Cultural (Industry) Management
Analysis of the Diamond Industry
Culture, Creativity and Management
1. Why Interested? A diamond is forever. No one will be unfamiliar with this classical advertising verbal. Diamonds have symbolized love and eternity for centuries, which can still be constantly found in some of the world’s oldest pieces of jewelry. They were surrounding by myths and legends and once regarded as the “Tears of the Gods” which were thought with mysterious qualities and supernatural powers. (De Beers, 2008). Diamond industry, which is one of the most essential and secret luxury industries in the world, has represented a 44.4% sales share of the global precious metals and minerals market (Datamonitor, 2007). A diamond in the rough is very valuable. However, the worthy of the ending piece of diamond jewelry has valued much more. There is little understood for customers about the processes and ways of how diamonds have become a source of such great value. And these processes constitute the entire diamond industry chain.
2. The Definition and Introduction of Diamond Industry
2.1 Basic Definition and Categorization of Diamond Industry
The production of diamonds can be roughly defined as production of arts and crafts. It is a creative industry which combines professional luxury designs, arts and crafts production, manufacturing industry and commercialization together. The diamond industry consists of segments of mines, reproducing processes and markets for gem diamonds and industrial diamonds (David J., 2003). It can be separated into two categories: one deals with gem-grade diamonds and another with industrial-grade diamonds. According to The Mineral & Gemstone Kingdom Website (1997), around 80% of mined diamonds excavated annually are unsuitable for use as gemstones and used industrially. However, gem-grade diamonds are always the mainstream of the whole