In 1888, Cecil Rhodes formed the De Beers diamond cartel, consolidating control over South Africa's diamond mines. This strategic move allowed Rhodes to dominate the diamond industry, regulating supply and prices while maximizing profits. The formation of De Beers not only shaped the global diamond market but also had lasting effects on South Africa's economy and its socio-political landscape, influencing colonial policies and labor practices.

The formation of the De Beers diamond cartel in 1888 was critiqued in anti-imperial and economic poetry, influencing poets like Langston Hughes. Their works addressed themes of exploitation and the socio-economic implications of the diamond trade, highlighting the intersection of wealth and morality.