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RAPAPORT... Brazil Minerals Inc. sold the first round of cut and polished diamonds from its Duas Barras processing plant in Brazil to an unnamed jewelry chain, according to a regulatory filing. The mining firm added that the retail chain purchased the diamonds without requiring Gemological Institute of America (GIA) certificates. The amount of the sale was not provided.
Marc Fogassa, the CEO of Brazil Minerals, explained, "We're delighted with this sale because it 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 U.S. and Brazil. Having a jeweler as sophisticated as this buyer wanting our product opens up new distribution opportunities for us and is very good news for our company." Brazil Minerals mines diamonds and recently took up cutting and polishing some of its inventory for sale. The mining firm also produces gold, titanium, vanadium and iron ore.
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