IDB awaits Alrosa's response to begin venture

According to reports, the diamond promotional venture of International Diamond Board (IDB) has been delayed in the initial stages, wherein a chief executive was to be appointed as head to the IDB. The delay was informed in a letter, by representatives of BHP, De Beers, and Rio Tinto –leading members of the Board, to other IDB stakeholders.

The delay occurred as the Board is awaiting Alrosa's conformation to support and participate in its promotions. IDB had taken up the initiative to run a global generic diamond campaign, following the step down of De Beers from the responsibility of financing global promotions alone. The letter stated that the completion of the venture was based on commitments from Alrosa and other members of the diamond value chain and the postponement of the venture was a unanimous decision.

Alrosa is likely to reply by end-October. It was reported that the IDB will continue to be incorporated as a body in Britain.