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Push for generic diamond promotion continues

February 12, 2009

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London--Diamond industry leaders will gather in London later this month to discuss forming an organization that would handle the marketing and advertising of diamonds for the industry as a whole, according to a release issued on Thursday.

The meeting, scheduled for Feb. 24, will include representatives from Alrosa, BHP Billiton, De Beers Group, Harry Winston Diamond Corp. and Rio Tinto Diamonds.

These five organizations, called "SteerCom," are the original group that met in St. Petersburg, Russia, in 2008 and, with the help of management consulting firm McKinsey and Co., began discussing pooling the industry's resources to come up with a uniform campaign for promoting diamonds.

SteerCom determined that such a group is feasible, but that a pan-industry body that would carry out generic diamond marketing on behalf of the industry worldwide would need funding from across the industry, touching all points in the supply chain.

According to the release, the London forum will focus on the group's preliminary findings from exploratory research, governance issues and the potential role a promotional organization could play in promoting diamonds, boosting consumer confidence and category-level marketing.

Attendance at this meeting is by invitation only.

According to the release, the International Diamond Manufacturers Association, the World Federation of Diamond Bourses and India's Gem and Jewellery Export Promotion Council are among the invited guests and will aid in the distribution of information to the industry as a whole.

Following the meeting, a working group will be established to discuss the next steps and, according to the release, the group will be seeking contributions from industry players across the board.
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