by Greg Klein | May 27, 2015
There was a time when De Beers was, to a large extent, the world’s diamond mining association. That was back when De Beers was, to a large extent, the world’s diamond mining industry. Those days are gone and now the company, still a global heavyweight, has partnered with six others to create the Diamond Producers Association.
ALROSA, De Beers, Rio Tinto NYE:RIO, Dominion Diamond TSX:DDC, Lucara Diamond TSX:LUC, Petra Diamonds and Gem Diamonds “will work together to support the development of the diamond sector,” the septet announced May 27. The organization described its mandate as:
- maintaining and enhancing consumer demand for and confidence in diamonds including joint category marketing initiatives
- providing a reliable source of industry information, including trade and consumer research
- acting as the unified voice of the diamond producers, when required and/or appropriate, with industry and non-industry forums/organizations
- communicating the role and contribution of diamond producers to the diamond sector and broader society
- sharing best practices in health and safety, licence to operate, supply chain integrity and environment management
Word on exactly how the DPA will carry out those endeavours and with what emphasis will likely wait until the organization begins operations under a still-to-be-hired executive director. The companies chipped in an annual budget of US$6 million.