International Diamond Board Formed

The formation of an “International Diamond Board” was announced, following eight months of deliberations by an industry Working Group, originating from the 2008 St Petersburg forum, according to a release distributed by miner Rio Tinto.

The International Diamond Board will be incorporated in the UK. The overarching mission of the International Diamond Board is to create and sustain strong consumer demand for diamonds worldwide through effective category marketing. Its role will include implementing communication and public relations activities aimed at sustaining consumer confidence.

A critical success factor for the new organization will be to secure support from all parts of the diamond value chain, its statement said.
Over the next twelve months the International Diamond Board will focus on building the organization and initiating its first category public relations and communication program. The recruitment of a high caliber CEO to lead the organization is currently underway, the statement said.

The question of who will market diamonds has been a key one since De Beers gave up the role of “market guardian.” See past JCK article: Who Will Promote Diamonds?