite pipe. Reserves are sufficient for another 23 years. Underground development started in 1978 and the shaft was commissioned in 1982. Mining Technology description of Finsch mine Finsch diamond operation
The Premier Mine is an underground diamond mine owned by Petra Diamonds in the town of Cullinan, 40 kilometres east of Pretoria, Gauteng Province, South Africa. Established in 1902, it was renamed the Cullinan Diamond Mine in November 2003 in celebration of its centenary; the mine rose to prominence in 1905, when the Cullinan Diamond – the largest rough diamond of gem quality found – was discovered there. The mine has produced over 750 stones that are greater than 100 carats and more than a quarter of all the world's diamonds that are greater than 400 carats, it is the only significant source of blue diamonds in the world. The Cullinan Diamond is the largest rough gem-quality diamond found, at 3,106.75 carats. It was found by Frederick Wells, surface manager of the Premier Diamond Mining Company in Cullinan, South Africa, on 25 January 1905; the stone was named after the owner of the diamond mine. There have been various other notable diamonds; these include: The Premier Rose – 353 carats rough The Niarchos – 426 carats rough The De Beers Centenary – 275 carats rough Golden Jubilee Diamond – 755 carats rough Taylor-Burton Diamond – 69 carats polishedThe Cullinan Heritage—507 carats rough—was recovered from the same mine.
In February 2010, it was sold for USD 35.3 million. Until now, this is the highest price on record for a rough diamond. In May 2008, a sparkling shield-shaped 101.27-carat diamond mined from the Premier Mine sold for more than US$6.2 million at Christie's in Hong Kong. Cut from a 460 carats rough, the shield-shaped gem boasts 92 brilliant facets. While internally flawless, the stone has a slight imperfection on the surface, imperceptible to the human eye, the auction house said, it is the largest colourless diamond to appear on the auction market in the last 18 years, Christie's said. Only three diamonds of more than 100 carats have appeared at auction. All were sold in Geneva. Naming rights were granted to the new owner. In September 2009, a 507-carat diamond was found, is ranked as one of the 20 biggest high quality diamonds discovered. Petra Diamonds sold it for $35.3 million on 26 February 2010, breaking a record as the highest price paid for a rough diamond. On 18 April 2013 a 25.5-carat blue rough diamond was recovered by Petra Diamonds at its Cullinan mine.
According to experts it could be worth more than $10m. The find; the mine is famed for its production of blue diamonds. A similar 26.6-carat blue rough diamond recovered by Petra in May 2009 was cut into a near perfect stone and fetched just under $10m at Sotheby's. Another deep-blue diamond from Cullinan was auctioned for $10.8m last year and set a world record for the value per carat. On 21 January 2014, Petra Diamonds announced recovery of a 29.6-carat blue diamond. According to the current CEO, Johan Dippenaar, it is one the "most significant blue diamond" to be recovered by Petra Diamonds. According to Analyst Cailey Barker at broker Numis it "could fetch between $15m and $20m at auction". Decision on what is to be done with the stone will come next week. On 13 June 2014, Petra Diamonds announced that a blue diamond of 122.52 carats was found at the Cullinan mine. The diamond, though not yet appraised, is expected to fetch more than 35 million dollars, the approximate value of the Heritage Diamond found in that mine.
Petra Diamonds says that the diamond will not be put up for auction before their fiscal year ends this month. Cullinan Diamond Mine is a carrot has a surface area of 32 hectares. On 22 November 2007, De Beers, the world's largest diamond producer, sold its historic Cullinan mine to Petra Diamonds Cullinan Consortium, a consortium led by Petra Diamonds. Diamond Mines of South Africa, Premier Diamond mine overview + images by A. R. Williams former general manager of De Beers. De Beers sells South African Cullinan Diamond Mine Official website
A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of numbers or a combination of both. "Ticker symbol" refers to the symbols. Stock symbols are unique identifiers assigned to each security traded on a particular market. A stock symbol can consist of letters, numbers, or a combination of both, is a way to uniquely identify that stock; the symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, to make it easy to recognize by traders and investors. The allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are between 1 and 4 letters and represent the company name where possible. For example, US-based computer company stock Apple Inc. traded on the NASDAQ exchange has the symbol AAPL, while the motor company Ford's stock, traded on the New York Stock Exchange has the single-letter ticker F.
In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA. While in Asia, numbers are used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBC's stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005. Symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a phonetic spelling of the company "XON" as its ticker symbol; the symbol of the firm after the merger was "XOM". Symbols are sometimes reused. In the US the single-letter symbols are sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V, used by Vivendi which had delisted and given up the symbol. To qualify a stock, both the ticker and the exchange or country of listing needs to be known. On many systems both must be specified to uniquely identify the security; this is done by appending the location or exchange code to the ticker.
Although stock tickers identify a security, they are exchange dependent limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes; the most prevalent of these is the International Securities Identifying Number. An ISIN uniquely identifies a security and its structure is defined in ISO 6166. Securities for which ISINs are issued include bonds, commercial paper and warrants; the ISIN code is a 12-character alpha-numerical code that does not contain information characterizing financial instruments, but serves for uniform identification of a security at trading and settlement. The ISIN identifies not the exchange on which it trades. For instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, is priced in five different currencies. ISIN cannot specify a particular trade in this case, another identifier the three- or four-letter exchange code will have to be specified in addition to the ISIN.
While a stock ticker identifies a security that can be traded, stock market indices are sometimes assigned a symbol though they can not be traded. Symbols for indices are distinguished by adding a symbol in front of the name, such as a caret or a dot. For example, Reuters lists the Nasdaq Composite index under the symbol. IXIC. In Canada the Toronto Stock Exchange TSX and the TSXV use the following special codes after the ticker symbol: In the United Kingdom, prior to 1996, stock codes were known as EPICs, named after the London Stock Exchange's Exchange Price Information Computer. Following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still referred to as EPICs. Stocks can be identified using their SEDOL number or their ISIN. In the United States, modern letter-only ticker symbols were developed by Standard & Poor's to bring a national standard to investing. A single company could have many different ticker symbols as they varied between the dozens of individual stock markets.
The term ticker refers to the noise made by the ticker tape machines once used by stock exchanges. The S&P system was standardized by the securities industry and modified as years passed. Stock symbols for preferred stock have not been standardized; some companies use a well-known product as their ticker symbol. Belgian brewer InBev, the brewer of Budweiser beer, uses "BUD" as its three-letter ticker for American Depository Receipts, symbolizing its premier product in the United States, its rival, Molson Coors Brewing Company, uses a beer-related symbol, "TAP". Southwest Airlines pays tribute to its headquarters at Love Field in Dallas through its "LUV" symbol. Cedar Fair Entertainment Company, which operates large amusement parks in the United States, uses "FUN" as its symbol. Harley-Davidson uses "HOG" for its Harley Owners Group. Yamana Gold uses "AUY", because on the periodic table of elements. Sotheby's uses the symbol "BID". While most symbols come from the company's name, sometimes it happens the other way around.
Tricon Global, owner of KFC, Pi
Chow Tai Fook
Chow Tai Fook group is a Hong Kong based owned conglomerate that engaged in the jewellery, property development, department store, energy, telecommunications, port and other businesses. Despite the holding companies of the group, namely Chow Tai Fook Capital Limited, Chow Tai Fook Limited, Chow Tai Fook Enterprises Limited and etc. were owned, the group was floated in the public, via associate company New World Development and subsidiary Chow Tai Fook Jewellery Group Limited. As of 31 December 2018, New World Development was ranked as the 47th largest companies of the Stock Exchange of Hong Kong by market capitalization, HK$105.68061 billion. However, the size of the unlisted portion of the Chow Tai Fook business empire is unclear. Financial Times, quoted one banker of Cheng Yu-tung family, saying "You can’t look at YT without looking at the private side of the business and his ability to spot early investment opportunities,". Notable unlisted business of the group includes Rosewood Hotel Group, as well as Australia based Alinta Energy and Loy Yang B power station, which were acquired in 2017.
Chow Tai Fook Capital is owned by the descendants of the late Chow Tai Fook Jewellery founder Chow Chi-yuen and his son-in-law, the late Cheng Yu-tung, which including the current Chow Tai Fook Jewellery Group chairman, Chow Tai Fook director Henry Cheng. The Chow Tai Fook group began with the Chow Tai Fook jewellery store, founded by Chow Chi-yuen in 1929 in Guangzhou, China; the store shifted its business to Portuguese Macau in 1940 and to British Hong Kong after the break out of the Second Sino-Japanese War in the 1930s and the establishment of the People's Republic of China in 1949. The group returned to Mainland China after the market reforms of the 1980s, notably as New World Department Store China and former listed company New World China Land. Cheng Yu-tung took over the business empire from his father-in-law Chow Chi-yuen in 1956. Other sons of Mr. Chow, such as Stephen Chow Shue-tong, emigrated to Canada, after the outbreak of Hong Kong 1967 leftist riots, as an architect. Stephen Chow involved in the founding of the real estate division of Chow Tai Fook group in the 1960s.
Mr. Cheng transformed the group into a diversified empire, with interests in jewellery retailing, real estate, transportation, public utilities and other businesses. In 1961, Chow Tai Fook Jewellery built a for-sale residential building on 265–275 Tai Nan Street, Sham Shui Po, Kowloon; the building was named after Tai Fook. The real estate division became listed company New World Development in 1972, despite the group, via Chow Tai Fook Enterprises made private investment in real estate and hotels. One of the main holding company of the group, Chow Tai Fook Enterprises Limited, was incorporated on 10 August 1966 in the British Hong Kong, while the flagship listed company New World Development Company Limited, was incorporated in 1970 in the British Hong Kong; the jewellery store chain was incorporated as Chow Tai Fook Jewellery Company Limited in 1961 in the British Hong Kong, new holding company for the jewellery division was incorporated in the Cayman Islands and listed in the Hong Kong S.
A. R. now part of China, as Chow Tai Fook Jewellery Group Limited in 2011. As of 2018, the group consists of two more parent companies in the group structure, namely Chow Tai Fook Capital Limited and its subsidiary Chow Tai Fook Limited, they were incorporated in the British Virgin Islands. Chow Tai Fook is the parent company of Chow Tai Fook Jewellery Enterprises and Chow Tai Fook Jewellery Group. Chow Tai Fook group, via Chow Tai Fook Limited and Chow Tai Fook Enterprises Limited, owned two listed companies as the significant shareholder: Chow Tai Fook Jewellery Group Limited and New World Development Company Limited. However, New World Development owned a few listed second-tier subsidiaries, such as New World Department Store China, NWS Holdings and etc.. New World China Land, another second-tier subsidiary, was a listed company until privatization by New World Development in 2016; the privatization of listed second-tier subsidiary New World Department Store China by New World Development was not approved by the minority shareholders in 2017.
Another second-tier listed subsidiary, New World Hotels, was privatized by New World Development and Chow Tai Fook Enterprises in 1990. New World Development is a constituent of Hong Kong blue-chip index Hang Seng Index. Chow Tai Fook Jewellery Group, as of 13 October 2016, was the world's second-largest jeweller by market capitalization. Chow Tai Fook Jewellery is a jewellery store and gold shop founded by Chow Chi-yuen in 1929 in Guangzhou, China, his son-in-law Cheng Yu-tung took over the business in 1956 and their family owns the business. Chow Tai Fook Jewellery Company Limited, was the core company of the store chain, it was incorporated in British Hong Kong in 1961. The brand is popular in the Chinese-speaking world, according to a research by CLSA; the store has retail outlets in several countries, including over 2,000 retail outlets in mainland China. Cheng invented gold with 99.99% purity as a product of Chow Tai Fook Jewellery, which became a standard among the peers in Hong Kong. In 1964, Chow Tai Fook Jewellery acquired a license for purchasing diamond from De Beers, the monopoly supplier at that time.
It was reported that 30% diamonds imports o
The Cullinan Diamond was the largest gem-quality rough diamond found, weighing 3,106.75 carats, discovered at the Premier No. 2 mine in Cullinan, South Africa, on 26 January 1905. It was named after the mine's chairman. In April 1905, it was put on sale in London, but despite considerable interest, it was still unsold after two years. In 1907 the Transvaal Colony government bought the Cullinan and presented it to Edward VII, King of the United Kingdom, who had it cut by Asscher Brothers in Amsterdam. Cullinan produced stones of various cuts and sizes, the largest of, named Cullinan I or the Great Star of Africa, at 530.4 carats it is the largest clear cut diamond in the world. The stone is mounted in the head of the Sovereign's Sceptre with Cross; the second-largest is Cullinan II or the Second Star of Africa, weighing 317.4 carats, mounted in the Imperial State Crown. Both are part of the Crown Jewels. Seven other major diamonds, weighing a total of 208.29 carats, are owned by Elizabeth II, who inherited them from her grandmother, Queen Mary, in 1953.
The Queen owns minor brilliants and a set of unpolished fragments. The Cullinan is estimated to have formed in Earth's mantle transition zone at a depth of 410–660 km and reached the surface 1.18 billion years ago. It was found 18 feet below the surface at Premier Mine in Cullinan, Transvaal Colony, by Frederick Wells, surface manager at the mine, on 26 January 1905, it was 10.1 centimetres long, 6.35 centimetres wide, 5.9 centimetres deep, weighed 3,106 carats. Newspapers called it the "Cullinan Diamond", a reference to Sir Thomas Cullinan, who opened the mine in 1902, it was three times the size of the Excelsior Diamond, found in 1893 at Jagersfontein Mine, weighing 972 carats. Four of its eight surfaces were smooth, indicating that it once had been part of a much larger stone broken up by natural forces, it had a blue-white hue and contained a small pocket of air, which at certain angles produced a rainbow, or Newton's rings. Shortly after its discovery, Cullinan went on public display at the Standard Bank in Johannesburg, where it was seen by an estimated 8,000–9,000 visitors.
In April 1905, the rough gem was deposited with Premier Mining Co.'s London sales agent, S. Neumann & Co. Due to its immense value, detectives were assigned to a steamboat, rumoured to be carrying the stone, a parcel was ceremoniously locked in the captain's safe and guarded on the entire journey, it was a diversionary tactic – the stone on that ship was fake, meant to attract those who would be interested in stealing it. Cullinan was sent to the United Kingdom in a plain box via registered post. On arriving in London, it was conveyed to Buckingham Palace for inspection by King Edward VII, it drew considerable interest from potential buyers. Transvaal Prime Minister, Louis Botha, suggested buying the diamond for Edward VII as "a token of the loyalty and attachment of the people of the Transvaal to His Majesty's throne and person". In August 1907, a vote was held in Parliament on the Cullinan's fate, a motion authorising the purchase was carried by 42 votes in favour to 19 against. Henry Campbell-Bannerman British Prime Minister, advised the king to decline the offer, but he decided to let Edward VII choose whether or not to accept the gift.
He was persuaded by Winston Churchill Colonial Under-Secretary. For his trouble, Churchill was sent a replica, which he enjoyed showing off to guests on a silver plate; the Transvaal Colony government bought the diamond on 17 October 1907 for £150,000 or about US$750,000 at the time, which adjusted for pound-sterling inflation is equivalent to £15 million in 2016. Due to a 60% tax on mining profits, the Treasury received some of its money back from the Premier Diamond Mining Company; the diamond was presented to the king at Sandringham House on 9 November 1907 – his sixty-sixth birthday – in the presence of a large party of guests, including the Queen of Norway, the Queen of Spain, the Duke of Westminster and Lord Revelstoke. The king asked his colonial secretary, Lord Elgin, to announce that he accepted the gift "for myself and my successors" and that he would ensure "this great and unique diamond be kept and preserved among the historic jewels which form the heirlooms of the Crown"; the king chose Asscher Brothers of Amsterdam to cleave and polish the rough stone into brilliant gems of various cuts and sizes.
Abraham Asscher collected it from the Colonial Office in London on 23 January 1908. He returned to the Netherlands by ferry with the diamond in his coat pocket. Meanwhile, to much fanfare, a Royal Navy ship carried an empty box across the North Sea, again throwing off potential thieves; the captain had no idea that his "precious" cargo was a decoy. On 10 February 1908, the rough stone was split in half by Joseph Asscher at his diamond-cutting factory in Amsterdam. At the time, technology had not yet evolved to guarantee the quality of modern standards, cutting the diamond was difficult and risky. After weeks of planning, an incision 0.5 inches deep was made to enable Asscher to cleave the diamond in one blow. Making the incision alone took four days, a steel knife broke on the first attempt, but a second knife was fitted into the groove and split it clean in two along one of four possible cleavage planes. In all and cutting the diamond took eight months, with three people working 14 hours per day to complete the task."The tale is told of Joseph Asscher, the greatest cleaver of the day," wrote Matthew Hart in his book Diamond: A Journey to the Heart of an Obsession, "that when he prepared to cleave
De Beers Group is an international corporation that specialises in diamond exploration, diamond mining, diamond retail, diamond trading and industrial diamond manufacturing sectors. The company is active in open-pit, large-scale alluvial and deep sea mining, it operates in 35 countries and mining takes place in Botswana, South Africa and Canada. Until the start of the 21st century, De Beers had total control over the diamond market as a monopoly. Competition has since dismantled the complete monopoly, though the De Beers Group still sells 35% of the world's rough diamond production through its global sightholder and auction sales businesses; the company was founded in 1888 by British businessman Cecil Rhodes, financed by the South African diamond magnate Alfred Beit and the London-based N M Rothschild & Sons bank. In 1926, Ernest Oppenheimer, an immigrant to Britain and South Africa who had earlier founded mining company Anglo American plc with American financier J. P. Morgan, was elected to the board of De Beers.
He built and consolidated the company's global monopoly over the diamond industry until his death in 1957. During this time, he was involved in a number of controversies, including price fixing and trust behaviour, was accused of not releasing industrial diamonds for the U. S. war effort during World War II. In 2011, Anglo American took control of De Beers after buying the Oppenheimer's family stake of 40 percent for US$5.1 billion and increasing its stake to 85 percent, ending the 80-year Oppenheimer control of the company. In 2018, De Beers became the first diamond company to announce that it would track its diamonds using blockchain technology, though this technology has not yet been rolled out; the name'De Beers' was derived from the two Dutch settlers and brothers Diederik Arnoldus De Beer and Johannes Nicolaas De Beer, who owned a South African farm named Vooruitzicht near Zandfontein in the Boshof District of Orange Free State. After they discovered diamonds on their land, the increasing demands of the British government forced them to sell their farm on July 31, 1871, to merchant Alfred Johnson Ebden for £6,600.
Vooruitzicht would become the site of the Big Hole and the De Beers mine, two successful diamond mines. Their name, given to one of the mines, subsequently became associated with the company. Cecil Rhodes, the founder of the British South Africa Company, got his start by renting water pumps to miners during the diamond rush that started in 1869, when an 83.5 carat diamond called the'Star of South Africa' was found at Hopetown near the Orange River in South Africa. He invested the profits of this operation into buying up claims of small mining operators, with his operations soon expanding into a separate mining company, he soon secured funding from the Rothschild family. De Beers Consolidated Mines was formed in 1888 by the merger of the companies of Barney Barnato and Cecil Rhodes, by which time the company was the sole owner of all diamond mining operations in the country. In 1889, Rhodes negotiated a strategic agreement with the London-based Diamond Syndicate, which agreed to purchase a fixed quantity of diamonds at an agreed price, thereby regulating output and maintaining prices.
The agreement soon proved to be successful — for example, during the trade slump of 1891–1892, supply was curtailed to maintain the price. Rhodes was concerned about the break-up of the new monopoly, stating to shareholders in 1896 that the company's "only risk is the sudden discovery of new mines, which human nature will work recklessly to the detriment of us all"; the Second Boer War proved to be a challenging time for the company. Kimberley was besieged as soon. Rhodes moved into the city at the onset of the siege in order to put political pressure on the British government to divert military resources towards relieving the siege rather than more strategic war objectives. Despite being at odds with the military, Rhodes placed the full resources of the company at the disposal of the defenders, manufacturing shells, defences, an armoured train and a gun named Long Cecil in the company workshops. In 1898, diamonds were discovered on farms near Transvaal. One led to the discovery of the Premier Mine.
The Premier Mine was registered in 1902 and the Cullinan Diamond, the largest rough diamond discovered, was found there in 1905. However, its owner refused to join the De Beers cartel. Instead, the mine started selling to a pair of independent dealers named Bernhard and Ernest Oppenheimer, thereby weakening the De Beers stronghold. Francis Oats, who became Chairman of De Beers in 1908, was dismissive of the threats from the Premier mine and the finds in German South West Africa. However, production soon equalled all of the De Beers mines combined. Ernest Oppenheimer was appointed the local agent for the powerful London Syndicate, rising to the position of mayor of Kimberley within 10 years, he understood the core principle that underpinned De Beers' success, stating in 1910 that "common sense tells us that the only way to increase the value of diamonds is to make them scarce, to reduce production". During World War I, the Premier mine was absorbed into De Beers; when Rhodes died in 1902, De Beers controlled 90% of the world's diamond production.
Ernest Oppenheimer took over the chairmanship of the company in 1929, after buying shares and being appointed to the board in 1926. Oppenheimer was concerned about the discovery of diamonds in 1908 in German South West Africa, fearing that