Download The Global Diamond Industry: Economics and Development by Roman Grynberg, Letsema Mbayi PDF

By Roman Grynberg, Letsema Mbayi

The worldwide Diamond undefined: Economics and improvement brings jointly a set of papers masking a variety of features of the diamond together with economics, legislations, heritage, sociology and improvement throughout volumes.

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Additional resources for The Global Diamond Industry: Economics and Development Volume I

Example text

Small dealers, for example, work on a tight profit margin. The prospect of tying up part of their capital for three years (litigation can take that long) risks considerable financial damage for the average dealer, which is not taken into account when calculating the loss of profit. Moreover, if a client’s default forces a dealer to declare himself insolvent in other transactions, this inflicts serious long-term damage to his reputation, which is not compensated by the application of standard measures.

For diamonds, by contrast, demand was explicitly constructed, and the potential for permanent substitution is very high. Rubies and other precious stones, after all, make perfectly good rings. The challenge for the diamond industry, therefore, is to convince consumers to separate the value they place on diamonds from the price they pay. For this, they need to ensure that prices stay steady and commerce relatively unobtrusive. For over a century, the diamond cartel flourished on a mixture of cooperation and ruthlessness.

Every individual who handles a diamond—from the miner to the jeweler—is responsible for maintaining an identity tag affixed to the stone at the time of extraction. If a tiny half-carat stone is found by an alluvial digger in Angola, for instance, it must be tagged as an Angolan stone by the broker who buys it from the digger; by the trader who buys it from the broker; by the firm that cuts and polishes the stone; by the jeweler who sets it into a ring; and by the retailer. With such a system, theoretically at least, no warlord in Liberia or Sierra Leone can slip diamonds into the pipeline.

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