Blood Diamond

Media Type: Film Clips Topic: Supply & Demand, International Trade & Finance

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Conflict diamonds are a crucial factor in prolonging armed conflict in parts of Africa. In this scene a diamond pit is filled with laborers who extract diamonds without the benefit of modern technology. The movie flips back and forth between the diamond pit and a meeting of the the G-8. The representatives of the affluent countries want to stem the trade in conflict diamonds. At this meeting, we also observe members of the diamond cartel. Not surprisingly, the cartel also wishes to eliminate the sale of conflict diamonds since it curtails the black market and reduces the supply of diamonds on the market.  Instructors can show this scene to spark a spirited discussion of markets, prices, labor issues, and supply and demand.

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