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Generic diamond-advertising initiative on hold

October 07, 2009

Antwerp, Belgium--Three mining companies involved in launching the International Diamond Board (IDB), the body created to come up with a generic-advertising campaign for diamonds, have announced they are postponing its start-up phase while they wait for the new leadership at Russian diamond company Alrosa to review the initiative.

A letter released on Tuesday and signed by representatives from BHP Billiton, De Beers Group and Rio Tinto Diamonds, states that the decision was made "following extensive consultation" and was done to give Alrosa "sufficient time to review its plans and confirm its participation."

The IDB, which had its origins at the 2008 St. Petersburg Forum in Russia, was an initiative of former Alrosa President Sergey Vybornov, who was fired from the company in July.

"As you are aware, a key success factor for the IDB is to secure support from all parts of the diamond value chain, and to this end, the contribution of Alrosa is seen as critical," states the letter. "We respect and understand that Alrosa's leadership wishes to familiarize itself with the project and its implications before making a commitment. It is our hope and expectation that the situation will be clarified by the end of October."

The immediate impact of the decision will be the postponement of appointing a chief executive officer for the IDB, though the incorporation of the IDB as a U.K. company will continue as planned, the letter states.

Harry Winston Diamond Corp. was the fifth mining company that was part of the original steering committee for the IDB.

It was unclear at press time why no representative from Harry Winston signed the letter.
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