These are generally colored gems that offer colorless synthetic diamonds. These measures should be enacted and any business that breaks such law should face consequences of action caused.
Monopoly is not allowed in business; however, the code of ethics only allows fifty percent of the market monopoly and not all monopoly on the market.
It also leads to draining the resource of the developing countries such as Botswana for instance through suppression of the mine workers who are lowly. DeBeers has in the past treated its workforce in a really bad manner especially the poor blacks of South Africa working in the mines.
Corporate social responsibility entails different activities which ensure that the organization respond to various needs by the surrounding community including its workers, shareholders, those living around areas of its operation and the environment in general.
Cullinan miner was soon absorbed into De Beers ending years of rivalry. One of the most effective strategies undertaken by De Beers Company has been the marketing of diamonds as a symbol of love and commitment such as the ideal jewel for an engagement or wedding ring.
However, the company also has some benefits like the retirement schemes and health insurance schemes.
The corporation was suspected of illicitly monopolizing or rather cornering the market for the supply of diamonds and plotting to move up, control and fix the prices of gem diamonds. De Beers Company is on the record using dust suppression method of spraying water when drilling which violates their rights because dust in a diamond mine can cut and scar the lungs of mineworkers.
This communication entails the following: This Defensive Program will be able to help identify this illegal synthesized diamonds that is being flooded in the market and being made available in the market at a lower price than the original diamond.
The business ethics do not allow counterfeit products into the market and hence De Beers should restrain itself from such a practice; this will ensure that all products supplied to the market will be of good quality and of original source so that its worth to the consumers for desired use.
It neatly sums up their problem. In effect, De Beers is creating two classes of gem-quality diamonds in the world -- legitimate and illegitimate -- and positioning itself as the ethical diamond company.
Conclusion De Beers is one of the oldest diamond companies in the world. Apart from the monopolistic cartel, De Beers has also been accused of trading in blood diamond. Conclusion The extent of business ethics is considered extensive and can be measured from diverse standpoints.
De Beers reached an agreement in the year and a preliminary approval order was issued to settle the majority of civil price fixing suits filed against the company in the United States.
These services are provided through diamond revenues from the areas where it carries out mining activities. The company operates in more than 25 countries and employs around 22, people with more than 17, based in South Africa.
This lead to anti trust laws against the company in US which led to its ban in US market. So long as De Beers was keeping the world price propped up, everyone in the business benefited. Some companies of course do this with their eyes wide open. For years the dominant diamond group bought stones of dubious origin as part of their policy of regulating diamond prices by soaking up all the best gems and releasing them slowly back onto the market.
The company has therefore taken several steps to deal with these cases including Knowledge, Attitudes, and Practices KAP studies. There is nothing wrong with this as long as the company lives up to its promises.
Instead, it is using its considerable marketing clout to create the new, ethical category of diamonds of which it currently is the sole provider. On the other hand, De Beers should increase the number of retail jewelry stores it owns in the word especially in the main fashion capitals.
The company has given back to the society in areas where it has been carrying out mining operation. The reports are printed by Maplecroft Consultants located in the UK.
The company through its welfare activities to its employees and community at large has come out greatly to combat the stigma through campaigns that educate people and give health care support for those already affected by the deadly disease.Responsible Business Initiatives Executive, De Beers To ensure that the journey from mine to fi nger meets the highest for the company.
De Beers, our joint venture partners, contractors rights and the implementation of the KP; and. Read this essay on De Beers. Come browse our large digital warehouse of free sample essays. does the same apply for De Beers’ business model and strategy? Introduction In this paper I will be explaining how the diamond company manufacturing and importing company, De Beers, violated US antitrust laws in an effort to become the most.
CSR not only deals with community, ethics and environment but also focus on many other aspects of society like, employee rights, consumer rights, codes of conduct, and corporate philanthropy.
Therefore, same as the company of diamonds or can say whole industry of diamonds 'De Beers' is taking care of its responsibility against society.
All of these questions revolve around the notion of employee rights, one of the most important in business ethics. Much recent legislation has been passed which specifies employees' rights and which regulates working conditions, hiring and firing procedures, harassment and a host of other areas.
There has been so much regulation and so many.
De Beers and Corporate Social Responsibility Essay Sample. De Beers and Corporate Social Responsibility Essay Sample. Introduction. Since s, the corporate world has been changing and consumer and environment are becoming an important part in the operation of organizations.
Penny has restructured the business model of De Beers under. The Code of Business Ethics and Employee Conduct (the "Code") sets forth a summary of the common standards we have established for the Company, its managers, and employees.
The Code is designed to promote the values and principles it embodies and to deter any wrongdoing.Download