Rio Tinto Diamonds has launched an international diamond jewelry design competition, and the winners will be displayed in a dedicated suite at the 2012 Academy Awards ceremony, news outlets report.



Rebecca Foerster, Manager of Rio Tinto Diamonds' US office, said the diamond company was "delighted" to announce the competition, adding that the jewelry industry was "hungry for product innovation and design."



Beginning and advanced designers from the US, Canada, Hong Kong, China, India, and Australia are invited to submit entries. The competition is divided into four separate categories; Champagne Diamonds; Canadian Diamonds; Sustainable Jewelry; and Rio Tinto's own Silvermist Diamonds – a line of silver-gray diamonds the company rolled out in late 2009.



The competition closes on October 26, 2011, and eight winning designs will be selected.