SA, Brazil diamond firms sign sales agreement
The Brazilian-based diamond mining company, Sao Luis Mining Incorporation, has announced that it has signed a marketing agreement with South Africa's Chase Diamonds.
Under the agreement Chase Diamonds will represent the company's production from its Brazilian diamond mining operations to the South African tenders.
"We are delighted that as experienced and highly regarded a firm as Chase Diamonds will be managing sales for us in South Africa, the epicenter of the diamond industry," Sao Luis mining president and board chairperson, Jack Lake said.
"Most important, we wanted to begin to have sales agents on board to coincide with the anticipated start of production later this month."
The tenders are held at locations throughout the country.
Chase Diamonds is one of only 65 government-licensed diamond dealers allowed to attend the largest free market tender held approximately every two weeks at Wolmaransstad in South Africa.
Buyers from around the world gather at the auction to bid on a minimum of $25 million in diamonds offered for sale through a bidding system that ensures fair market value on production.
Chase Diamonds supplies the South African and international markets with rough and polished stones produced in its own factory.
Sao Luis is located in the state of Mato Grosso, considered one of the most productive diamond districts in Brazil.
(Published by African News Dimension, September 22, 2006)