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Brazil Minerals Builds a Cutting, Polishing Facility

Jun 16, 2014 3:12 PM   By Jeff Miller
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RAPAPORT... Brazil Minerals Inc. secured a proprietary facility in Brazil for cutting and polishing diamonds that are mined from its subsidiary, Mineração Duas Barras Ltda (Duas Barra).  The mining company ramped up its polished diamond production  this year in an effort to generate higher revenue growth through polished sales. 

It is expected that the facility will be staffed by a master diamond cutter and polisher who has more than 20 years of experience, according to Brazil Minerals. The cutter will be supported by an assistant and office support personnel. Brazil Minerals received licenses from the federal government to export either polished or rough diamonds that originated from Duas Barras. So far this year, the company stated it had sold polished diamonds to a multi-store jewelry chain in Brazil.

In 2013, during the first year of rough production,  Duas Barras recorded revenue of $791,780, of which 69 percent was from rough diamond sales and 31 percent from gold sales. In 2014, Brazil Minerals has already sold $1.03 million in polished diamonds for  forward delivery.

Marc Fogassa, the CEO of Brazil Minerals, said, "This facility to produce polished diamonds, from a small part of the total production, is another step in making Duas Barras an integrated operation. Over time, for part of the production, we will go from rocks to online retail, while keeping the entire diamond profit margin for ourselves. It is a goal with many steps, but we are advancing daily."


Tags: brazil, brazil minerals, Jeff Miller, mining, Polished Diamonds
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