Brazil Minerals, Inc. (OTCQB:BMIX) has built a proprietary facility in Brazil for cutting and polishing diamonds mined by its subsidiary, Mineração Duas Barras Ltda. Duas Barras owns the largest alluvial processing plant for diamonds and gold in Latin America, mining diamonds and gold from its mining concession in Brazil. Given that polished diamonds sell for ten times or more, than rough diamonds, on a per carat basis, Brazil Minerals strongly believes that its cutting and polishing facility will substantially increase its revenues over time.
As quoted in the press release:
BMIX’s facility for cutting and polishing diamonds will be initially staffed by a master cutter and polisher, with over 20 years of experience, and his assistant, as well as support personnel. BMIX obtained in 2013 the necessary licenses from the Brazilian federal authority to be able to export polished or rough diamonds mined from Duas Barras. BMIX has since sold its own polished diamonds to a multi-store jewelry chain in Brazil, which has been in business since 1944, as well as to private investors abroad.
Brazil Minerals CEO, Marc Fogassa, said:
This facility to produce polished diamonds, from a small part of the total production, is another step in making Duas Barras an integrated operation. Over time, for part of the production, we will go from rocks to online retail, while keeping the entire diamond profit margin for ourselves. It is a goal with many steps, but we are advancing daily.