Tuesday, July 23, 2013

Kimberley Diamonds to Acquire eDiamond Trading Platform

Kimberley Diamonds Ltd. will acquire the online rough trading platform eDiamond Belgium BVBA. The eDiamond platform is expected to provide improved pricing and distribution control for production from the mining company's Ellendale E4 mine, which is projected to produce 500,000 carats per year.

"This acquisition strengthens Kimberley Diamond's position in the diamond industry and is a testament to our commitment to extending the life of the Ellendale operation. eDiamonds’ strong platform complements our established mining and production strengths, allowing us to maximize gains in every facet of our operations," said Alex Alexander, the chairman of Kimberley Diamonds.

eDiamond is an independent online trading platform for rough diamonds with an established network of buyers in Belgium, India and Israel. The company's offices, located in Belgium and Johannesburg, offer diamond producers branded, e-sales solutions, marketing support and fully managed e-sales and distribution capabilities through the use of online auction technology and critical logistical services.

Kimberley Diamonds currently uses eDiamond for all of its diamond sales with the exception of its off-take agreement with Laurelton Diamonds Inc., Tiffany & Co.'s cutting and polishing arm.

Kimberley Diamonds reported that its rough diamond sales in the second quarter achieved $24 million. The company's first tender in March 2013 sold 13,234.88 carats of rough diamonds for $12.7 million.

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