Second-round funding drives new facet of growth for diamond manufacturer

First West Capital and Crossworks continue their partnership in support of exciting expansion plans.

Vancouver-based Canadian diamond manufacturer, Crossworks Manufacturing Ltd., believes in creating the most beautiful diamonds without compromising either quality or ethical chain of custody – making them the exclusive Canadian manufacturer of high quality diamonds under the Forevermark Black Label brand.

Following funding from First West Capital in 2012, Crossworks was able to continue its growth as a leader in the Canadian diamond industry. The relationship with First West Capital since then has grown into a valuable partnership, which Crossworks recently leveraged to access additional capital to support the launch of DeBeers’ Forevermark Black Label brand – which features the best ideal cut diamonds in a variety of shapes.

“We’ve developed a trusted partnership with First West Capital over the past few years. They have helped us evolve as a business during a period of growth, not just with capital solutions, but with very poignant advice and guidance,” explains Reut Rothstein, Executive. “We didn’t hesitate to partner with them again to fund our expansion with the Forevermark Black Label brand.”

Crossworks expects the Forevermark Black Label brand to change the product offering in the market. Rothstein adds, “The U.S. launch in June 2016 was very successful. The product was very well received in the market and and we will be focusing on keeping up with demand.”

Rothstein admits that it can be complicated to access capital in the diamond industry. “We have a complex business model due to the high value of diamonds, the auditing process and the international nature of the business. We appreciate First West Capital’s prompt and thorough understanding of our unique opportunities.”

In addition to providing highly customized capital solutions, Kristi Miller, vice-president of First West Capital, has also helped Crossworks address strategies around cash flow, sales and profit. “The service from First West Capital is amazing. Kristi and the First West Capital team always come to the table with solutions, and they do it better than anyone else,” says Rothstein.

“The service from First West Capital is amazing. Kristi and the First West Capital team always come to the table with solutions, and they do it better than anyone else.”

“The team at Crossworks is growing an industry where none existed before. Canada is relatively new to the diamond business, and newer still to the polishing or manufacturing side. Stone by stone, Crossworks has grown domestic diamond manufacturing capacity and expertise, ensuring that more value-added processing happens right here at home. We are thrilled to support Crossworks’ continued growth and applaud their significant contributions to this important industry,” shares Miller.

Crossworks has built their business around a standard of excellence and quality, and it’s no surprise they expect an alignment of those values with their partners. “It’s crucial to partner with people who will see you through challenges and successes, and truly care for your business. I always prefer to work with people who I like and respect, and who provide solutions – it makes all the difference to the long-term success of the business, “ says Rothstein. “That’s why we work with First West Capital.”

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