Gemfields To Increase Buyback Of Cut And Polished Stones

Finance and Trade
10/08/2015 08:14

Gemstone miner Gemfields plc plans to increase the amount of cut and polished gemstones from polishing firms, mostly in Jaipur, India's colored gemstone center, in a bid to enhance liquidity support. The move was announced by Gemfields COO Dev Shetty who said that the decision was taken to support the manufacturing sector of the colored stones industry, which typically lacks access to bank funding and finds it difficult to participate in Gemfields' rough stones auctions.

The company intends to buy back polished colored stones worth $75 million over the next five years from the trade. “We do not mind paying a little extra to the companies as they are the ones who would come back to our auction to bid for rough,” said Shetty.