Seven major diamond mining companies have agreed to form the Diamond Producers Association (DPA) on 27 May 2015, declaring their intention to work together to support the development of the diamond sector, and asserting that the DPA will play an important and positive role in this sector. The founding members are: Alrosa, De Beers, Rio Tinto, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamond Ltd, and Gem Diamonds Ltd.
As the first-ever international representative organisation, with a corporate registration in London, UK, to be formed by some of the leading diamond producers, the DPA will have an initial budget of US$6 million, funded by the seven founding members, and the funds will enable the group to start operating effectively as soon as an executive director has been recruited. The budget will be reviewed annually, based on the activity plan submitted to the Board for approval.
The DPA is expected to actively engage with both industry and non-industry organisations to promote the diamond sector’s interests. For DPA’s 2015 activity plan, apart from matters related to incorporation of the organisation, and putting a team in place, the association will also commission research as a base to building a targeted activity plan for the next three years.
According to a press release by the group, the DPA’s mandate will include: