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Gemstone Company Closes Some NY Operations Amid Restructuring

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It’s moving certain functions to London.

Colored gemstone miner Gemfields is moving certain operations to London from New York, Rapaport reports.

The company’s marketing and public relations operations, as well as its polished-gemstone sales division, are no longer in New York as of this month.

With the change, Sally Morrison, director of sales and marketing, Americas, is departing Gemfields, according to the website. Jewelers of America and the GEM Awards Committee announced in June that Morrison would receive the GEM Award for Lifetime Achievement.

About a half-dozen jobs are affected in all.

Gemfields is keeping some functions in New York, including retail brand Faberge, according to Rapaport.

Gemfields was recently acquired by private equity firm Pallinghurst.

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In an early August press release, Pallinghurst stated: “A thorough review and analysis of the operations, including processes, plans, budgets and financial position is underway. The outcome of this analysis will form the basis for an updated development plan for Gemfields.”

The company said it planned to report the findings of its strategic review to its board by mid-September and engage with shareholders shortly thereafter.

Brian Gilbertson, chairman of Pallinghurst, said in that release: “Gemfields is a uniquely attractive business with strong growth potential. We intend to focus on profitability in pursuit of the vision of building the ‘De Beers of coloured gemstones.'”

Read more at Rapaport

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