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Australian: Burgundy to Sell Diamonds Priced at $7.5 Million

Burgundy owns the Ellendale mine, famous for its yellow gems
fancy color yellow diamonds
Credit: FCRF

Burgundy, a Perth-based diamond miner, will launch branded gems with price tags that could reach $7.5 million targeting the ultra rich.

 

Burgundy owns the Ellendale mine, famous for its yellow gems and due to resume operations by the end 2022. Burgundy will mine, polish and market the diamonds itself, and will “sell its top-tier fancy color diamonds in profit-sharing arrangements with existing jewelers, rather than opening its own stores.”

 

Peter Ravenscroft, CEO and managing director, says the company plans to launch in Paris in the next couple of months and added: “We’re pitching at the very top of the luxury pyramid and I think it is going to make a huge difference all the way back down the value chain.”

 

Until Ellendale opens, Burgundy will sell parcels of stones it has in stock since before Ellendale closed, “together with diamonds from the Arctic Canadian Diamond Company, which now operates the Ekati deposit.”

 

Ellendale diamond mine
Credit: Gem Diamonds


Tags: Diamonds News, Jewelry News, Diamond Industry News, Mining News

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