Representatives from countries such as Angola, Botswana, Namibia, South Africa, Sierra Leone, and the Democratic Republic of the Congo participated in a meeting in Angola to determine the details of what is known as the Luanda Accord.
The fund will be used to create a generic global marketing campaign supported by trade associations such as the Antwerp World Diamond Centre, the African Diamond Producers Association, the Gem and Jewellery Export Promotion Council, and the Dubai Multi Commodities Centre, as well as the De Beers Group.
The agreement has not been finalised yet; however, it is expected to include a 1 per cent donation of annual rough export value from each diamond-producing country. This will be determined based on Kimberley Process records.
“In total, the fund is expected to exceed $USD80 million, according to sources at the meeting, and it will be collected on a sliding scale based on the amount of rough each country sells,” explains Leah Meirovich of Rapaport News.
“It will be up to individual governments to determine, together with the industry, the mechanism by which each participant will contribute to the group fund, which the Natural Diamond Council will manage. The not-for-profit organisation, which industry members fund, was created to help promote the global natural diamond trade.”
Angola has already agreed to pledge $USD8 million up front, approximately 1 per cent of its rough exports for the year’s first half. This pledge will be matched by The De Beers Group.
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