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Crossworks Secures Capital for Expansion
May 3, 2012 4:17 AM
By Deena Taylor
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RAPAPORT... First West Capital will fund a multi-million dollar expansion deal for Canada-based diamond manufacturer Crossworks Manufacturing. The funding will be used to expand Crossworks' cutting, polishing and manufacturing operations in order to accommodate growth from the company's renewed Diamond Trading Company (DTC) sight contract with De Beers Victor mine in northeastern Ontario. The mine is slated to produce $35 million worth of rough diamonds annually through 2015.
"As part of our growth plan, we found First West Capital to excel in providing the necessary solutions to our business needs," said Crossworks Manufacturing's president, Uri Ariel. He noted that the partnership will enable the company to compete in the international market.
Crossworks Manufacturing is the largest manufacturer of branded Canadian diamonds and has polishing facilities in Vancouver, Sudbury and Yellowknife. The company's distribution channels spread across North America, Europe and Asia. In addition to being a DTC sightholder, the company is a Forevermark Diamantaire, a Rio Tinto Select Diamantaire, and an authorized partner for Argyle pink diamonds.
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Tags:
Crossworks Manufacturing, De Beers, Deena Taylor, Victor Mine
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