Diamond Producers Discuss Establishing Supplier Association

(IDEX Online News) – Representatives from eight companies, including De Beers, Alrosa, Rio Tinto, Petra Diamonds Ltd., Gem Diamonds Ltd., Lucara Diamond Corp., Dominion Diamond Corp and OAO Lukoil met last week to discuss the establishment of a suppliers association that would represent most of the global diamond producers.

According to a statement sent to Bloomberg News, Rio Tinto said that the meeting was held to discuss the need for a producer association. “The idea of the body is to promote the interests of diamond producers and the diamond sector more generally. We will continue the discussions with industry participants.”

Bloomberg said that among the subjects discussed were diamond marketing, industry research and the threat to consumer confidence from undisclosed lab-grown stones entering the market.

The yet-to-be-named group will have an initial budget of $6 million a year.