BlueRock Moves Sales of its Kareevlei Diamonds to Antwerp
May 14, 20
(IDEX Online) - Sale of rough diamonds from the Kareevlei mine in South Africa are to be moved to Antwerp, where owners BlueRock hope to attract more buyers.
They'll be branded as Kareevlei Diamonds and marketed by diamond brokerage and consultancy firm Bonas-Couzyn, with pre-sales finance provided by Delgatto Diamond Finance Fund, the largest non-bank lender to the diamond industry.
AIM-listed BlueRock Diamonds, based in England, says it expects Antwerp to recover sooner from COVID-19 than South Africa - where it has previously sold its diamonds - but where travel restrictions are expected to remain in force.
It has agreed a non-binding letter of intent with New York-based Delgatto for it to finance monthly parcels at 70 per cent of an agreed valuation for up to 12 months at a cost of 1.25 per cent per month on the initial funding amount.
Kareevlei mines from five kimberlite pipes that produce diamonds of exceptional quality. It ranks in the top 10 in the world in terms of average value per carat.
The company says it believes "the new sales channel and expected financing arrangements will maximise the chances of BlueRock's operations being cashflow positive."
Delgatto, founded by Christopher Del Gatto, has financed over 75 companies worldwide since it was founded in 2018.