The Indian diamond industry witnessed a severe recession in the year 2008. The industry is already showing signs of recovery in 2009 led by its large sized firms. This case presents facts from a study conducted in a large sized Indian diamond processing firm which has existed for the last 40 years and led the revival of the industry. It includes description of the company policies, management practices, innovations, the organization structure and other unique systems. It is also the first such study conducted in the Indian diamond industry which has otherwise remained undocumented inspite of an extraordinary global performance.