Burgundy Buys Yellow Rough for Manufacturing Launch
September 13, 21
(IDEX Online) - Burgundy, new owner of the Ellendale Mine, in Australia, has bought its first batch of third-party diamonds for in-house cutting and polishing.
The Perth-based company announced in June that it was opening a manufacturing facility for yellow diamonds from Ellendale - due to re-open next year - and for diamonds from other sources.
It bought a small number of large fancy vivid and fancy intense yellow diamonds valued at $1m at an auction held by Arctic Canadian Diamond Company, owners the Ekati diamond mine in Canada. They will be branded as Burgundy fancy color diamonds.
"We look forward to being able to expand rapidly on this initial purchase and are already sourcing further supply of third-party stones to cut and polish into a range of carefully branded Fancy Colour diamonds," said Peter Ravenscroft, the company's MD and CEO.
Meanwhile, Burgundy has raised $37m to revive the Ellendale Diamond Project, in Western Australia, a leading source of rare fancy yellow diamonds
It ceased production in 2015 when previous owner Kimberley Diamond Company went into liquidation.
Pic, courtesy Arctic Canadian Diamond Company, of a rough yellow diamond.