The Diamond Producers Association (DPA) formed by the coming together of seven large mining companies -- including majors like De Beers, Alrosa and Rio Tinto -- and launched in May 2015, is looking at raising its budget for generic diamond promotion, suggest media reports.

Soon after its launch, the DPA had announced that it had earmarked a budget of US$ 6 million for promotional campaigns. Last year, the organisation unveiled and launched the “Real is Rare” campaign targeting the Millenial generation, on which many are pinning their current hopes for future growth of the industry.

Now, reports say, the organisation is considering raising this kitty to about US$ 60 million, through enhanced contributions from members.

This will, no doubt, come as a much looked-forward to move by those in the diamond industry. At the time the initial budget was announced, there was general consensus that it was too little to fill the gap created when De Beers withdrew from generic promotions due to a variety of reasons. At one time, De Beers expended as much as US$ 200 million for worldwide generic diamond promotion. 

However, DPA is yet to make any formal statement on  the increase in promotional budgets.