Paragon Diamonds Ltd, a unit of Obtala Resources, has acquired 44.3% of the shares in International Diamond Consultants (IDC), according to StockMarketsReview.com. Paragon bought the share from Grandinex International Corp, which is controlled by Paragon Diamonds Chairman Frank Scolaro.

Therefore, under AIM regulations, the deal is considered a "related party transaction" and its terms are deemed "fair and reasonable" vis-a-vis the diamond company's shareholders.

In November, Paragon was admitted to London's AIM exchange, and this month plans to hold its first tender of diamonds since being listed.

The diamonds the company plans to offer for sale are sourced from its 100%-owned Konoma Diamond Mine in Sierra Leone, and include a 34.18-carat diamond and three diamonds weighing 10.46 carats, 10.18 carats and 9.96 carats.