According to JCK Online, the newly established International Diamond Board (IDB), a diamond industry entity whose role is to promote "generic" advertising for diamonds, is being held back due to diamond giant Alrosa’s hedging.



Representatives from giant diamond companies De Beers, Rio Tinto and BHP stated: "In our letter dated 6 November, we indicated that Alrosa would confirm their intention with regards to their participation in the IDB within the first 10 days of December. Unfortunately, Alrosa has indicated that it is not yet in a position to do so."



According to the letter, giant diamond producer Alrosa "has not given any indication as to when they will be in a position to reengage on the development of the IDB.” Therefore, further discussion on the Board has been postponed.



In the letter, the diamond companies referred to Alrosa's participation as "essential." The participants noted that they hope to reopen the issue in the new year.



Alrosa representatives were not available for comment.