By Nigel Maxwell

P. A. diamond company makes the cut

Jun 27, 2016 | 1:11 PM

Within the next few months it is very possible large diamonds from the Republic of Guinea, will be cut and polished in Prince Albert.

Embee Diamonds is part of a new venture between Canadian company, Investissement Royal KSA, from Montreal and the Government of Guinea.

The Diamond and Gold Bourse of Guinea essentially creates a formal partnership in the diamond industry.  A number of Canadian cutters, including Embee Diamonds, will cut and polish the large imported diamonds from Guinea.

Mike Botha, the CEO of Embee Diamonds, said his company will need to look at hiring more staff to meet the demand.

“It could be as few as four or it could be as many as 20. We don’t know at this stage,” he said.

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Botha said he was approached by the CEO of Diamond Bourse, who wanted to know what Embee Diamonds could do for Guinea.

The deal could be worth up to $50 million.

“It’s very similar to what we did with the esperanza diamond so we’re going to continue the legacy of bringing large, imported diamonds and cut and polish them in Saskatchewan,” he said

The esperanza diamond is the most valuable diamond in the United States and was discovered in Arkansas last year. 

Botha said he expected the deal between Investissement Royal KSA and the Guinea government to be ratified shortly, which will be followed by official inauguration of the DBGB.  The import of diamonds into Saskatchewan would occur soon after.

nmaxwell@panow.com

On Twitter: @nigelmaxwell