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Gemfields to Buy $75M of Polished Gemstones to Support Jaipur Cutters

Aug 9, 2015 10:02 AM   By Rapaport News
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RAPAPORT... Gemfields, a colored gemstone miner, will buy-back cut and polished colored gemstones worth $75 million over the next five years to support members of the trade.

Dev Shetty, chief operations officer of London-based Gemfields, said at a press conference last week that the company would purchase polished gemstones from cutters, primarily in the Jaipur area, to assist downstream firms suffering from tight liquidity and bank credit.

“We do not mind paying a little extra to the cut-and-polish companies as they are the ones who would come back to our auction to bid for rough gemstones,” Shetty was quoted by India's The Hindu Business Line.

Gemfields is a large-scale producer of emeralds, rubies and sapphires, which it sells through auctions.
Tags: Bank Credit, Dev Shetty, Gemfields, jaipur, Liquidity, Rapaport News
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