Delgatto Diamond Fund Gets $100M Injection

RAPAPORT... Private industry loan business Delgatto Diamond Finance Fundhas received $100 million in funding from Crestline Investors. Delgatto, which launched in April 2018, provides credit tothe diamond and jewelry industry. To date, the company has financed over 75companies, including diamond wholesalers and traders, jewelry manufacturers,estate-jewelry and watch dealers, and retailers. "We only lend to the industry, so we are basically a privatebank to the trade," founder Chris Del Gatto told Rapaport News Sunday."We are collateral-based, so all financing is against inventory, notreceivables or anything else." The investment will help Delgatto increase its financing to theindustry, as it aims to reach $1 billion in available funds. "We believe that we will shortly be the largest lender tothe industry, as commercial banks have left and are continuing to leave," DelGatto explained. "Lack of capital is perhaps the largest issue facing themidstream of our industry. If a platform doesn't come in to fill this vacuumthat the banks are leaving behind, the industry is in trouble." Image: Chris Del Gatto. (Chris Del Gatto)