In March of this year, there was some buzz in the jewelry industry when the Rio Tinto Group hosted a meeting for its fellow diamond mining companies to discuss to creation of a producer association similar to other commodity-based organizations (like the World Gold Council). A few months later, those talks bore fruit when Rio Tinto, ALROSA, De Beers, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamonds and Gem Diamonds formed the Diamond Producers Association (DPA).
As the first-ever international representative organization to be formed by leading diamond producers, the DPA says that its mandate includes:
- 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 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
- Sharing best practices in health and safety, license to operate, supply chain integrity, and environmental management.
If the success of producer associations like the World Gold Council is any indication, the DPA’s efforts could mean great things for diamond mining and other affected industries, like jewelry. For 2015, the DPA will be focused on finding an executive director who will spearhead operational activity of the DPA and report to the board. They also plan to commission industry research to use as a base for developing their plans for 2016 and beyond. We can’t wait to see what they come up with.