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Pallinghurst Resources Ltd. announced Monday that it has received the shareholder support needed to move ahead with its bid to fully acquire Gemfields.
The diamond miner and marketer sold $530 million in rough diamonds in its fifth sales cycle of the year, down 6 percent when compared with the same period last year.
Fosun Gold has put in an offer for the company that tops the one made by the miner’s biggest investor, Pallinghurst Resources.
One is a 105-carat D color, Type IIa diamond while the other is a yellow stone that weighs nearly 152 carats.
The three-day event will take place at its Carlsbad, California, headquarters with the theme of “New Challenges. Creating Opportunities.”
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