Diamond Miner Opens Paris Fancy-Color Boutique

RAPAPORT... Burgundy Diamond Mines will establish a luxury boutique for polished fancy-color diamonds in Paris, in which it will sell its own stock as well as stones from third-party producers.The Australian miner, which has acquired the rights to the Ellendale mine, has purchased the Argyle Stella, one of the "hero" stones offered in Rio Tinto's final pink-diamond tender. The square radiant, 1.79-carat, fancy-vivid-purplish-pink stone will be the star of Burgundy's new fancy-diamond brand, it said Tuesday. "Acquiring this 'hero' stone represents an exciting step on our journey to creating a visionary ultra-luxury brand that will transform the fancy-color diamond niche sector," said Burgundy CEO Peter Ravenscroft. In September, Burgundy purchased a parcel of large, fancy-yellow rough stones that weighed up to 17.8 carats from Arctic Canadian Diamond Company's Ekati mine in Canada. It plans to manufacture those at the new cutting and polishing facility it opened in Perth, Australia, in June. The new Paris outlet will also feature colored stones Burgundy will mine from Ellendale and its sister project, Blina, with production from the former expected in the fourth quarter.To help with the cutting and polishing, Burgundy has hired manufacturers from Rio Tinto's recently closed Argyle mine. In addition, it has appointed Drew Birrell to lead its marketing and sales strategy, along with its manufacturing business. A diamond- and jewelry-industry veteran, Birrell has experience in rough and polished diamond sourcing, jewelry manufacture and retail sales, Burgundy noted. He was previously senior manager for Tiffany & Co. in Australia, where he was involved in the processing and sale of fancy-yellow diamonds from Ellendale.Image: The Argyle Stella. (Rio Tinto)