Seven of the world\u2019s leading diamond mining companies have announced plans to form a new Diamond Producers Association (DPA).\r\n\r\nThe founding members \u00a0- ALROSA, De Beers, Rio Tinto, Dominion Diamond Corporation, Lucara Diamond Corporation, Petra Diamonds, and Gem Diamonds - said they will work together to "support the development of the diamond sector".\r\n\r\nThe DPA would be\u00a0the first ever international representative organisation to be formed, and would be incorporated in London.\r\n\r\nThe DPA\u2019s remit will include:\r\n\r\n\tMaintaining and enhancing consumer demand for and confidence in diamonds including joint category marketing initiatives;\r\n\tProviding a reliable source of industry information, including trade and consumer research;\r\n\tActing as the unified voice of the diamond producers, when required and\/or appropriate, with industry and non-industry forums\/organizations;\r\n\tCommunicating the role and contribution of diamond producers to the diamond sector and broader society;\r\n\tSharing best practices in health and safety, licence to operate, supply chain integrity and environment management.\r\n\r\nIn a statement, De Beers said: "The DPA will play an important and positive role in the diamond sector. It will actively engage with industry and non-industry organisations to promote the interests of the sector. The DPA will operate in compliance with all applicable competition\/antitrust laws."\r\n\r\nIt is believed the newly formed association will have an initial annual budget of US$6 million, based on commitments of the founding members, and the figure will be reviewed annually based on the activity plan submitted to the board for approval.\r\n\r\nA recruitment process has been initiated to appoint the executive director who will be responsible for the operational activity of the DPA and report to the board. The DPA\u00a0will also\u00a0commission research into building a\u00a0targeted activity plan for the next three years.