This report follows three extended trips by the author to Sierra Leone, in 2001 and 2002. It presents an overview and analysis of the situation in Sierra Leone with respect to the diamond industry since United Nations intervention in 2000. It evaluates efforts made by the Sierra Leone government to ensure greater transparency and probity in diamond mining, purchasing, valuation and oversight, and examines the effect of the diamond certification scheme. The report also examines a much discussed but rarely studied phenomenon: the role of Sierra Leone’s large Lebanese community, which dominates the diamond industry and presents major obstacles to meaningful reform.