Media reports indicated that eight diamond mining companies, including Anglo American Inc (De Beers), Rio Tinto, and Alrosa met last week to discuss the formation of an industry association of mining companies.

“A meeting was held to assess the need for a producer association similar to other commodity-based organizations,” said Bloomberg Business quoting a statement e-mailed to Bloomberg News. “The idea of the body is to promote the interests of diamond producers and the diamond sector more generally. We will continue the discussions with industry participants.” The statement however declined to name the participants, Bloomberg said.

Reports indicate that Petra Diamonds Ltd., Gem Diamonds Ltd., Lucara Diamond Corp., Dominion Diamond Corp. and OAO Lukoil also participated in the meeting. The topics under discussion covered  “diamond marketing, industry research and the threat to consumer confidence from undisclosed synthetic stones entering the market,” Bloomberg quoted De Beers as saying in an e-mail.

It is understood that the body aims to put together resources of roughly US$ 6 mn annually at the initial stage.

Foremost on the miners’ mind it is said was the challenge of undisclosed lab grown diamonds entering the natural diamond supply chain.

In other reports, it is said that the association, once established, will also “help manage relationships with governments and industry groups and lay out best practices for health and safety, environmental management and supply-chain integrity” and that “The new Group also plans to provide an industry annual report.”

Once the formation is completed, it will be the first ever such industry body in the diamond industry.