The International Diamond Board, conceived as a pan-industry initiative that would underwrite "generic" advertising for diamonds, is being delayed because of a lack of support from Alrosa, the world’s second-largest diamond miner, according to a letter from principal backers.
"In our letter dated 6 November, we indicated that Alrosa would confirm their intention with regards to their participation in the IDB within the first 10 days of December," said the letter, signed by representatives of De Beers, Rio Tinto and BHP. "Unfortunately, Alrosa has indicated that it is not yet in a position to do so."
The letter further noted that Alrosa "has not given any indication as to when they will be in a position to reengage on the development of the IDB." As a result, further discussion on the Board has been "postponed."
The letter called Alrosa’s participation "essential" and added that participants hope to revisit the issue in the new year.
Alrosa representatives did not respond to a request for comment.