The World Federation of Diamond Bourses (WFDB) has welcomed the decision of the Diamond Producers Association to significantly boost its annual operating budget to $57 million, saying it will ensure that the organization has a much greater impact in its global diamond jewellery promotion campaigns.

Congratulating the DPA members on what he described as a “courageous decision” that was “very good news for all of us involved in diamonds”, WFDB President Ernie Blom said, "This is a decision which the whole diamond industry was hoping would be reached, and it takes the DPA to a completely new level of operations.”

Blom added that it was “not easy to come up with such large amounts of money” in the present “challenging times” and commented that the “greatly expanded budget will enable (DPA) to implement a larger and wider range of activities which will benefit all members of the diamond and jewellery industries."

As reported yesterday, the DPA directors have approved its 2017 full-year marketing spend of $57 million which is more than four times the size of the 2016 budget. The organisation is planning multichannel advertising, innovative digital programmes, and high-impact PR campaigns, and will be investing $50 million in the US market alone.

Stating that "global diamond jewellery marketing and promotion is a huge mission and it needs coordinated and focused activities to bring about the best possible results," Blom concluded, "We look forward to the DPA working hand-in-hand with the World Diamond Mark, which was established four years ago by the WFDB."