The new Diamond Producers Association (DPA) is to support development of the diamond sector. Seven of the world’s leading diamond mining companies have announced their commitment to form the Diamond Producers Association. The founding members – ALROSA, De Beers, Rio Tinto, Dominion Diamond Corp, Lucara Diamond Corp, Petra Diamonds, and Gem Diamonds will work together to support the development of the diamond sector.
The DPA is the first ever international representative organisation to be formed by some of the leading diamond producers, with a corporate registration in London, England. The DPA’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/organisations
- Communicating the role and contribution of diamond producers to the diamond sector and broader society
- Sharing best practices in health and safety, licence to operate, supply chain integrity and environment management.
The DPA will play an important and positive role in the diamond sector. It will actively engage 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. It will have an initial minimum annual budget of $6 million, based on commitments of founding members. This budget 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.
A recruitment process has been initiated to appoint the Executive Director who will be responsible for the operational activity of the DPA and report to the Board. Along with the incorporation of the organisation, the appointment of an Executive Director and of a focused support team, the DPA’s 2015 activity plan includes the commissioning of research as a base to building a targeted activity plan for the next three years.
Picture courtesy of Gem Diamonds.