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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.