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.
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
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.