In the media

Diamondcorp, Laurelton Diamonds sign $6m deal

08 January 2013


DiamondCorp has signed a $6 million supply agreement with Tiffany & Co subsidiary Laurelton Diamonds, the diamond development company reports.

In exchange for a loan of $6 million, DiamondCorp has granted Laurelton the right to purchase rough diamonds from its Lace Mine. The agreement does not pertain to diamonds that fail to meet Tiffany’s standard or are classified as “special” stones.

According to DiamondCorp CEO Paul Loudon, the agreement secures funding for the Lace mine and will allow the company to re-launch diamond production by March of this year.

Loudon added that the Lace mine contained 13 million carats of rough diamonds and noted that his development team was “motivated and ready” to start recovering them.

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