|Seven of the world's leading diamond mining companies today announced their commitment to form the Diamond Producers Association (DPA), for the purpose of supporting the development of the diamond sector.
The founding members of the DPA are: ALROSA, De Beers, Rio Tinto, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamonds Ltd, and Gem Diamonds Ltd.
The new Association's remit will include:
- Maintaining and enhancing consumer demand for and confidence in diamonds including joint category marketing initiatives;
- Providing a reliable source of industry information, including trade and consumer research;
- Acting as the unified voice of the diamond producers, when required and/or appropriate, with industry and non-industry forums/organizations;
- Communicating the role and contribution of diamond producers to the diamond sector and broader society; and
- Sharing best practices in health and safety, licence to operate, supply chain integrity and environment management.
The DPA says it aims to play an important and positive role in the diamond sector, actively engaging with industry and non-industry organisations to promote the interests of the sector. The DPA will operate in compliance with all applicable competition/antitrust laws.
The announcement revealed that the organization will have an initial minimum annual budget of US$6 million, based on commitments of founding members, which will enable the DPA to start operating effectively as soon as an Executive Director has been recruited. It will be reviewed annually based on the activity plan submitted to the Board for approval.The DPA says that part of its 2015 activity plan includes the commissioning of research as a base to building a targeted activity plan for the next three years.