Wednesday, January 8, 2014

Brazil Minerals Sells First Parcel of Polished Diamonds

Brazil Minerals Inc. sold its first parcel of polished diamonds to a U.S.-based investor group for future delivery, according to a company statement that did not provide a sales total. Brazil Minerals
The junior miner produces diamonds and gold from its Duas Barras licensed area in Minas Gerais in Brazil, but had only been offering rough diamonds and gold for sale to local buyers prior to this milestone.
Marc Fogassa, the CEO of Brazil Minerals, said,  "We are a young company, essentially only one year old with the current team and focus, and now we have revenue from both polished and rough diamonds, as well as gold. And these revenues now come from both the United States and Brazil. It is a good progression."
Early in December, Fogassa said that Brazil Minerals was cutting and polishing some of its rough diamond inventory in Brazil ''for about $50 per gem'' and then sending the diamonds to the Gemological Institute of America (GIA) for grading. The highest color obtained for this parcel was an F and the highest clarity was VVS1, according to the mining company.
"Management's work during this holiday break has paid off as this U.S. group was interested in moving quickly. We were able to come to terms, which are favorable to both parties, and closed our initial transaction last week with the receipt of funds. This group and I hope to do additional transactions of a similar nature in the coming months," Fogassa said.

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