Unlike the situation in many other industries, however, diamond industry disputes are resolved not through the courts and not by the application of legal rules announced and enforced by the state. The diamond industry has systematically rejected state-created law. In its place, the sophisticated traders who dominate the industry have developed an elaborate, internal set of rules, complete with distinctive institutions and sanctions, to handle disputes among industry members.

XREF: This connects to the broader literature on private governance and ordering without law, such as Ellickson's Order Without Law.

Lisa Bernestein, Opting out of the Legal Sys…, loc. 7