0
Is the diamond industry an oligopoly or monopolistic cometition?
Shychick0411
The diamond industry is an oligopoly, or an industry dominated by a small number of large businesses.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Is de beers a natural monopoly in the worlds diamond trade?
DeBeers controls about 35% of the diamond gemstone industry, according to Time Magazine, November 2010.
What use are diamonds to the economy?
As with any natural commodity, diamonds offer jobs to people who work in the industry. These jobs range from miner to manufacturer to jeweler. As well, the diamond industry pays significant taxes in the economies where the industry operates.
What is the difference between monopoly and monopolistic competition in the context of diamond market?
Monopoly means a market situation in which there is only a single seller and large no. of buyers. whereas monopolistic competition is a market situation in which there is large no. of sellers and large number of buyers. In monopolistic competition, close substitutes are there in the sense that products are different in terms of size, color, packaging, brand, price, etc. as in the case of soap, toothpaste, etc. In monopoly, there is no close substitute of the good, if any, it will be a remote substitute. In monopolistic competition, there is aggressive advertising but in monopoly, there is no advertising at all or a very little. In monopolistic competition, demand curve faced by the firm is more elastic because of availability of close substitutes. It means if a firm raises its price, it will lose its large market share as customers in large will shift to close substitutes present in the market. In monopoly, the demand curve faced by the firm is less elastic because of no close substitutes. It means if the firm raises its price, demand will not fall in a large quantity as it is only one in the market.
Who buys diamonds from south Africa how much do they pay how do they get the diamonds there and why are they buying diamonds?
Diamonds are a commodity. South Africa is a major contributor to the diamond industry, based on its diamond mining operations. Raw diamonds are purchased according to their grade and size. People involved in the diamond business make profits.
How does diamonds affect the economy where it is mined?
Diamond mining contributes to the local economy in the same ways that any kind of process industry operation contributes. Jobs, taxes and company benefits are high on these lists of contributions.
What is the main industry in black diamond Washington?
What is the main industry in Washington?
Who is the largest consumer of diamond in the world?
Industries consume about 75% of the diamond industry's production, annually.
Is Belgium is the center of diamond?
Diamonds are an important industry in Belgium, however no diamond mines exist there.
Which industry makes more diamond or oil?
Oil
Who run the diamond industry in Serra Leorna?
Debeers
What are the major uses for a diamond?
jewellery, investment, industry
Is Neil Diamond a VIP?
In the music industry, yes.
What are facts about South Africa's diamond industry?
South Africa's diamond industry is undergoing turbulent times.
How do you know that a diamond is a blood diamond or not?
You can ask for a Kimberley Certificate, which will give you the best assurance that your diamond has passed through legitimate industry channels.
What major European industry is located in Amsterdam?
Somewhat sharing honors with Rotterdam, the Diamond-cutting industry.
What growing industry in Nigeria has increasingly attracted pirates?
Diamond
What is the benefits of the kimberley process?
The Kimberley Process deceitfully exploits the mining/front end of the African diamond industry and covertly sustains the retail/back end of the world diamond industry.
