When Gareth Penny, an old Etonian and classic product of the white South African establishment, was made managing director of De Beers just under two years ago the government's response was swift and icy.

Apoplectic that yet another white male was to run arguably South Africa's best-known company, Lulu Xingwana, then deputy minister for mines and minerals, slammed De Beers for its "lily white" board. De Beers was just a "rich white cartel" that was "looting" the local diamond industry.