In a press release, the World Federation of Diamond Bourses (WFDB) formally welcomed the establishment of the International Diamond Board. The formation of the Board is a joint effort of a working group of representatives of International Diamond Manufacturers Association, the De Beers Group, Rio Tinto Diamonds , BHP Billiton Diamonds, Alrosa and Harry Winston, amongst others, who met together for the first time eight months ago, in St. Petersburg, Russia.

The International Diamond Board will play the role of creating and sustaining strong consumer demand for diamonds worldwide through effective category marketing, reports say.

"Discussions about how to promote diamonds and diamond jewellery in the consumer markets, who needs to take the responsibility and who is to shoulder the financial burden have been ongoing in a variety of forums and platforms since De Beers announced it would no longer play the role of the industry's custodian," noted WFDB President Avi Paz. "The establishment of the IDB is a first, significant step toward the creation of a new entity that will be supported by all major players in the diamond mining, manufacturing and jewellery industry, and not just by a single rough diamond producer, as was the case until the beginning of this decade," Paz added.

He also announced full support of the WFDB towards activities of the International Diamond Board. "The consumer campaigns that it undertakes should reflect a concerted and effective effort that benefits the rank and file of diamond industry," he said.