Big 7 diamond miners to form association
Seven of the world’s leading diamond mining companies have announced plans to form a new Diamond Producers Association (DPA).
The founding members – ALROSA, De Beers, Rio Tinto, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamonds, and Gem Diamonds – said they will work together to “support the development of the diamond sector”.
The DPA would be the first ever international representative organisation to be formed, and would be incorporated in London.
[box type=”info” align=”alignleft” class=”” width=””]The DPA’s remit will include:
- 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.[/box]
In a statement, De Beers said: “The DPA will play an important and positive role in the diamond sector. It will actively engage with industry and non-industry organisations to promote the interests of the sector. The DPA will operate in compliance with all applicable competition/antitrust laws.”
It is believed the newly formed association will have an initial annual budget of US$6 million, based on commitments of the founding members, and the figure will be reviewed annually based on the activity plan submitted to the board for approval.
A recruitment process has been initiated to appoint the executive director who will be responsible for the operational activity of the DPA and report to the board. The DPA will also commission research into building a targeted activity plan for the next three years.
