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Canadian Diamonds
Canadian Diamonds Market Entry Analysis in Belgium
Submitted by T. Samuel Karun Kumar, Efemuai Ochuko Anthony & Grace Ojo
Global business Environment Submitted to Prof. Albert Knab
2012Fanshawe college
Canadian Diamonds Market Entry Analysis in Belgium 2012
Table of Contents
EXECUTIVE SUMMARY.................................................................................................................................2
Introduction.................................................................................................................................................3
PEST ANALYSIS OF BELGIUM.......................................................................................................................4
SWOT Analysis of Canadian Diamonds........................................................................................................5
Goals of this Business plan..........................................................................................................................6
Strategic relevance and functional goals.....................................................................................................8
Distribution and marketing......................................................................................................................8
The Functional goals of the Sales department:........................................................................................9
The Functional goals of the human resources department:....................................................................10
The functional goals of the Logistics department..................................................................................10
The functional goals of the finance department....................................................................................11
Market Entry Strategy...............................................................................................................................12
Marketing..................................................................................................................................................13
Financials:.................................................................................................................................................15
Legal and regulatory..................................................................................................................................17
Logistics and operations............................................................................................................................18
References:................................................................................................................................................19
Appendix:..................................................................................................................................................22
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Canadian Diamonds Market Entry Analysis in Belgium 2012
EXECUTIVE SUMMARY
This work is aimed at exporting Canadian diamonds to Belgium. The diamond is mined by
Diavik diamond in Canada and will be exported through our Belgium partners Ajediam Ltd.
Ajediam Ltd is a privately owned diamond company headquartered in Antwerp, Belgium. With
more than 25 years’ experience and more than 10 distribution and sales channels, the company is
a major player in the global diamond market and has been identified as a good partner in order to
achieve our monthly sales target of 100 carats and annual sales of 1200 carats of diamond to
Belgium. This sales target will be propelled by an initial investment capital of $10 million to
enable us meet our strategic goals and objectives with products values ranging from .25 carats to
3 carats of diamond.
Belgium (Antwerp) accounts for more than 60% of the world’s diamond. It has 80% shares in
world rough diamond supply and 50% share of world polished diamonds. It is a market with
global business presence with over 1500 diamond companies and 4 specialized diamond banks
and Antwerp is the most respected city in the diamond trade. Canadian diamonds are known for
their high quality and they are certified by the Kimberley process which gives it a competitive
and qualitative edge in the global market.
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Canadian Diamonds Market Entry Analysis in Belgium 2012
IntroductionThis business plan involves the sale and distribution of Canadian diamonds manufactured by
Diavik diamond to Belgium. Diavik diamond mine is the second diamond mine in Canada. Their
vision is to be one of Canada’s premier diamond producers. This company is based in Canada
and is looking to increase its market share by expanding its operations to Belgium.
The target market is Belgium with the major distributors of diamond in mind. Belgium is the
third largest importer of worked diamonds, with a total of over 6 billion dollars which accounts
for 12 percent of the total world worked diamond imports
The nature of this business would be to export Canadian diamonds to Belgium with Diavik
Diamonds having the sole proprietorship rights and also represent the company in Belgium. Our
strategy will be to partner with the major Diamond distributors and big jewelry stores in
Belgium.
Our approach is not just to focus on a short term desire to sell but to focus on a more expansive
time scale that will deliver our products to our customers.
Canadian diamond is a fast growing Canadian company. The first diamond was discovered in
the Northwest Territories in 1991. Canada’s diamond exports accounted for 95% of Canadian
diamond export trade in the year 2oo21 and 68% of total Canadian diamond trade. Diamonds are
profitable internationally however; Canadian diamonds have proven to be very desirable. The
nature of the business will be to export Canadian diamonds to Belgium, we plan on going into a
partnership with major distributors of diamonds in Belgium and some other big jewelry store.
Canada is third largest diamond supplier in the world and it produces 15% of the world’s
diamonds from last twenty years. In the diamond industry Canada has a leadership rule by
following Kimberley process along with other diamond producing countries. Canadian diamonds
ensures the production of diamonds with total obedience to environmental and ethical principles
and good labor practices.
1 Bruna Santarossa, “ Diamonds: Adding Lustre to the Canadian Economy” (Statistics Canada)
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Canadian Diamonds Market Entry Analysis in Belgium 2012
PEST ANALYSIS OF BELGIUM
POLITICAL
Stable Government and an active member of European Union (E.U)
Belgium operates a federal parliamentary Democracy
Legislations support an open market
Tax exemption laws for foreign investors
Legal protection on Intellectual property rights
ECONOMIC
Low Inflation rate of less than 3%
Belgium has a population of 10 million people and over 50% labour force.
Ranked high in diamond market with over 27,000 people employed
Belgium has a strong and developed banking system
3rd largest importer of diamond in the world
It is the headquarters of E.U Institutions
SOCIAL
A multi-cultural society with Flemish, French and German as the major languages
Increased spending power of its population
High regards for diamonds and pearls as a sign of social status
Christianity is the major religion
TECHNOLOGICAL
Highly developed telecommunication network
Over 80% or 8 million of the population have ready access to phone and internet
Belgium has 43 airports and good transport system
High on research and development in diamond market
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Canadian Diamonds Market Entry Analysis in Belgium 2012
SWOT Analysis of Canadian DiamondsStrengths:
There will be high reputation for Research and development.
Canadian diamonds have more online growth.
It is a unique product.
There will be strong brand equity.
Canadian diamonds is a geographically diversified.
Quality of the product is very good.
Canadian diamond are environmental active and aware.
Opportunities:
Innovation of unique products.
There is an increase in internet oriented consumers.
Canadian diamonds have fragmented competition in European market.
There is a huge services and product expansion.
Demand for Canadian diamond market increasing in industry.
Canadian diamonds have a demand for functional and stylish products.
Online market
Leverage of assets
Weakness:
Canadian diamonds have a low market share.
Growth management is not good.
They have only limited experience in some diamond markets.
Core competencies diverting attention of Canadian diamonds
Internal controlling on some financial reporting.
Different rates of loan outstanding
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Canadian Diamonds Market Entry Analysis in Belgium 2012
Threats:
Threat from external changes like politics, government and taxes etc.
Fluctuations of the exchange rate
Introduction of the new product by competitors
Poor performance of retailers result in risk for Canadian diamonds
There will be threat from economic slowdown
Maturing products, categories or services
Substitution of new products
Goals of this Business plan
1) At the end of the first year we are looking at having a sales of $30million worth of
Canadian diamonds
Objectives:
Achieving this goal of first year sales will require an annual supply of 12000 carat of
diamond
The .25 carat and 1 carat will be the major focus of the sales as these are viewed as the
preferred diamonds with larger market
This will be broken down into 200 carat every 2 months for the first year.
The sale of the colorless diamond will generate 40 % of the projected funds, while the
fancy blue diamond, a much more premium brand will generate the other 60% within the
first year.
2) By the end of the first year we are looking to achieve a minimum of $6million
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Canadian Diamonds Market Entry Analysis in Belgium 2012
Objectives:
Much of the Belgium operations in this phase will be conducted by our partners who
already have the distribution machinery in place.
This will require minimal supervision from us thereby reducing our operational or
overhead cost.
This goal can be actualized through cost reduction and leveraging on the expertize of
Ajediam Ltd, our Belgium partners.
3) At the end of the second year in business we will be focusing on increasing our net profit
by 25% of $30million (the initial investment)
Objectives:
The target sales for the second year will be increased to 1500 carat of diamond
annually.
With a steady growth in market sales our presence in Belgium will be increased and
we intend to promote customer loyalty programs to reward existing customers and
also get new distribution chains.
We also plan to introduce the .50 carat Fancy blue diamond into our product portfolio
for this market. This will help generate a new sales channel.
4) In the next five years we are looking at setting up a good business environment and
having a regular supply of the finest diamonds in Belgium through a highly organized
chain of offices in all the major diamond centers.
Objective:
By establishing 1 office in Antwerp, it will ensure that we have enough workforce
and market presence to sustain the projected growth rate.
Increased participation in diamond fares and being actively involved in the trading
centers in Antwerp will ensure that together with our partners we can actualize this
goal.
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Canadian Diamonds Market Entry Analysis in Belgium 2012
We also aim to increase our numbers of partners and distributors to achieve the goal
of being one of the biggest distributors in Belgium and globally.
Strategic relevance and functional goals
Distribution and marketing
To actualize our goals and objectives our marketing and distribution plan will be directed at a
cost effective and result oriented partnership arrangements.
Given the nature of the diamond market as a highly controlled market segment, we have decided
to enter the Belgium market through a partnership/distribution pact with an established diamond
dealer with local presence and global knowledge.
Ajediam Ltd is our partner of choice with more than 25 years of market experience in the
diamond trade. It is headquartered at the world diamond Centre in Antwerp Belgium. The
company is committed to processing high quality rough diamonds to fabulous jewelry, while
ensuring that all industry standards are maintained with the customer satisfaction of paramount
interest to Ajediam Ltd. Having a good distribution network, good logistics and a firm and
increasing customer base, Ajediam is a firm with local presence and a recognized player in the
global diamond market. This expertise will be leveraged upon in terms of transportation and
security of the rough diamonds from Canada to Belgium, as they already have an existing
transport and logistics partner for the transportation of its rough and polished diamonds globally
(from us and end user alike) while also possessing a good array of potential distributors to
increase the chains in the near future.
The Functional goals of the Sales department:
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Canadian Diamonds Market Entry Analysis in Belgium 2012
This functional goals can help Canadian Diamond company to implement all the effective
strategies which would improves the sale revenue. The main goal of the sale department is to
determine all the possible business achievement of milestones and send notifications to other
functional department to work accordingly with them. The goal of the Canadian diamond sales
is $30 million in the one year by the end of 2013. Sales department main objective is to generate
the sale revenue at the point of regular intervals of the business. Firstly, Canadian Diamonds sale
department will focus on short term sales target in Belgium. Secondly, sale department work
hard to achieve the short term sales to long term sales to actual position in the Belgium Diamond
market. Some of the key important goals of the sales department are follows:
Sales department will be checking all sales revenue at the regular business intervals and
informing about present situation about Diamond market to other functional departments
in each and every month.
Motivating and educating sales staff about diamonds qualities and characteristics.
Selecting a high level sales team in a particular period, to improve sale revenue.
Analyzing the competitors sales data at the present position in the market, and implement
their strategies in our business to improve sales.
Setting up original sales targets and working hard to achieve those sales targets.
Training the sales staff on key sales techniques, skills and attitudes in three weeks of
time.
The Functional goals of the human resources department:
This functional department goal is to be recruiting the best skilled employees to perform the
business activities in all the functional departments of the organization. The human resource
department will always train and motivate employees in Canadian Diamond Company, it will
help to achieve desired sales target in Belgium diamond market. This will help Canadian
diamonds to reach its sale target of $30 million in a one year. The main goal of this department
is to develop and train employees to know about the present situation of diamond market in
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Canadian Diamonds Market Entry Analysis in Belgium 2012
Belgium, its leads to achievement of the business goal. Some of the key goals of human resource
department are follows
Advertising the available job positions in Canadian diamond through business
newspapers, famous job sites in a two week time.
Evaluating and screening the best and qualified employees from the applied candidates
for the positions available, and conduct interview in a 3 week time.
Implementing effective trainings programs for the selected employees in a two week
time.
Training selected employees about their task and assignments in Belgium diamond
market.
The functional goals of the Logistics department
The management of our logistics comes into place when we need to talk about the inventory
system and the transportation system. The transportation system for our product will be the use
of transport contractors. The logistics and inventory department will ensure the following in
order to achieve the business goals and objectives
They will ensure that on the arrival of the diamonds, the Belgium transport firm will declare the
goods at the customs department in the airport after which the dealer will be notified
Adherence to regulations and strict compliance to standards
Ensure the smooth operations and enforce work ethics.
Laise with our Belgium partners for easy transfer of goods
Develop proper procedures for daily operations and monthly assessment
The functional goals of the finance department
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Canadian Diamonds Market Entry Analysis in Belgium 2012
Financial planning is vital in the diamond business. This is the department charged with the
responsibility to reduce cost and monitor the financial trends of the market and it will be
responsible for guiding the business into viable investment and determine what the best option
will be. This will ensure that the business remains profitable and maintain a good financial
relationship with the banking and financial institutions that are involved within the market.
Below are the major functions of this department
Developing profit maximization strategies to achieve the business goals.
Determine a financial plan and making funds available for the business by assessing the
best sources of funds either through shareholders, banks, investors or other means.
Cost estimation of all businesses
Preparation of balance sheets
Performing accounts audit biannually
Keeping proper records of the cash flow statement monthly
Analyzing and monitoring the financial activities of the business on a monthly basis
Market Entry Strategy
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Canadian Diamonds Market Entry Analysis in Belgium 2012
Our entry strategy into the Belgium market will be partnership with Ajediam ltd, a privately
owned diamond company in Belgium with over 10 distribution channels and sales outlet within
the country. Using this strategy will be the most cost effective way to gain access to the Belgium
market and also a less risky way to do business particularly in Antwerp. The market presence of
the partners will ensure that our diamond gets accepted and easily sold across an already existing
customer base. Once the brand is established within the market other strategies can be added
such as sales offices to boost local presence and increased distribution network.
Ajediam Ltd already has an existing transport system with a 25years experience that allows for
the safe transportation of diamonds to users around the globe, thus the transportation of the
diamonds to Belgium will be done in alliance with our partners Ajediam Ltd. This will ensure
that the cost of transportation is kept at bay and the fact that the Canadian diamonds exported are
high quality and certified by the Kimberley process, our diamonds will meet the necessary
market standards and remain attractive to our prospective customers.
This entry strategy also places us in a better position to deal with issues such as intellectual
property rights and expropriation risk. By leveraging on the business expertise and
infrastructures of our partners we can determine the demand for Canadian diamonds and work to
increase demand to meet our goals and objectives before taking further decisions to invest
directly into the market.
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Canadian Diamonds Market Entry Analysis in Belgium 2012
Marketing
Product: Canadian Diamond
Diamonds are largely considered to be the most valuable gem in the world (not by actual value;
high quality rubies can often be worth more) but rather their value comes from demand and the
cultural value placed on them. Dating back to ancient Greece diamonds (and diamond jewellery)
have been a symbol of love; ancients believed they were hardened drops of dew, splinters from
the stars or crystallized lightening. There is little branding needed to sell diamonds; they are a
brand all their own. Canadian diamonds are clean certified and are very high quality; this gives
Canadian diamonds a competitive edge in the diamond market.
What sets Canadian diamonds apart from the plentiful competition is the quality associated with
Canadian diamonds. Canada has an excellent certification process; this ensures that the diamonds
are conflict free and they come with a laser inscribed number which can in most cases be traced
back to the mine which they originated from. All of these factors set Canadian diamonds apart
from the competition and give then a special niche in the diamond market.
Canadian diamonds, because of their high quality and certification, can be sold in many
international markets
Promotion:
The promotion method to be used for our services would be the use of Diamond exhibition
advertisement through various medium, television, and internet. The company will be in
attendance in different trade shows to display our products
The segmentation strategy would be to aim the sale of diamonds at men (women tend to look
more than they actually purchase) this can be done through promotions, sales and deals during
holiday seasons. However, it is generally women who the jewelry is being purchased for, so our
products will be marketed to women through the internet and other advertising mediums. We
would also create posters and brochures that will be showcased at different stores. Also our
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Canadian Diamonds Market Entry Analysis in Belgium 2012
diamonds will be promoted/ marketed as an investment as opposed to a purchase; “diamonds are
forever” is one of the most well-known marketing phrases in the world. Marketing diamonds as
an investment can often help reinforce the four C’s of the diamond industry; color, cut, clarity
and carats.
Pricing:
We would be using the premium pricing strategy to enter the market this is because Canadian
diamonds already are a brand all to themselves, they are widely known for their ``clean``
reputation as well as being high quality and environmentally friendly. As mentioned earlier we
estimated $10million CAD for the start-up capital in order to meet up with certain standards
In order for our company to gain initial recognition in our target market at some point we will
have to work with flexible prices for our partners. This will be based on customer’s budget,
demand.
Placement:
The Belgium partners will have the sole responsibility for placing the diamonds in the market.
The partners will manage their supply chain and ensure that the products are always available at
the warehouse or as demanded.
The Belgium partners will be responsible for insurance and freight, financing costs and shipping
cost. The responsibility of the Canadian company will be to take all the necessary orders and
prepare the Canadian documents needed
Financials:
Startup expenses:
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Canadian Diamonds Market Entry Analysis in Belgium 2012
To start the Canadian diamonds business in Belgium, the startup capital would be $10 million
CAD. The following are the assumptions for the Canadian diamonds business in Belgium
Particulars Explanation Amount
Startup capital Initial investment in
Belgium
$10 million CAD
Initial ground work Business Analysis In
Belgium market
$30,000 CAD
Insurance 10% of the Initial
investment
$1 million CAD
Marketing Promoting and
advertisement expenses
$200,000 CAD
Transportation Shipping and other
transportation costs
$500,000 CAD
Bank charges Bank transactions and other
bank fees
$20,000 CAD
Business License Starting business licensing $5000 CAD
Partnership expenses Distribution and supplying $2 million CAD
Other expenses $100,000 CAD
1st year sales estimations:
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Canadian Diamonds Market Entry Analysis in Belgium 2012
The Canadian company, at the end of the first year estimated sales would be $30 million. The
prices below is all in Canadian dollars (CAD)
Types of
Diamonds
Breakdown Estimated Monthly estimate Annual Total
.25 carat 500 units
monthly
$600 per unit 500*600= $300,000 $3,600,000
1 carat 250 units
monthly
2500 per unit 250*2500=$625,000 $7,500,000
2 carat 100 units
monthly
6000 per unit 100*6000=$600,000 $7,200,000
3 carat 50 units
monthly
18000 per unit 50*18000=$900,000 $10,800,000
Total $29,100,000
Justification of pricing:
As Belgium people are more interested in buying diamonds. I think Canadian diamonds will
reach there expectation by following factors:
Canadian diamonds are best in quality
Breakdown of the prices for each carat is so reasonable for Belgium people
The high rate carat quality attract people by breakdown of low prices
Assuming rich people can buy good quality diamonds for their wealthy status
Legal and regulatoryBelgium has embraced free trade since its membership with the European Union began; along
with being a member of several trading blocs Belgium is also part of 20 bilateral trade
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Canadian Diamonds Market Entry Analysis in Belgium 2012
agreements with nations (including Canada). However even free trade is not entirely free; any
country exporting to Belgium that is not an EU member nation faces import duties as well as a
value-added tax (VAT). Depending on the product these additional taxes cost on average 5-6
percent of the total value of the product; this leaves non EU members at a price disadvantage2.
There are also non-tariff trade barriers that exist within Belgium such as Non- agricultural and
manufacturing subsidies, quotas (agricultural products), import restrictions and bans for some
goods and services, market access restrictions in some services sectors, non-transparent and
restrictive regulations and standards3 .The mean tariff rate for all goods is 1.50 percent; the cost
to import (US$ per container) is 1600 dollars
The Belgian government provides protection for intellectual property. This protection takes on
various forms such as copyrights, patents, trademarks, models and plant breeders` rights; they
provide protection and exclusive rights to the titleholder for a designated period of time 4
The government grants equal treatment for foreign businesses under the law as well as special
tax inducements and assistance5 As a member of the European Union Belgium also supports the
TRIPS declaration (trade related aspects of intellectual property rights)6 , as well as being a
member of WIPO (World Intellectual Property Organization) which promote intellectual
property rights internationally.
Belgium is involved in OPEC, NATO and EFTA . These trading blocs give Belgium access to a
majority of the world market and vice versa.
Logistics and operations
2 Encyclopedia of the Nations, Belgium International Trade3 The Heritage Foundation, 2010 Index of Economic Freedom http://www.heritage.org/index/Country/Belgium (Retrieved on October 27, 2010)4 European Commission, Intellectual Property http://ec.europa.eu/youreurope/business/competing-through-innovation/protecting-intellectual-property/belgium/index_en.htm (Retrieved on October 26, 2010)5 Encyclopedia of the Nations, Belgium Foreign Investment http://www.nationsencyclopedia.com /Europe/Belgium-FOREIGN-INVESTMENT.html (Retrieved on October 26,2010)6 The World Trade Organization, Trade- Related Aspects of Intellectual Property Rights http://www.wto.org/english/tratop_e/trips_e/trips_e.htm (Retrieved on October 27, 2010)
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Canadian Diamonds Market Entry Analysis in Belgium 2012
As a result of our market entry strategy which is a partnership structure, we will be using the
facilities and machineries of our partners in Belgium. The diamonds will be picked up from the
collection point in Canada and the task of security and transportation from that point will be
transferred to Ajediam Ltd who is better equipped to handle the safe delivery, storage and
processing and sales of the diamonds using their facilities. These procedures will be dully spelt
out and a signed agreement will be made to ensure the parties are aware of their responsibilities.
We will however be responsible for providing measures at the point of handover to double check
the value and quality of each carat handed over to our partners. This will ensure that all
documentations tally. A weekly report and supervision will be made on all records concerning
the sales of the diamonds to ensure that all parties are equally carried along on the position of the
business.
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Canadian Diamonds Market Entry Analysis in Belgium 2012
References:
Canadian Diamond News | Canadian Diamonds by The Hallmark of Quality. (n.d.). Canadian
Diamonds by The Hallmark of Quality. Retrieved from
http://www.hallmarkofquality.ca/category/canadian-diamond-news
Canadian Diamonds & Diamonds in Canada. (n.d.). Retrieved from http://www.canadian-
diamonds-wholesale.com/
Canadian Diamonds | Blue Nile. (n.d.). Engagement Rings, Diamonds, Wedding Rings and Fine
Jewelry at Blue Nile. Retrieved from http://www.bluenile.com/ca/canadian-diamonds?
gclid=COvKu-P3q7MCFYQ7MgodP0QADQ&click_id=754367618
Wholesale Canadian Diamonds, Engagement Rings, GIA and AGS ideal cut Certified Diamonds,
Wedding Bands, Platinum Jewelry direct from Diamond Broker. (n.d.). Retrieved from
http://canadadiamonds.com/
Antwerp diamonds, Diamond Engagement Rings Buy wholesale in Antwerp World Diamond
Center. (n.d.). Retrieved from http://www.ajediam.com/
Diamond prices, compare actual value of diamonds. (n.d.). Antwerp diamonds, Diamond
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Loose, Solitaire Diamonds Buy diamonds wholesale loose Antwerp World Diamond Center.
(n.d.). Antwerp diamonds, Diamond Engagement Rings Buy wholesale in Antwerp World
Diamond Center. Retrieved from http://www.ajediam.com/loose_diamonds.html
The Diavik Diamond Mine - Home page. (n.d.). Retrieved from http://www.diavik.ca/
Diamond Price Guide. (n.d.). Diamond Buying Guide : Learn About Purchasing Diamonds.
Retrieved from http://www.thediamondbuyingguide.com/diamondpriceguide.html
The Diavik Diamond Mine - Our operations. (n.d.). The Diavik Diamond Mine - Home page.
Retrieved from http://www.diavik.ca/index_ouroperations.asp
The Diavik Diamond Mine - Our product. (n.d.). The Diavik Diamond Mine - Home page.
Retrieved from http://www.diavik.ca/ENG/ouroperations/index_ourproduct.asp
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Canadian Diamonds Market Entry Analysis in Belgium 2012
Canadian Diamond Broker Wholesale Company. (n.d.). Wholesale Canadian Diamonds,
Engagement Rings, GIA and AGS ideal cut Certified Diamonds, Wedding Bands, Platinum
Jewelry direct from Diamond Broker. Retrieved from
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Canadian Diamonds & Diamonds in Canada. (n.d.). Retrieved from http://www.canadian-
diamonds-wholesale.com/
Customer Testimonials - Canada Diamonds - Wholesale Canadian Diamonds Brokers.
(n.d.).Wholesale Canadian Diamonds, Engagement Rings, GIA and AGS ideal cut Certified
Diamonds, Wedding Bands, Platinum Jewelry direct from Diamond Broker. Retrieved from
http://canadadiamonds.com/customer_feedback.htm
How Canada Diamonds offers such Incredibly Low diamond prices. (n.d.). Wholesale Canadian
Diamonds, Engagement Rings, GIA and AGS ideal cut Certified Diamonds, Wedding Bands,
Platinum Jewelry direct from Diamond Broker. Retrieved from
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http://globaledge.msu.edu/Countries/Belgium/statistics
Bruna Santarossa, “ Diamonds: Adding Lustre to the Canadian Economy” (Statistics Canada)
http://www.conflictdiamonds.com/pages/report/2.html
http://www.belgium.be/en/about_belgium/government/communities/
Parker, Philip M., The 2009 World Market Forecasts for Imported Worked Diamonds Excluding
Industrial Diamonds (Icon Group Ltd, 2009)
http://globaledge.msu.edu/Countries/Belgium/economy
Article. (n.d.). Rapaport. Retrieved from http://m.diamonds.net/news-article.aspx?
id=40363&s=11
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Canadian Diamonds Market Entry Analysis in Belgium 2012
Canadian Minerals Yearbook (CMY) - 2008: Diamonds | Minerals and Metals Sector.
(n.d.).Welcome to Natural Resources Canada | Bienvenue à Ressources naturelles Canada |
Natural Resources Canada. Retrieved from
http://www.nrcan.gc.ca/minerals-metals/business-market/canadian-minerals-yearbook/2008-
review/commodity-reviews/3495
Diamond Prices - Truth About Diamonds. (n.d.). Truth About Diamonds - Opening the Eyes of
the Diamond Consumer. Retrieved from
http://www.truthaboutdiamonds.com/truth-about/diamond-prices/
Diamonds.net - Canadian Diamonds. (n.d.). Diamonds.net – Diamond Prices, Rapaport News
and Information. Retrieved from http://www.diamonds.net/News/NewsItem.aspx?
ArticleID=41670&ArticleTitle=Canadian+Diamonds
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Appendix:
7 http://www.diamonds.net/News/NewsItem.aspx?ArticleID=41670&ArticleTitle=Canadian+Diamonds
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8 http://m.diamonds.net/news-article.aspx?id=40363&s=11
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9
9 http://www.nrcan.gc.ca/minerals-metals/business-market/canadian-minerals-yearbook/2008-review/commodity-reviews/3495
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