Diamonds on ice
- Identification and definition of issues.
- Main facts.
- The Canadian Diamond industry within the global diamond industry.
- Problem statement and main issues.
- Analysis of external factors, opportunities and threats.
- Political, economic, social and technological environment.
- Channel of distribution.
- Analysis of internal factors, strengths and weaknesses.
- Geographical capacities.
- Potential growth.
- The Canadian brand.
- Evaluation of strategy options.
- Detailing the strategy and developing a plan for implementation.
In An Inquiry into the Nature and Causes of the Wealth of Nations (1776), Adam Smith said: ?A diamond, (?), has scared any value in use; but a very great quantity of other goods may frequently be had in exchange for it?. Thus, a diamond is not only a ?girl's best friend? but has also a huge value in terms of exchanges. The first diamond discovery in Canada was made in 1991. Thus, the Canadian diamond industry is young compared to other diamond industries worldwide. The first production began in 1998 and in 2003 the Diavik mine opened. The development of the diamond industry in Canada has involved many actors: governments, populations, and retailers. In 2000 the Government of the North West Territories was the first to introduce a certification program and since 2002 it has launched a marketing campaign to promote the diamonds from its mines.
[...] As the Canadian diamond industry is not facing problems related to it own organization, strategic options have to improve the current situation: To keep on being aware of transparency: it means that the Canadian diamond industry has a role to play in the regulatory processes. The creation of Canadian Code of Conduct? and the leading work done for the Kimberley show that Canada is actively involved in global and local regulatory processes. To develop the secondary industry: it means to make new researches and exploit the opportunities in marketing diamonds for different uses. [...]
[...] As a consultant for the Canadian industry, one will try to analyze what are the main issues for the Canadian diamonds industry in its implementation of a marketing strategy. Then, one will identify several strategies that could respond the problem. Finally, we will develop an implementation plan for the strategy chosen. Analysis of external factors, opportunities and threats Political, Economic, Social and Technological environment This area is very important to understand the issues faced by the Canadian diamond industry. The political context plays a major role in the diamond industry. [...]