While Diamonds Are Mined All Over the World,including in Canada,the

question 35

Essay

While diamonds are mined all over the world,including in Canada,the diamond trade is centred on Antwerp Belgium in an area known as the Diamond Quarter,or the Square Mile.Diamonds are cut and polished in lower wage countries such as India (which accounts for about 90% of all diamond cutting and polishing)but they are traded in Antwerp.There are almost 4,000 dealers,brokers and financial intuitions serving this industry,all located in an area of only several blocks.Antwerp has been the centre of the diamond industry for several centuries since Lodewyk van Berken,a Flemish jeweler invented a device for polishing diamonds around the year 1450.
Which of Michael Porter's four factors of production would help explain why the diamond cutting industry is now centred in India?

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Definitions:

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances, leading to unintended harm to others.

Proximate Cause

The primary reason something occurred in law, determining liability based on the directness of the relationship between an action and a harm.

Duty of Care

A legal obligation which is imposed on an individual requiring adherence to a standard of reasonable care while performing any acts that could foreseeably harm others.

Performance-based Regulation

Regulatory approach where entities are measured and rewarded based on their performance outcomes rather than adherence to prescriptive rules.