New $50-million diamond marketing firm to bring business to Saskatchewan

  • 2 Jul 2016
  • Leader-Post
  • Postmedia News

New $50-million diamond marketing firm to bring business to Saskatchewan

The formation of a new diamond marketing group, backed by $50 million in Saudi Arabian investment, could result in more diamonds being cut and polished in Prince Albert.

“This will have a positive impact on the Saskatchewan diamond industry,” said Mike Botha, founder of the Saskatchewan diamond cutting and polishing company Embee Diamond Technologies Inc., in an emailed statement.

Last week, the Guinean government announced its plan to form the Diamond and Gold Bourse of Guinea (DGBG), a joint venture between Embee Diamonds, the Montreal firm Royal Investment KSA Inc., King Saud of Saudi Arabia and the Guinean government.

The decision was driven by “the demand for Canadian-mined diamonds and the appetite for exceptional and large diamonds from African countries,” according to a news release.

A diamond bourse is a marketplace for companies specializing in the valuable stones. It is expected to increase the reach of Embee Diamonds’ “Sirius Star” stones into the Gulf states, according to a news release.

“Over the years, the familyowned Embee Diamonds has carved a niche for itself as a worldclass diamond-cutting and polishing atelier,” Ismail El Lakkis, a Royal Investment KSA representative who will become CEO of the DGBG, said in a statement.

“We couldn’t be more pleased to play a key role in taking the ‘world’s brightest diamond’ to discerning clients internationally,” Lakkis added.

 

About prosperitysaskatchewan

Consultant on Saskatchewan's natural resources.

Posted on July 2, 2016, in diamonds, economic impact. Bookmark the permalink. Leave a comment.

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