New Diamond Industry Group Forming

Leading diamond miners have confirmed a report in Bloomberg that they are considering forming an overarching industry group.

Bloomberg said the group was addressing the response to synthetics, and undisclosed synthetics in particular.

De Beers spokeswoman Lynette Gould says the group will “seek to better understand, address, and protect the needs of diamond consumers.”

She adds no agreement has been reached.

Perhaps inevitably for an industry that’s had its share of antitrust issues, her statement adds that it is working to maintain that “the activities of any future association are legally compliant and are therefore being supported by legal counsel.”

Bloomberg said the group will have a $6 million annual budget and will lay out “best practices for health and safety, environmental management and supply-chain integrity,” and may publish an annual report. 

Other diamond producers, including Dominion, Petra Diamonds, and Grib sent statements similar to Gould’s.

Ronald VanderLinden, president of the Diamond Manufacturers and Importers Association, tells JCK he hopes that other industry associations will be invited to the discussion.

Lab-grown diamond producers may form their own association, a recent report said. 

In 2009, diamond producers and associations convened to discuss forming an International Diamond Board, which would handle promotion for the industry in the wake of De Beers forsaking “generic” promotion of diamonds. That fell apart when Russian diamond producer Alrosa expressed reservations.

JCK News Director