Stone recycling facility takes on five staff members in UK.
Diamond recycling company White Pine Diamonds has processed 25,000 carats of diamonds in the UK since January, while its diamond purchases in the UK exceeding $5 million (£3.1m).
Since opening in Birmingham, the diamond recycler has employed five new staff members including qualified diamond graders and an intern from the Birmingham School of Jewellery. It has said the UK market still offers the opportunity to grow the business, as British jewellery retailers and pawnbrokers begin to embrace diamond recycling.
Tim Phillips, European director of White Pine Diamonds, said: “We know for certain that many of those in the trade who recycle precious metals, whether they are specialist metal dealers, pawnbrokers or jewellers, are simply not interested in the diamond component of the jewellery brought into them for scrap.
"A great many of the less valuable and smaller stones will simply be discarded; damaged as they are removed from the pieces being scrapped; or even shoved into a draw and forgotten. We want those stones and we will pay a fair price for them."
White Pine is said to have “grown rapidly to become one of the biggest recycled diamond companies in the world”. Its global trading value last year was about $50 million (£31.2m).
Phillips added: “We are looking to build long-term relationships with our customers. We believe recycled diamonds currently account for less than 5% of all diamonds sold – which is great for us because it means there is plenty of room for growth and we looking forward to working with more potential clients in the UK jewellery industry to grow that number to the benefit of us."