Diamond miners meet to set up consumer promotion body

Avi Krawitz

Executives from eight of the largest diamond mining companies met recently to explore the establishment of an association that will promote diamonds as a consumer product.

De Beers, Rio Tinto, Grib Diamonds, Petra Diamonds and Dominion Diamond Corporation confirmed their participation in the meeting, which, according to Bloomberg took place at Rio Tinto’s corporate headquarters in London this past week. ALROSA, Gem Diamonds and Lucara Diamond Corp., were also said to be in attendance but had not responded to Rapaport News by press time.

In a prepared statement, the companies confirmed that, “Preliminary discussions have been held between a number of producers to explore the potential remit and scope of an industry association for diamonds that would seek to better understand, address and protect the needs of diamond consumers. These discussions are at an early stage and covered a variety of topics.”

De Beers reportedly told Bloomberg that among the subjects discussed were diamond marketing, industry research and the threat to consumer confidence from undisclosed synthetic stones entering the market.

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Source Rapaport