Some questions and thoughts on the new International Diamond Board …
– Will the new IDB be able to use the phrase “A diamond is forever”? It’s De Beers’ baby, and while De Beers backs the IDB, it obviously wants to use the word “forever” in conjunction with the Forevermark. Yet that phrase has been so much of a part of diamonds, and diamond advertising … it’s like the IDB would be going to war without a major weapon.
– How much of a role will this new entity play in social issues? Its release specifically mentions “consumer confidence.” And how will that impact industry groups already dealing with these issues like The World Diamond Council, CIBJO and the RJC?
– How much of this is a producer’s organization, and how much will the rest of the pipeline be involved?
– Finally, Vybornov, has said the IDB will have a budget of $70 to $100 million. Certainly a good thing, but still a far cry from the $200 million a year De Beers used to spend in its prime.