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The Diamond Producers Association will engage industry and non-industry organisations
The Diamond Producers Association will engage industry and non-industry organisations

Diamond producers aim to stimulate industry

A new association comprising seven of the world’s major diamond mining companies is set to develop and promote the global diamond industry.

Said to be the first international representative organisation of diamond suppliers, the Diamond Producers Association (DPA) consists of founding members Alrosa, De Beers Group, Rio Tinto, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamonds and Gem Diamonds.

The DPA’s aim is to engage both industry and non-industry organisations to promote the interests of the sector, which will focus on five key areas: maintaining and enhancing consumer demand for and confidence in diamonds; providing a reliable source of industry information; acting as the unified voice of the diamond producers; communicating the role and contribution of diamond producers to the diamond sector and broader society; and sharing industry best practice.

An Alrosa spokesperson explained to Jeweller that the initiative mirrored the establishment of similar associations in other commodity sectors. “The diamond market is facing some challenges at the moment,” she said. “That’s why it’s a good time to take the initiative and promote the diamond itself as an emotional symbol.”

The spokesperson rejected the notion that the association had been formed in response to growing diamond industry concerns, such as the prevalence of undisclosed synthetic diamonds.

“The aim of the DPA is to promote diamonds and the diamond industry in general, not in reaction to any specific other category,” she stated. “There is a number of leading diamond producers who are keen to take part in promoting the interests of the industry. They want to play an active part in maintaining consumer confidence and sustaining the appeal of diamonds, working towards further improving best practices in the industry.”

The association will operate out of London with an initial annual budget of US$6 million (AU$7.8 m). This will be contributed by the founding members and reviewed on an annual basis.

The search for a DPA executive director is currently underway, after which point official operations will commence. This will include the commissioning of research to develop a “targeted” activity plan for the next three years.

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Diamond suppliers collaborate for industry first
 











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Saturday, 21 September, 2019 10:23am
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