environmental analysis of diamond mining industry

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 CONTENTSI. INTRODUCTION..............................................................................................................2

II. EXTERNAL ANALYSIS...................................................................................................3

i. PESTLE ANALYSIS......................................................................................................3

a. Political and Legal.......................................................................................................3

b. Economic.....................................................................................................................6

c. Technological............................................................................................................10

d. Environmental...........................................................................................................10

ii. FIVE FORCES ANALYSIS.........................................................................................11

a. Potential Entrants.......................................................................................................11

b. The power of suppliers..............................................................................................12

c. The power of buyers..................................................................................................14

d. The threat of substitutes.............................................................................................14

e. Competitive rivalry....................................................................................................16

III. CONCLUSION.............................................................................................................17

IV. REFERENCES..............................................................................................................19

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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 world’s 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 1900’s. 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)

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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

industry’s 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

Porter’s 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

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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.

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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 Canada’s 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.

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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 Botswana’s

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.

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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)

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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).

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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)

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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

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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

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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.

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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.

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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.

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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.

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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,

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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

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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”.

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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 Bears’s Diamond Dilemma, MIT Sloan

Management. Available at https://faculty.fuqua.duke.edu/~dm121/papers/07-045-

DeBeers-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/mms-smm/

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/mms-smm/

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%2Fgateway%2Ffiles.php%3Ffile

%3Dcepmlp_car14_48_216485112.pdf&ei=b8MsUdzmFOeN0AX_6YHACg&usg=

AFQjCNH_xmwH07ualQo_T6rcg890m9V-Gg&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

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http://www.diamondfacts.org/pdfs/media/media_resources/fact_sheets/

Diamond_Mining_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].

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environmental analysis of diamond mining industry

Documents

worlds diamond

sexy industry

rough diamonds

petra diamonds

polished diamonds

sales of diamonds

external environment

external analysis3i