Miner Gemfields emerald auction delayed by India’s “demonetisation” drive

• Eastern Eye Staff
• 01 December, 2016

By: Eastern Eye Staff

BRITISH precious stones miner Gemfields Plc said the auction of emeralds from its Kagem mine in Zambia would be pushed to February as the bulk of its customers for the gem are from India, which is in the throes of a so-called “demonetisation” drive. India’s prime minister Narendra Modi in November decided to scrap 500-rupee and 1,000-rupee banknotes in a bid to flush out cash earned through illegal activities, or earned legally but never disclosed. “The new demonetisation programme will require an adjustment period to allow industries and stakeholders to adapt to the new policies… we have decided to delay…

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