Israel Blogging: A Platinum Guild -- For Diamonds?

When three speakers agree on an idea that has barely been brought up before, we may be watching the beginning of something. 

So, on the first day of the Israel Rough Conference, it was interesting that De Beers managing director Gareth Penny, and Israeli Diamond Instute chairman Moti Ganz, International Diamond Manufacturers Association president Jeff Fischer all brought up the idea of greater industry participation in diamond marketing. 

"De Beers has carried the diamond industry in terms of marketing," noted Penny. "It is time for us to say we can’t do it all alone."

Of course, this idea has been around of course since 2000, when De Beers launched Supplier of Choice. What’s different this time is that Penny called up for an "industry-wide effort" along the lines of the Kimberley Process, that would involve everyone in the chain, including producers, manufacturers and retailers.

Clearly, it is needed. De Beers is cutting back its marketing in the U.S. and is devoting more of its marketing resources to the Forevermark. And it has a point: It shouldn’t bear the marketing burden alone.

But could there be a Platinum Guild, or World Gold Council for diamonds? Will it involve JWT, which to this point has done "generic" marketing on behalf of De Beers? At this point, there doesn’t seem to be any firm plans for anything, but it will be interesting to see where this line of thinking goes …

Here are past thoughts on this, from Rio Tinto.