Diamond producer Brazil Minerals in talks with Panama Diamond Exchange
TORONTO (miningweekly.com) – Brazil-based miner Brazil Minerals (BMIX) on Wednesday announced that it had held preliminary discussions with the Panama Diamond Exchange (PDE), scheduled to become the first and only diamond bourse in Latin America.
The Belo Horizonte-headquartered company said it was investigating whether the new exchange could become an additional channel through which the miner could sell its diamonds.
The PDE would underpin the newly launched $200-million Panama Gem & Jewellery Centre, the largest and most ambitious development project ever undertaken on behalf of the jewellery and gemstone trades in Latin America.
The jewellery centre billed itself as aiming to serve as a trading hub for both regional and international companies to serve a market, which today is worth $8-billion and comprises 11 500 retail jewellery outlets in 20 countries and 23 islands.
BMIX subsidiary Mineração Duas Barras owns the largest alluvial plant in Latin America for diamonds and gold. As PDE and its affiliated Gem & Jewellery Centre want to become the largest diamond and jewellery-trading hub in Latin America, the company viewed this potential business relationship as “mutually attractive”.
BMIX in June said its strategy was to transform Duas Barras into a vertically integrated miner of rough diamonds and gold, and a producer of polished diamonds, having built its own diamond cutting and polishing facility in Brazil, through which it hoped to leverage increased revenues.
In 2013, BMIX obtained the necessary licences from the Brazilian federal authority to be able to export polished or rough diamonds mined from Duas Barras. BMIX had since sold its own polished diamonds to a multistore jewellery chain in Brazil, which had been in business since 1944, as well as to private investors abroad.
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