Burgundy starts work on polishing first Fancy Colour diamonds

22-Oct-2021 Intellasia | FTI Consulting | 5:02 AM Print This Post
Burgundy starts work on polishing first Fancy Colour diamonds

Burgundy Diamond Mines Limited (ASX: BDM; “Burgundy” or “the Company”) is pleased to announce that the first parcel of rough Fancy Colour diamonds purchased in September has now been received at the Company’s cutting and polishing facilities in Perth, Western Australia, and planning for the polishing of these stones is underway.

In an ASX release on 8 September 2021 Burgundy announced the purchase of a small number of large rough diamonds from Arctic Canadian Diamond Company Ltd (“Arctic”), owners of the Ekati Diamond Mine in Northwest Territories, Canada.

These diamonds were shipped to Perth and planning is now underway to maximise the value to be extracted from these stones.

The diamonds are Fancy Vivid and Fancy Intense Yellow stones, with the largest one weighing 17.8 carats, and form a perfect entry point for Burgundy’s unfolding strategy of production of high-value polished Fancy Colour diamonds, and a progression towards the Company’s own production of Fancy Yellow goods from the Ellendale Diamond Project in Western Australia.

Appointment of Drew Birrell as VP Sales and Marketing

The Company is also delighted to announce the appointment of Drew Birrell to lead Burgundy’s marketing and sales strategy and downstream operations. He is an accomplished executive from the diamond jewellery sector, including experience in rough and polished diamond sourcing, jewellery manufacture and retail sales. In particular, as Senior manager for Tiffany in Australia he was involved in previous processing and sale of Fancy Yellow diamonds from Ellendale.

Burgundy Managing director and CEO, Peter Ravenscroft, said: “It is exciting to see the truly beautiful rough diamonds that we purchased from Arctic the first of a number of purchases from diamond producers. We are already planning the cutting and polishing of these stones in our Perth facility, and through our emerging branding strategy are anticipating being able to rapidly generate multiples of value from this investment.

“I am also very pleased to significantly strengthen our management team with Drew’s wide range of skills and experience, and look forward to working with him on developing our downstream operations and visionary branding approach.”

This announcement was authorised for release on the ASX by the Board of Burgundy Diamond Mines Ltd

 

Category: FinanceAsia, PRAsia

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