The formation of the new diamond promoting organization “The International Diamond Board” has been announced. According to JCK online this was made public by a press release distribution by the mining group “Rio Tinto”.
The formation of the International Diamond Board was recommended by an industry working group that originated from the St Petersburg forum in 2008.
This new body which is to be incorporated in the UK will oversee the marketing of diamonds. Its main mission is to “create and sustain strong consumer demand for diamonds worldwide through effective category marketing”. It will also be involved in communications and public relations.
The success of the organization will be determined by the support from the diamond value chain.
Is the formation of the International Diamond Board be an answer to the recession or is it because De Beers gave up the role as a “market guardian“.
Historically promotion of diamonds during a recession will be very useful to everyone in the industry, an example of this is the International Guild of Diamond Merchants approaching the legendary “queen of haute couture” in Paris, and negotiated with her (Gabrielle Bonheur Coco Chanel) a deal in 1932.