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Brazil Diamonds sells polished stones to jewellery chain

Brazil Diamonds sells polished stones to jewellery chain

Photo by Reuters

26th February 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – US miner Brazil Minerals on Tuesday said it had sold its first lot of cut and polished diamonds from its Duas Barras plant to a Brazilian jewellery chain.

Normally, diamonds from the Duas Barras alluvial diamond and gold mine that are cut and polished are exported to the US for grading and certification at the Gemological Institute of America (GIA).

However, the company said that the particular Brazilian jeweller chose to buy the precious gems without GIA certification. The buyer is a significant regional jeweller, in business since 1944, with 11 retail outlets in the country.

“This sale provides a logistically easy outlet for our future diamond production. We have now sold polished diamonds both with and without GIA certification, in both the US and Brazil. Having a jeweller as sophisticated as this buyer wanting our product opens up new distribution opportunities for us and is very good news for our company,” chairperson and CEO Marc Fogassa said.

Brazil Mining’s producing assets include a 55% ownership of the Duas Barras diamond/gold operation, and the company has exploration projects for vanadium, titanium, iron and gold, and a pipeline of other opportunities throughout Brazil.

Edited by Creamer Media Reporter

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