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BRD to achieve January month revenue around $1.24m from the sale of 2200 carats at $565 per carat is outstandingly impressive because for the 2021 Q1 sales was just around $1.78m.
If the private sell was not made on last December, BRD could have made another $260k more on top of that $545k when selling at $565 per carat. If they were really desperate for cash, they could have instead left those diamonds to Delgatto at 15% per annum interest and returned that money with one month interest to pay after receiving money from the sale. Thank you to our chairman Mike Houston and finance director David Facey for the loss of opportunity income of around $260k.
Even if the export license would have been granted to BRD to sell at Antwerp, Antwerp demands at least minimum of 5000 carats per parcel to sell at their platform. That is what it was written in one of the previous rns I guess. So it is of no use for BRD when they are hand to mouth situation.
Hi mil09,
I echo your post 100%. The present setup is too incestuous what with Houston having a 10% share in one of Teichmann’s subsidiaries. We have yet to be told the reason for the DMRE stopping all production at the mine in November. My feeling is that Gus has been made a scapegoat for whatever occurred but we, the shareholders will never know. I would have thought by now that we would have been granted an Export Licence which would allow us to sell our rough diamonds on a weekly basis in `Antwerp.
is tomorrow. BRD could be earning near $1m on this first month with 2200 carats on hand to sell.
However, because of omicron if there will be less participation of buyers impacting the selling price, then it will be similar to the last December sales where selling privately result in losing around $50k that could be a salary for quite a few number of people working there.
When conducting last December sales, Facey should have interrupted the private sell and should have advised to go with Delgatto Finance if the diamond market will continue being buoyant like what Mike Houston has been putting remarks on the report.
Finance Director David Facey should be ashamed of his position doing no credible input to improve the finance of the company as he is just the puppet of Mike Houston who has a monopolistic role in BRD. It should be Facey stepping down, not Gus. I believe Gus may have realise that he is just the CEO by position of Karveeli with no power to make decision. No, wonder anybody will give resignation in that scenario. But, my GOD. David Facey, very impressive.