2013

DIAMOND MINING INDUSTRY

Module code: MBA 4641 Module Name: Strategy Dynamics Assignment Title: Individual Strategy Report Module Leader: Kristian J. Sund Student Name: Kim Trang Vo Student ID: M00437195 File Submitted: M00437195 Individual Strategy Report MBA4641 University: Middlesex University Hendon Campus

DIAMOND MINING INDUSTRY An external analysis

TABLE OF CONTENTS
I. INTRODUCTION .............................................................................................................. 2 II. EXTERNAL ANALYSIS .................................................................................................. 3 i. a. b. c. d. ii. a. b. c. d. e. III. IV. PESTLE ANALYSIS...................................................................................................... 3 Political and Legal ....................................................................................................... 3 Economic..................................................................................................................... 6 Technological ............................................................................................................ 10 Environmental ........................................................................................................... 10 FIVE FORCES ANALYSIS ......................................................................................... 11 Potential Entrants ...................................................................................................... 11 The power of suppliers .............................................................................................. 12 The power of buyers .................................................................................................. 14 The threat of substitutes ............................................................................................ 14 Competitive rivalry ................................................................................................... 16 CONCLUSION ............................................................................................................. 17 REFERENCES ............................................................................................................. 19

Page 1

DIAMOND MINING INDUSTRY An external analysis

I.

INTRODUCTION

Diamond is one of valuable and beautiful items, which is highly desirable by people all over the world. Diamonds displayed and sold widely at substantial high price. Diamond mining industry is serving huge demand for diamonds and has experienced gradually changed over the time. It is questionable that whether diamond mining industry is actually profitable and sexy industry for investing or entering nowadays. This report attempts to apply the external analysis for the diamond mining industry to answer this query. Firstly, the report introduces background of the worlds diamond. It is believed that diamond mining industry was started early in 8000 years ago. In 1888, De Beers was established by Cecil Rhodes and expanded their business quickly to grasped 90% of the market share in the early of 1900s. De Beers has significantly contributed to the development of diamonds industry through market campaign of a diamond is forever which encouraged the dramatic increase in sales of diamonds all over the world. The development of the industry has led to the appearance of several other companies in the market like ALROSA, Rio Tinto, BHP Billiton, Petra Diamonds, etc. These companies play dominant role in the market and owns 20 major mines all over the world (Linde et al. 2011).

Figure 1: Distribution of major diamond mines all over the world (Source: Linde et al. 2011)

Page 2

DIAMOND MINING INDUSTRY An external analysis

Diamonds nowadays are used as 50% for jewellery (comprises 90% of total value and the rest for industrial purpose (Linde et al. 2011). The supply chain of diamond industry is summarized from exploring mines, producing and selling rough diamonds, cutting and polishing rough diamonds to polished diamonds, manufacturing diamond jewellery and selling to retailers/ultimate consumers. This report will analyse the external environment focusing on only the mining segment of diamond industry (since called diamond mining industry).

II.

EXTERNAL ANALYSIS

External analysis is important to identify determinants on underlying structure and attractiveness of the industry. All the environmental and competitive forces might impact on all the organisations within the industry. In order to elaborately evaluate the Diamond industrys macro-environment, the PESTLE framework is applied to recognise the key drivers as well as uncertainty level of these factors impacting the organisations strategies within this. Moreover, implications of competitive factors are also analysed using Michael Porters Five Forces Framework to give insights of competition level in the industry (Gerry et al. 2008, pp. 55 -67).

i.

PESTLE ANALYSIS
a. Political and Legal

The role of government and international associations plays an important role in Diamond industry. As diamonds are high value natural resources, the government and law enforcement agencies have concerned on the criminal and tax issues related to the industry. These legal agencies are trying to strengthening the laws and rules to take control over the diamond supply chain activities from mining, cutting and polishing manufacturing as well as diamond jewellery manufacturing. In 2002, United Nations established the Kimberly Process to restrict Conflict Diamonds (refers to rebel groups finance their operations through taking control of diamond mines and selling process, happening mostly in central and west of Africa). Consequently, exporting authorities in the industry must meet the Kimberly Process Certification Scheme (KPCS) requirements for getting certification for all rough diamonds. Therefore, mining activities and processes of organisations are under supervision of a chairperson to guarantee rules of Kimberly Process are adhered (World Diamond Council nd). This rules and supervision significantly influenced on the change in current mining process of mining organizations as

Page 3

DIAMOND MINING INDUSTRY An external analysis

well as slightly increase on barrier to entry for new entrants. However, the KPCS also provided protections for authentic mining organisations from being illegally controlled by rebel groups. The main mines of diamonds are mostly located in Africa where the politics are unstable which is the main identified risk for diamond mining industry. Diamond exploring and production are long-term process thus political volatility of host countries in Africa has dramatically impacted on the mining organisations. However, over last 30 years diamond mining has expended to Russia, Australia and Canada where the politics are more stable for mining industry. These new exploring destinations for diamonds have opened new less risky investment opportunities for diamond mining industry. There is however an essential point that Russian state-owned entity ALROSA is the single player of diamond mining in Russia (Linde et al. 2011). It probably adds to higher barrier to entry diamond mining industry in Russia.

Figure 2: Volume of Diamond production by countries from 1870 to 2010 (Source: Linde et al. 2011) In the past ten years, Canada has developed the diamond mining industry which comprises high proportion of diamond production in both volume and value.

Page 4

DIAMOND MINING INDUSTRY An external analysis

Figure 3: Diamond Production in volume and value by countries in 2010 (Source: Linde et al. 2011) Since diamond mining industry is one of beneficial industry for Canada economy, Canadian government has distressed on how to tightening the regulations as well as encouraging the exploration activities for this industry. In 2003, Canadian Mines Minister and provincial and territorial representatives organised a Diamond Roundtable to raise issues related to the development of Canadas diamond industry. The conference distressed on strengthening the law enforcement for diamond industry which strictly forced all companies in this industry following a harshly trading and exploring process. However, the conference also suggested the simplify and clarify regulatory process for attracting more trained and skilled labor force through immigration (Natural Resources Canada 2003). Another favourable suggestion for diamond companies is keeping the Exploration Investment Tax Credit (ITCE) of 15% (Natural Resources Canada 2005). These suggestions when are applied are considered to enhance the incentives for new junior mining companies to finance their operations through tax deduction for their investors in flow-through shares. Various jurisdictions in different countries established different regulations to protect the local trade, enhance security as well as control the diamond marketing activities. Therefore, exploring and producing companies has extremely concerned on following different requirements of every country.

Page 5

DIAMOND MINING INDUSTRY An external analysis

Figure 4: Diamond Legislation in various diamond jurisdictions (Source: Diamond Consultants Canada 2008) In conclusion, the political element is one of key drivers of diamond mining industry as it directly influence practises process of mining activities, exploration rights as well as profit and loss of companies within the industry. Moreover, diamond is valuable but limited natural resources, the government is tightening regulation enforcement on activities of exploring companies in other to limit the criminal and environmental issues related to. High volatility of regulations in Africa has created more barrier and difficulty for companies in the industry. However, as one of beneficial industry strongly contributes for national economy of country diamonds are found (eg. Diamond industry contributes approximately 33% of Botswanas GDP (Diamond Consultants Canada 2008)), there is also encouragement from government for junior diamond exploring companies to enter the market, especially in Canada through tax incentives. With these reasons, political and legal environment for diamond mining industry are suggested to be continuously gradually changing in the future.
b. Economic

Economic factor which drives demand and supply for diamond industry might significantly influence on the industry structure, competition and attractiveness. It is reported that the production segment of diamond industry achieved the highest operating profit margin of 22-26% where there are only several big players in this segment (Linde et al. 2008). Diamond mining industry is also considered to have highest return ratio compared to other mining industry.

Page 6

DIAMOND MINING INDUSTRY An external analysis

Figure 5: Production margin over value chain in 2010 (Source: Linde et al. 2011) Most of demands for diamonds are coming from demand for diamond jewellery thus diamond jewellery demand significantly drives the production of diamond mining. There is statistical evidence that the growth rate for diamond jewellery is frequently high over the time and dramatically high in China and India market. It is forecasted the promising opportunity for diamond mining industry.

Figure 6: Demand and Growth rate for diamond jewellery in major markets 2000 - 2007 (Source: Linde et al. 2011)

Page 7

DIAMOND MINING INDUSTRY An external analysis

Diamonds are classified to be luxury products rather than commodity like other products from mining production. Having characteristics of luxury products, diamond demand is noticeably impacted by the change in allocation of middle class people. Consequently, high growing market for diamonds has recently been China and India where experienced quick urbanization and increase of middle class. It is also forecasted that together with the fast growing of Chinese and Indian economy, the proportion of middle class is increasing gradually (Linde et al. 2008). Therefore, the demand for diamond in China and India is predicted to be attractive enough for development of diamond industry in the future. Like other luxury products, diamond consumption was heavily affected by the 2008 recession with reduction of 11% (Linde et al. 2008). Main market for diamonds is United States where the recession in 2008 heavily affected its general market, thus diamond demand in this market in internationally was noticeable down.

Figure 7: Share of overall consumption of diamonds from 2000 to 2010 (Source: Linde et al. 2011) Due to low demand from retail and jewellery segment, exploring and producing segment did follow the trend of decreasing spending on investment. However, the exploring segment was more severe impacted with the decrease of investment spend by 64% (Linde et al. 2008).

Page 8

DIAMOND MINING INDUSTRY An external analysis

Figure 8: The world diamond exploration spend from 2001 to 2010 (Source: Linde et al. 2011) The insight reason for the decrease in demand for diamond consumptions in the market can be explained to be the surplus of diamond supply in the market. However, it is also predicted that the future demand for diamond will gradually increase in the future taking out all other unpredictable elements while the supply for diamond is not having recognized change over the time. Consequently, there is still potential market available for new entrants in the diamond mining industry.

Figure 9: Long-term rough diamond supply and demand outlook from 2006 to 2018 (Source: Nkiruka 2010)

Page 9

DIAMOND MINING INDUSTRY An external analysis

In conclusion, economic element has huge impact on profit and loss in mining as well as the retailing structure of diamond industry. Unstable economic condition recently has increased both upward and downward risks in diamond mining industry. However, trend of market shifting from US to Asia, where the economies are highly growing and less likely to be affected by recession, is promised to a higher upward tendency of growing for diamond mining industry.
c. Technological

Technology plays an important role in production and safety level for mining industry in general and diamond mining industry in specific. Moreover, any particular company has an outstanding mining technology over other competitors might enhance its competitive ability through higher volume of production and win license for hard to explore but high value mines. Exploring and mining technology Owning high technology in term of modern and complex equipments and techniques for mining from early stage of the industry has consolidated the position of top four companies (De Beers, ALROSA, Rio Tinto and BHP Billiton) in diamond mining industry. Technology capability has helped these giants to take control most of new exploring places as well as ability to evaluate the quality and value of new mines. Internet revolution Since the debut of internet has encouraged ecommerce, it not only has impacted on the change diamond jewellery retailers structure (appearance of online selling players like Blue Nile) but also indirectly influence on power of price makers of mining companies (Nkiruka 2010). In another word, online sales have enhanced the transparency of diamonds price in the market leading to more bargaining power of consumers users. In conclusion, technological implement plays an important role in deciding competitive advantage and capability of every player in diamond mining industry. In overall, the stability of technological factor is evaluated to be moderate.
d. Environmental

Although diamond mining industry is extracting natural resources from the earth and might associated with issues of energy use and emissions, waste of water and impact on

Page 10

DIAMOND MINING INDUSTRY An external analysis

biodiversity, it is evaluated to not as unfriendly to environment as other mining industries due to not using hazardous materials. However, due to high awareness of environmental pollution and its impact on global nature, most of mining companies has attempted to minimize their environmental influences through committing to the ISO 14001 standard of environmental management (World Diamond Council nd). Therefore, any company in mining industry has to consider a capital investment for environmental management practises.

ii.

FIVE FORCES ANALYSIS

a. Potential Entrants

The diamond mining market has changed from monopoly market into more oligopoly market. The clear evidence is that De Beers has lost their market comprise from 90% to 40% in 2007 and the appearance of other giant mining entities like ALROSA, Rio Tinto and BHP Billiton (Nkiruka 2010). There are also restrictions preventing junior players to enter the market. There are still few diamond mining companies which comprises large amount of diamonds in both volume and value. These few organisations lead the market with their long experience in exploring and producing diamonds and owned most of biggest mines all over the world. These giant entities have ability to take control of most of exploring areas with their competitive ability of high technology and expertise resources. Moreover, there are also several reasons that prevent new comers to diamond mining industry listed below. High capital investment Diamond mining industry is classified to be high capital intensive investment where the exploring activities require high investment on mining equipments and depend on the qualified labor forces. Although requiring high capital for exploring, there is no guarantee the payback for time consuming and complexity process of exploring a diamond site. The probability that finding a deposit containing diamonds and can develop into a diamond mine is 1 to 3 % although the high value of every mine developed (Linde et al. 2011). The typical production cost for a diamond mining and producing company are described below

Page 11

DIAMOND MINING INDUSTRY An external analysis

Figure 10: Annual production costs of diamond mining operations (Source: Linde et al. 2011) . Consequently, there is a high barrier of scale and experience prevents new junior players to enter the diamond mining industry. Political and regulatory enforcement Legislation role in diamond mining industry restraints on entry of new companies from various and complex regulations as KPCS, marketing strategy approval, license, local sales of rough diamonds rules and penalties, etc. as well as strict regulatory enforcement process (Diamond Consultants Canada 2008). However, diamond mining industry is one of beneficial contribution to economy of country where it is explored, thus governments recently has encouraged the investment of companies through several tax incentives scheme like ITCE of 15% in Canada (Natural Resources Canada 2005). This incentive has increased the threat of entry through lower financial risk.
b. The power of suppliers

Equipments suppliers Since diamond mining industry has developed from Africa to Russia, Australia and Canada, there are more and more equipment suppliers available all over the world. With the fragmented market for equipment suppliers, diamond mining companies had more bargaining power over their suppliers. However, every equipment invested require high capital, thus diamond mining companies are impacted by high switching cost for changing equipment suppliers. Concluded from these reasons, power of equipment suppliers in diamond mining industry is analysed to be medium.

Page 12

DIAMOND MINING INDUSTRY An external analysis

Finance suppliers Diamond mining industry is considered to be capital intensive industry which requires high working capital to keep operation going on. Therefore, Diamonds Banks were established to serves players in this industry. There are a few banks who finances for large and mid-sizes companies like ABN AMRO and ADB (Linde et al. 2011). However diamond banking industry in India is classified to be fragmented with large number of banks serving the industry. However, these banks in India mostly serve the cutting and polishing companies.

Figure 11: Diamond banks market share in 2009 (Source: Linde et al. 2011) In conclusion, the power of finance suppliers for diamond industry is evaluated to be relatively high with two main banks comprising large market share. Another reason that makes power of finance suppliers to be high is the high switching cost. Borrowing from banks is considered to be a complicated and taking time process, thus switching from one bank to another one is costing. However, the ease level of borrowing is determinated by the credit of mining companies. Therefore, it can be said that big and experienced diamond mining companies suffer low to medium power of finance suppliers while the small and junior mining companies might evaluate the power of their finance suppliers to be high.

Page 13

DIAMOND MINING INDUSTRY An external analysis

c. The power of buyers

Buyers of diamond mining companies are classified to be direct buyers who are the retailers and jewellery manufacturers. Due to different buying behaviour, demand level and scale of business, they have different level of power over the mining companies. Retailers and jewellery manufacturers are main and direct buyers of diamond mining companies. These buyers access to the diamonds offered by mining companies through sightholders, long-term contracts or auctions (Linde et al. 2011). It is obviously that power of buyers through long-term contract and auctions is quite low. It can be explained that buyers compete to each other to buy the big size valuable diamonds through auctions. In addition, price, quantity and quality of diamonds sold by long-term contracts are set in advance by diamond mining companies basing on the financial capability, business practises and reputations of buyers. In contrast, buyers using sightholder method tend to have medium buying power due to there are fewer than 100 sightholder buying more than 70% amount of rough diamonds in the world (Linde et al. 2011).
d. The threat of substitutes

Main direct buyers of diamond mining companies are retailers/jewellery manufacturers whose demands for diamonds are driven by the users by the end of diamond supply chain. The users by the end of supply chain are classified as industrial consumers and gem-quality consumers. Synthetic diamonds Synthetic diamonds technology has been improved over the time making nearly same quality to the natural diamonds but they are set at price of around 40% less than natural diamonds. Synthetic diamonds may affect on perspectives of consumers about diamonds image as well as partly affect on demand for natural diamonds. This threat is significantly recognized as 95% of diamonds used in industrial consumption is synthetic diamonds (McAdams & Reavis 2008). The industrial users consider synthetic diamonds are suitable substitutes for them due to the same hardness quality but lower price of synthetic diamonds. However, only very small percent of gem-quality consumers those are in middle class considers buying synthetic diamonds as substitutions due to unique value of natural diamonds. It can be concluded that the threat of substitutes from synthetic diamonds is low for gem-quality consumption but high for industrial consumption.

Page 14

DIAMOND MINING INDUSTRY An external analysis

Figure 12: consumption of natural and synthetic diamonds for industrial and jewellery demand (Source: Linde et al. 2011) Recognized the threat of synthetic diamonds as substitute to diamond mining industry, De Beers has spent huge investment on developing a technology to distinguish between natural and synthetic diamonds and advertising to educating consumers. Since 2007, GIA has accepted to grade the synthetic diamonds for transparency. In addition, Israel Diamond Exchange (IDE) also banned the trade of synthetic diamonds in 2004 (Linde et al. 2011). These activities responding have slightly decreased the threat of substitutes by synthetic diamonds in gem-quality market but actually did not affect on industrial consumption. Gold Gold is also considered to be one of substitutes in gem-quality consumption market due to several reasons summarized on figure 13.

Page 15

DIAMOND MINING INDUSTRY An external analysis

Figure 13: Value considering factors for Gold and Diamonds (Source: Linde et al. 2011) Gold is evaluated with several outstanding value and characteristics like more easy to sell back to secondary market, sufficient using as currency, homogeneous quality, etc (Linde et al. 2011). It can be said that gold is strong substitutes for diamonds in term of keeping it as treasury. However, due to unique value, using purpose and symbol of diamonds for love, marriage, engagement as well as the beautiful of diamond itself which gold cannot totally replace. Consequently, gold is considered to be medium substitutes for diamonds in term of emotional symbol of ownership.
e. Competitive rivalry

All four elements of entry level, power of buyers and suppliers and threat of substitutes help generating a picture of competitive rivalry of diamond mining industry. The competition level can be classified to be medium from previous analysis. However, high barriers of entry in term of strict regulations and intensive capital have increased the competition level to a bit higher than medium. Moreover, diamond mining industry now has few companies of De Beers, ALROSA, Rio Tinto and BHP Billiton and Petra Diamonds who provides around 60% of the world diamonds, which indicates a danger of intense competition in the market (Linde et al. 2011). High growth rate and limited production of diamonds create a low price competition and fair opportunity for all organisations growing in the market. In addition,
Page 16

DIAMOND MINING INDUSTRY An external analysis

differentiation element is determined by the quality of diamonds in particular mine which is impacted by the scale and technological capability of mining companies to gain licensing for quality mines production. Consequently, it is finally concluded that competitive rivalry of diamond mining industry is at medium to high level.

III.

CONCLUSION

Diamond mining industry is considered to be very profitable industry with average profit margin at 22-26% and growing at high rate of 5%, 17% and 13% in main markets (respectively in United States, China and India) (Linde et al. 2011). This basic information indicates a favorable attraction for the diamond mining industry. However in order having depth overlook and clear insights of the industry, PESTLE and Five Forces analysis framework are applied to evaluate the diamond mining industry. Firstly, PESTLE analysis concluded a gradually volatility environment in term of politic, legislation and economy. Government and diamond associations are trying to strengthening and strictly governing the diamond mining process and practises through more rules and legislation enforcement. Different countries where diamond mines located has enforced and issued different regulations to protect their local market as well as encourage potential entrants for growing and developing their high contributed industry. Unstable economic condition has influenced on the stability level of demand for diamonds in the market. However, predicted change of economy has evaluated to be favourable by investors in the industry. Main markets for diamonds are shifting more to Asia (mainly in China and India) where the economies are steadily growing leading to higher demand for diamonds in the future. In addition, technological element is indicated to be not really volatile but is key driver for shaping power in the industry. Last but not least, environmental management practises does not have significant ties to commit by companies in the industry but are clearly aware by players and associations in the industry. Therefore to committing to environmental management practises like ISO 14001 should be considered (World Diamond Council nd). Although investment for this standard might be an intensive capital but definitely create competitive advantage and social responsibility reputation for companies in this industry. Secondly, Five Forces Analysis has indicated a medium to high competition environment of diamond mining industry. With few numbers of competitors with large scale of business and high technological capability, diamond mining industry is recommended to have intensive competition. Together with high continuous capital requirement for keep business going on

Page 17

DIAMOND MINING INDUSTRY An external analysis

as well as complex and strict regulations, there are high barriers to entry the diamond mining industry. However, medium power of suppliers in term of finance and equipment does give favourable environment for new entrants. Moreover, low to medium power of buyers was classified through different ways of selling diamonds to retailers/jewellery manufacturers has created moderate influence of diamond mining companies in the market. Threat of substitutes is also another consideration for the attractiveness of the industry. Synthetic diamonds are one of high threat in term of industrial consumption but do not really change the demand for gem-quality consumption. Gold is another strong substitute for gem-quality consumption but still does not totally take replacement over diamonds in term of emotional symbol. Consequently, diamond mining industry with high growth rate which indicates an enough market for more entrants to join the market and grow within it. The industry can be said to be favourable and attractive enough for investors to put money in current companies in the market, especially the big giants dominating the market. However, there are sophisticated high barriers to entry like regulations, technological capability, scale of business, experience and intensive capital investment requirements might prevent new entrants to this twinkling industry.

Page 18

DIAMOND MINING INDUSTRY An external analysis

IV.

REFERENCES
Diamond Consultants Canada. (2008). The diamond industry: an opportunity and impact assessment, Diamond Consultants Canada. Available at http://www.citypa.ca/LinkClick.aspx?fileticket=7H5Jxq%2BxodU%3D&tabid=777& mid=2250 [Accessed 28 Feb. 2013]. Gerry, J. Kevan, S. and Richard, W. (2008). Exploring Corporate Strategy. (8th edn). London: Financial Times Prentice Hall. pp. 55-67. Linde, O. Prinsloo, G. and Spektorov, Y. (2011). The global diamond industry, Bain & Company, Inc. and Antwerp World Diamond Centre private foundation (AWDC). Available at http://www.bain.com/Images/PR_BAIN_REPORT_The_global_diamond_industry.pd f [Accessed 11 Feb 2013]. McAdams, D. and Reavis, C. (2008). De Bearss Diamond Dilemma, MIT Sloan Management. Available at https://faculty.fuqua.duke.edu/~dm121/papers/07-045DeBeers-Diamond-Dilemma.pdf [Accessed 11 Feb 2013]. Natural Resources Canada. (2003). Growth and diversification of the diamond industry, Natural Resources Canada. Available at http://www.nrcan.gc.ca/sites/www.nrcan.gc.ca.minerals-metals/files/pdf/mmssmm/busi-indu/dpn-npd/rdtb-eng.pdf [Accessed 28 Feb. 2013]. Natural Resources Canada. (2005). Investment tax credit for exploration in Canada, Natural Resources Canada. Available at http://www.nrcan.gc.ca/sites/www.nrcan.gc.ca.minerals-metals/files/pdf/mmssmm/busi-indu/met-qfi/hist-hist/pdf/bro-eng.pdf [Accessed 28 Feb. 2013]. Nkiruka, M. (2010). The dynamic diamond industry: is it feasible for its players to gain sustainable competitive advantage?, University of Dundee. Available at https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja &ved=0CC8QFjAA&url=http%3A%2F%2Fwww.dundee.ac.uk%2Fcepmlp%2Fgate way%2Ffiles.php%3Ffile%3Dcepmlp_car14_48_216485112.pdf&ei=b8MsUdzmFOe N0AX_6YHACg&usg=AFQjCNH_xmwH07ualQo_T6rcg890m9VGg&bvm=bv.42965579,d.d2k [Accessed 26 Feb. 2013]. World Diamond Council. (no date). Diamond mining and the environment fact sheet, World Diamond Council. Available at

Page 19

DIAMOND MINING INDUSTRY An external analysis

http://www.diamondfacts.org/pdfs/media/media_resources/fact_sheets/Diamond_Min ing_Environment_Fact_Sheet.pdf [Accessed 26 Feb. 2013]. World Diamond Council. (no date). The diamond industry fact sheet, World Diamond Council. Available at http://www.worlddiamondcouncil.org/download/resources/documents/Fact%20Sheet %20(The%20Diamond%20Industry).pdf [Accessed 28 Feb. 2013].

Page 20