Diamond producer De Beers Consolidated Mines (DBCM) chairperson Barend Petersen has urged the South African diamond industry to support the Luanda Accord, a new initiative requiring diamond producers to contribute 1% of their yearly revenue towards the collective marketing of natural diamonds.

Petersen made the call during his address at the Joburg Indaba, in Sandton, on October 9, saying the future of the industry depended on shared responsibility and collaboration.

The Luanda Accord, which came into effect in June, has faced strong opposition from South Africa’s smaller junior diamond miners, who argue that the mandatory contribution will place an unfair financial burden on smaller operators.

Nonetheless, Petersen said the measure was essential to reignite global consumer demand and ensuring the long-term sustainability of the natural diamond sector.

“That’s why the Luanda Accord . . . is so important. It commits diamond-producing countries and industry organisations to contribute one per cent of their annual rough diamond revenue to the Natural Diamond Council for a global campaign promoting natural diamonds,” Petersen said.

He added that DBCM, as a signatory to the accord, viewed it as a shared responsibility among all players in the industry, not just major producers.

“De Beers is not the industry. We are a significant player, but others must also step up,” he said.

Petersen emphasised that collective marketing would be vital to reviving consumer desire for natural diamonds in an increasingly competitive market shaped by lab-grown alternatives and changing consumer expectations.

He said marketing needed to focus not only on the beauty of diamonds but also on their social and environmental impact.

“No matter how much the world changes, the dream of a diamond forever remains the spark that drives our entire industry. To keep that spark alive, the first thing we must do is reignite consumer desire, and this begins with marketing,” he said.

He noted that De Beers had committed to its highest marketing investment in more than a decade and had also partnered with the government of Botswana to boost consumer awareness.

Petersen said De Beers’ 2024 ‘Worth the Wait’ campaign in the US, with retailer Signet, had achieved record results, reaching 1.3-billion bridal impressions and generating nearly $30-million in sales.

He added that the company’s ‘Diamond Proof’ initiative – an instant verification technology that confirms whether a diamond is natural – had already reached more than 20-million views online and appeared in 400 media outlets worldwide. These efforts, Petersen said, were part of a broader strategy to reinforce transparency and consumer trust across the diamond value chain.

He added that Tracr, De Beers’ blockchain-based tracing platform, was now tracking every rough diamond above 1 ct from mine to retail, while a new collaboration with technology partner Sarine would expand that coverage even further.

“With more than three-million diamonds already uploaded to Tracr, and Sarine planning to track the majority of the world’s diamonds, this partnership will deliver a step-change in assurance and transparency,” he said.

In discussing global partnerships, Petersen highlighted Angola’s progress under the Luanda Accord, noting that reforms introduced by Angolan President João Lourenço and that country’s Mineral Resources, Petroleum and Gas Minister Diamantino Azevedo had transformed Angola into one of the world’s most attractive destinations for diamond exploration.

He also noted that De Beers’ exploration team, in partnership with Angola’s national diamond company Endiama, recently intersected kimberlite at a high-priority target site.

“In Angola, the Luanda Accord has opened a new chapter. With the reforms led by Lourenço and Azevedo, Angola has become one of the best places in the world to explore for diamonds,” he said.

Petersen also pointed to Botswana as an example of how government collaboration could strengthen the natural diamond industry. The company’s renewed agreement with the Botswana government, he said, represented a step forward in supporting jobs, maintaining stability, and ensuring that tariffs did not distort consumer prices.

He lamented, however, that the South African diamond mining industry remained under immense pressure as both the cornerstone of global supply chains and the custodian of finite natural resources.

Peterson said sustainable partnerships between governments, communities and private operators would, therefore, be critical to maintaining stability and long-term growth.

“At the heart of the Luanda Accord is a truth we cannot ignore: marketing alone will not secure our future. Only sustainable partnerships will. No company and no country can revive the diamond dream in isolation,” Petersen said.