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The De Beers Group of Companies is a jewelry brand leading in diamonds founded in 1888 by British businessman Cecil Rhodes, who was financed by the South African diamond magnate Alfred Beit and the London-based N M Rothschild & Sons bank. The company operates in 28 countries and mining takes place in Botswana, Namibia, South Africa and Canada. De Beers currently sells approximately 35% of the world’s rough diamond production through its distribution subsidiary, DTC. In 1926, Ernest Oppenheimer, a German immigrant to Britain who had earlier founded mining giant Anglo American plc with American financier J. P. Morgan, was elected to the board of De Beers. He built and consolidated the company's global monopoly over the diamond industry until his death in 1957.