image source : www.debeersgroup.com I have completed my 4th subject (Managing International Business) yesterday after working 15+ hours for the final exams. 4 down, 14 more to go...The task was to write up a report for De Beers' global business with recommendations on how the company should move forward from now. Last quarter results for De Beers had been badly hit by the on-going economic crisis, the demand for diamond roughs had dropped, pushing the prices down. De Beers had closed the Botswana mine for 50 days and laid off more than half of its staff in UK...So how should De Beers move forward from here? De Beers is involve with the whole value chain of the diamond business from exploration, mining, sorting, cutting, manufacturing to retailing. Each process add value to the diamonds with the mining and retailing being most lucrative for the company.
It was interesting reading up on diamonds, so much to learn about diamonds. It was my 2nd case relating to diamonds, the 1st was Gem Diamonds, a diamond mining company for the Marketing Management's final exams. Did you know that diamonds are at least 990 million years old? And some are even 4 billion years old! So they exist on earth even before life began? And most of the diamonds can be found in South Africa. Before polishing and cutting, a diamond is just a piece of rock but with remarkable craftsmanship, diamonds can become so brilliant! I know most guys will think that diamonds are over-rated but most girls love diamonds. Why? I think it's the famous slogan by De Beers, "A Diamond is Forever" and their concept of the diamond engagement ring that have made diamonds a symbol of love and fidelity. That was great marketing. But anyway, precious gems including diamonds, rubies, sapphires, emeralds have been used to adorn jewellery and all sorts of accessories by royalties and the wealthy for centuries. So, in times like this current economic crisis we are facing, how do you market a luxury item like diamonds?
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