The Linked Data Benchmark Council (LDBC) is an EU project that aims to develop industry-strength benchmarks for graph and RDF data management systems. It includes the creation of a non-profit LDBC organization, where industry players and academia come together for managing the development of benchmarks as well as auditing and publishing official results. We present an overview of the project including its goals and organization, and describe its process and design methodology for benchmark development. We introduce so-called "choke-point" based benchmark development through which experts identify key technical challenges, and introduce them in the benchmark workload. Finally, we present the status of two benchmarks currently in development, one targeting graph data management systems using a social network data case, and the other targeting RDF systems using a data publishing case.