New Diamond Producers Association to Counter the Expansion of Synthetic Stones
[Wall Street Journal] A group of diamond miners is banding together to market its product and counter threats such as the expansion of synthetic stones.
The group, called the Diamond Producers Association, is led by miners such as De Beers Group, Alrosa Group, Petra Diamonds Ltd. and Rio Tinto PLC.
With a $6 million annual budget, it will promote diamonds as a luxury item for high-end consumers and highlight the attraction of natural diamonds amid concerns that some consumers could start gravitating toward cheaper synthetic ones.
The association is “the first-ever international representative organization to be formed by some of the leading diamond producers” and will aim to boost “consumer demand for and confidence in diamonds,” it said in a news release.