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Mining Companies to Create Diamond Producers Association
Initiates $6M Budget to Engage in Diamond Research, Marketing Activity
May 27, 2015 4:08 PM
By Avi Krawitz
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RAPAPORT... The major diamond mining companies have agreed to form an organization that will support development in the diamond sector, including engaging in category marketing.
ALROSA, De Beers, Rio Tinto, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamonds Ltd. and Gem Diamonds will form part of the Diamond Producers Association (DPA), the companies announced in a joint statement on Wednesday.
The companies initially met in March to discuss the idea. The move follows calls from within the industry to create a body that will fund a campaign to drive consumer demand, after De Beers narrowed its marketing spending to just focus on its own branded products.
The DPA will have an initial budget of $6 million, funded by the seven member companies and the funds will enable the group to start operating effectively as soon as an executive director has been recruited. The budget will be reviewed annually, based on the activity plan submitted to the board for approval, the statement noted.
A recruitment process is under way to appoint an executive director who will be responsible for the operational activity of the DPA and report to the board.
The DPA explained that its mandate 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, license to operate, supply chain integrity and environmental management.
The companies believe that the DPA will play an important and positive role in the diamond sector and will actively engage with industry and non-industry organizations to promote the interests of the sector, according to the statement. The DPA’s 2015 activity plan includes the commissioning of research as a base for building a targeted activity plan over the next three years.
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Tags:
Alrosa, Avi Krawitz, De Beers, diamonds, Dominion Diamond Corp., Gem Diamonds, lucara, Petra Diamonds, Rio Tinto
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