Cultural Governance in Indian Diamond Industry

Today, 95 percent of diamonds set in jewellery worldwide are cult and polished in India, and surprisingly, in a so-called in-organized industry supported by more than a million artisans, workers and entrepreneurs with minimal formal education. Further, it is noteworthy that the global hub of cutting and polishing of diamonds has shifted from Antwerp, Belgium (considered a developed nation) to Gujarat, India (considered an emerging economy). It has happened in the last two decades due to emergence of these new organizational forms.This book traces the historical evolution of the Indian diamond industry and is a compilation of findings from systematic , scientific investigations of the cultural aspects of organizing of firms in this industry. It suggests that, in the so-called informal and in-organized Indian diamond industry, there exists a well-organized network of thousands of small and medium sized firms where shared values and a culture of trust and loyalty governs efficient and globally successful business. It challenges the western, modern business and management literature which suggests that formal strategy, structure and processes govern successful firms and industry. This qualitative study spans a decade of work with a high level of dedication to developing rich, thick description, from an insider-perspective with ethnographic immersion