Diamonds Are Forever

For most of human history, diamonds were genuinely rare. Then in 1867, on a sheep farm near the Orange River in South Africa, a fifteen-year-old boy picked up a shiny pebble that turned out to be a 21-carat diamond. Within a few years, the world's diamond supply had multiplied beyond anything the markets had ever seen. By every law of supply and demand, the price should have collapsed.

It didn't. And the reason it didn't is one of the most successful, sustained, and openly documented market manipulations in modern history.In this episode, Brian traces the full arc, from...