South Africa has a very long and important role in the history of diamonds. It was there, in the 1860s, that diamonds were discovered on the banks of the Orange River. The resulting diamond rush, and the establishment of De Beers' foothold on diamond mining, transformed the industry, helping to develop diamonds as a viable commercial product for more than just the world's elite. At one point in time, almost all of the world's diamond mining activity took place in South Africa. While the nation is still an important producer of diamonds, its role has diminished. Today South Africa is the world's fourth largest diamond producer by value, according to Kimberley Process statistics.