The World Federation of Diamond Bourses (WFDB) welcomes the establishment the International Diamond Board, whose mandate is "to create and sustain strong consumer demand for diamonds worldwide through effective category marketing."



The establishment of the International Diamond Board is the result of the activities of a working group that met for the first time eight months ago in St. Petersburg, Russia. The working group included, among others, representatives of International Diamond Manufacturers Association, the De Beers Group, Rio Tinto Diamonds, BHP Billiton Diamonds, Alrosa and Harry Winston.



"Discussions about how to promote diamonds and diamond jewelry in the consumer markets, who needs to take the responsibility and who is to shoulder the financial burden have been ongoing in a variety of forums and platforms since De Beers announced it would no longer play the role of the industry's custodian," noted WFDB President Avi Paz.



"The establishment of the IDB is a first, significant step toward the creation of a new entity that will be supported by all major players in the diamond mining, manufacturing and jewelry industry, and not just by a single rough diamond producer, as was the case until the beginning of this decade," Paz said.



Paz said the WFDB would be delighted to cooperate with the International Diamond Board. "The consumer campaigns that it undertakes should reflect a concerted and effective effort that benefits the rank and file of diamond industry," he noted.