Steinmetz and Rockwell Form Marketing JV

Steinmetz Diamond Group and Rockwell Diamonds Inc have entered into a marketing agreement for selected large and high-value special diamonds.

In terms of the marketing agreement, Rockwell will receive a payment for diamonds selected for manufacturing by the two. Steinmetz Diamonds will polish and market the goods.

Steinmetz Diamonds will receive a marketing fee which will vary according to the value of the stone being manufactured, but which will generally be in the order of 3 percent of the sale price, and the net profit will be shared equally by the two.

It is hoped that the manufacturing process, which will be done in South Africa, will benefit Rockwell in respect of local beneficiation initiatives of the South African Government.

Rockwell currently produces approximately 2,500 carats per month primarily of gemstone quality from its four alluvial mining operations in the Kimberley region of South Africa.