Top diamond industry leaders at the Dubai Diamond Conference have just agreed to create an industrywide fund to support natural diamond marketing. The goal? To reignite the allure of natural diamonds and get them back in the spotlight!
A Small Surcharge, a Big Impact
Under the new plan, rough diamond importers in major trading and cutting centers—like Antwerp, Dubai, Israel, and India—would contribute a small percentage of each shipment’s value (0.05%) to boost marketing efforts. This initiative, led by organizations like the Dubai Multi Commodities Centre and the Antwerp World Diamond Centre, aims to revive the industry's promotional power.
The money will go to the Natural Diamond Council (NDC), which lost more than half of its funding when Alrosa pulled out after Russia's invasion of Ukraine. With this new fund, the NDC could get back to its prime $100 million annual budget and help natural diamonds reclaim their status as the ultimate luxury gemstone.
Not Just Mining Companies—Everyone Gets Involved
While mining companies like De Beers and producing countries like Botswana will continue to be the main contributors, some fund creators want to bring major retailers and other industry players on board too. This means a more united effort to make natural diamonds shine in the face of competition from lab-grown stones.
Industry insiders stress that the details are still being worked out, but there's a strong desire to move forward and establish the fund. With various parts of the supply chain having a greater say in how the NDC is run, the diamond industry could see some major shifts on the horizon.
Will This New Fund Spark a Natural Diamond Comeback?
The diamond industry's biggest names are coming together to make sure natural diamonds stay at the top. Could this fund be what’s needed to remind the world why diamonds are forever? Stay tuned as the Kimberley Process annual plenary begins tomorrow, where even more industry-changing ideas might emerge!