Brazil Minerals, Inc. (OTCQB:BMIX) has held preliminary discussions with the Panama Diamond Exchange. The Exchange is set to be the first and only diamond bourse in Latin America.
As quoted in the press release:
BMIX’s conversation regards the potential of PDE to be an additional channel to BMIX to sell its rough and polished diamonds to global buyers. The PDE anchors the newly launched $200 million Panama Gem & Jewelry Center, which according to its published profile “is the largest and most ambitious development project ever undertaken on behalf of the jewelry and gemstone trades in Latin America. Serving as a trading hub for both regional and international companies, the center will serve a market that today is worth $8 billion, and comprises 11,500 retail jewelry outlets located in 20 countries and 23 islands.”
Mineração Duas Barras Ltda (“Duas Barras”), BMIX’s Brazilian subsidiary, has the largest alluvial plant in Latin America for diamonds and gold. As PDE and its affiliated Gem & Jewelry Center want to become the largest diamond and jewelry trading hub in Latin America, BMIX views this potential business relationship as mutually attractive.