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De Beers held monopoly power in the international diamond market, for more than a century, by controlling supply, managing demand, and maintaining the prices of diamonds. The 1990s, however, witnessed certain changes in the industry, along with the geopolitical changes, which endangered De Beers'' dominance in the market. Notably, the competition from new entrants such as the Lev Leviev Group raised doubts if the cartel could last. This case would help in understanding the challenges faced by De Beers, which threatened its monopoly power. It also helps to understand vertical integration, entry barriers, and make a political, economic, social, and technological (PEST) factors-analysis. Further, the case provides scope for discussion on how De Beers can do, and proposes to do, all that it can in order to sustain its dominant position in the diamond industry in the early 21st century.