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Jeweler Kwiat to Provide Financing to Indian Trade
Mar 1, 2022 4:52 AM
By Rapaport News
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RAPAPORT... New York jeweler Kwiat will partner on a project to offer collateral-based funding to the Indian gem and jewelry industry.
The retailer will implement the program, called FlexFin, together with cutting-and-polishing firm K. Girdharlal. The Indian manufacturer will be responsible for taking in and valuing all merchandise offered as collateral, Kwiat said last week.
Customers can choose to use diamonds, jewelry or watches as collateral for a short-term loan. They can then repay the loan or opt to have Kwiat, or its subsidiary, Fred Leighton, sell the item for them.
FlexFin “provides a unique and viable option for companies looking for short-term capital, as well as those with large, valuable inventories uninterested in, or unable to obtain, traditional bank loans,” Kwiat noted.
“Adding liquidity to the diamond market in this win-win scenario is very exciting to be a part of,” added Kwiat chief operating officer Russell Kwiat.
Image: An Indian manufacturer polishing a diamond. (Shutterstock)
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Tags:
diamond, FlexFin, Fred Leighton, India, Jewelry, K. Girdharlal, kwiat, Rapaport News, Russell Kwiat
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