Mining companies put brakes on diamond-advertising body

by eyetee | October 19, 2009 12:00 am

SB_EMERALD_WH — The dismissal of Alrosa’s former president has put plans for a generic advertising body for diamonds on ice while the company reviews the initiative.

A body formed to come up with generic advertising for diamonds is on hold for now, following the dismissal of former Alrosa president Sergey Vybornov.

Formed in July and spearheaded by Vybornov, the International Diamond Board (IDB) came to include BHP Billiton, De Beers Group, and Rio Tinto Diamonds.

The mining companies announced earlier this month they were postponing plans while Alrosa’s new leadership reviews the initiative. The three mining companies issued a joint letter announcing the decision.

“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,” the letter states.

“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 the situation will be clarified by the end of October.”

Plans to appoint a chief executive officer for the IDB have been postponed pending Alrosa’s review.

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