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

question 28

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.
Apply any elements of New Trade Theory that helps to understand this scenario.

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