Is an oligopoly inevitable in the diamond industry? Explain.

The oligopoly market structure is inevitable in the diamond industry. The 20th century's second half led to realizing of more mines in Russia, Canada and Australia. It was then tricky for Da Beers, to take charge of the global diamond supply. Over time, Da Beer, which was the central controller of the diamond market for over a century, causing a monopoly structure of control, faced a stream of accusations on its monopolistic holding of the industry. The claims stated that Da Beers was unlawfully monopolizing the market. Recently, the market shows the oligopolistic structure as the two most vital players enjoy 62.5% and 20.2% share and controlling the market prices. However, Da Beers still holds a significant position in the market.

Because of the constant pressure and the continued discoveries of diamonds all over the world, it is inevitable for the diamond industry to be oligopolistic, as one controller may get overwhelmed controlling the world's diamond market.