Diamond Producers Plan Joint Marketing Campaign -Alrosa, De Beers, Harry Winston and BHP Billiton

Diamond Producers Plan Joint Marketing Campaign
-Alrosa, De Beers, Harry Winston and BHP Billiton

The Israel Diamond Portal Reported that Diamond producers Alrosa, De Beers, Harry Winston, BHP Billiton and Rio Tinto, which together control over 90% of the global diamond market, are planning a joint marketing campaign to promote demand for diamonds.

The President of Alrosa, Sergei Vybornov, stated that part of the plan is to advertise diamonds as an investment vehicle in order to boost demand.

De Beers spokesperson Lynette Gould said that the diamond producing companies will set up an SPV, SteerCom, to implement their common market strategy. Management consultants McKinsey & Co are reportedly working on the financial planning which will involve all of the production chain's links from diamond miners to cutters and jewelers.
Vybornov and Gould did not specify the amount of money to be invested in the campaign.

Sergei Goryainov estimates that an effective marketing campaign will cost around $1 billion, with most of the sum focused on advertising.