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Delgatto Diamond Fund Gets $100M Injection
Oct 28, 2019 8:42 AM
By Rapaport News
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RAPAPORT... Private industry loan business Delgatto Diamond Finance Fund
has received $100 million in funding from Crestline Investors.
Delgatto, which launched in April 2018, provides credit to
the diamond and jewelry industry. To date, the company has financed over 75
companies, including diamond wholesalers and traders, jewelry manufacturers,
estate-jewelry and watch dealers, and retailers.
“We only lend to the industry, so we are basically a private
bank to the trade,” founder Chris Del Gatto told Rapaport News Sunday.
“We are collateral-based, so all financing is against inventory, not
receivables or anything else.”
The investment will help Delgatto increase its financing to the
industry, as it aims to reach $1 billion in available funds.
“We believe that we will shortly be the largest lender to
the industry, as commercial banks have left and are continuing to leave,” Del
Gatto explained. “Lack of capital is perhaps the largest issue facing the
midstream of our industry. If a platform doesn’t come in to fill this vacuum
that the banks are leaving behind, the industry is in trouble.”
Image: Chris Del Gatto. (Chris Del Gatto)
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Tags:
Chris Del Gatto, Crestline Investors, Delgatto, Delgatto Diamond Finance Fund, Rapaport News
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