ALL MINE: It looks as if the latest must-have for a luxury goods company is nothing less than a diamond mine. Hot on the heels of Harry Winston’s purchase of the Ekati Diamond Mine and Diamonds Marketing Operations from BHP Billiton earlier this week, a subsidiary of Tiffany & Co. has bought into its own underground treasure.
On Friday, DiamondCorp plc, the South African diamond development and exploration company listed on London’s AIM stock exchange, announced it had received a $6 million term loan from Laurelton Diamonds Inc., a wholly owned subsidiary of Tiffany & Co. As part of the loan agreement, Laurelton Diamonds will have the right to purchase production from DiamondCorp’s Lace Mine in South Africa.
This story first appeared in the November 21, 2012 issue of WWD. Subscribe Today.