Diamond: According to The Hollywood Reporter, U.K. indie producer Alison Owen has sealed a deal with star Gwyneth Paltrow to establish an unnamed joint venture to develop movies for Paltrow to produce and star in. Paltrow's move into producing -- which sees her follow in the footsteps of her late father, Bruce -- comes out of a long-standing friendship with Owen.

The first film to come through the as-yet-unnamed venture is likely to be Diamond, according to Owen.

Penned by Lewis Mellis and David Scinto ("Sexy Beast"), the picture is based on a book that details the story of an internationally renowned female jewel thief.

The need to develop projects for herself to produce and star in also grew from "frustration" at some of the material offered.

Brian B.