| The most expensive wedding cake in history was unveiled Monday in Beverly Hills. The cake is likely to cause indigestion however. The $20 million wedding cake is diamond studded and was created by Mimi So Jewelers together with Nahid La Patisserie Artistique, a cake designer. The cake is the star attraction at the Luxury Brands Bridal Show to be held on Rodeo Drive. Ilona Sherman, the organizer of the show, said that where else would you find a $20 million wedding cake but on Rodeo Drive. The wedding cake is fully protected by security guards all of the time, 24 hours a day. Plus, Sherman noted that the cake, made of diamonds, cannot be eaten.
Till the year 2000, the Central Marketing Organization, belonging to “De Beers” dominated the market by buying diamonds on long-term agreements diamonds as “De Beers” and their other largest manufacturers — Russia, Australia, Zaire, Angola and thereby controlling up to 80% of the world production. During the times when supply is more and demand is comparatively less, the Central Marketing Organization stored "surplus" diamonds in stocks thus preventing the reduction in prices.
In the 90s of the 20th century, less demand of ornaments with diamonds coincided with the production growth of diamonds and lead to a considerable growth of stocks with the Central Marketing Organization. Not having the possibilities to finance the constant rise of stocks, the Central Marketing Organization has reduced prices numerous times, which lead to the refusal from many diamond-mining companies to carry out trading with the Central Marketing Organization. In 1996, Australia refused to have long-term agreements with De Beers. Presently, only Russia has a long-term trade agreement with De Beers.
In 2000, De Beers declared a transition to new market strategy, the so-called “Preferred Supplier”. The company has refused to regulate market prices for diamonds. This marked the end of actually operating a cartel in the world market of diamonds. Now the prices for natural uncut diamonds are formed under the influence of market forces that led to the price fluctuations. A considerable drop in the prices of diamonds by up to 30-40 percent occurred in 2005-2006 because of the local increase in supply over demand. At the same time, capacities of operating deposits, output level and the expected commissioning of new mines indicate that a stable increase in demand over supply in medium and long-term perspectives in the world market shall be observed, which creates the prerequisites for the rise in diamond prices.
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[ The world's most expensive wedding cake makes its debut on Monday night in Beverly Hills. The cake is worth $20 million and is studded with diamonds. ] 
