In a joint venture with the Indian gem and jewelry industry, Kwiat, a New York-based jeweler, will provide collateral-based financing to the industry.
K. Girdharlal, a cutting-and-polishing company, will collaborate with the retailer to implement the concept, which will be known as FlexFin. Kwiat stated last week that the Indian manufacturer will be responsible for accepting and appraising all collateral supplied to the company by its customers.
Clients can choose to put up collateral in the form of diamonds, jewelry, or watches to secure a short-term loan. Afterwards, they can choose to pay back the loan or have Kwiat or its subsidiary, Fred Leighton, sell the item on their behalf.
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,” according to Kwiat.
“Adding liquidity to the diamond market in this win-win scenario is very exciting to be a part of,” said Russell Kwiat, chief operating officer of Kwiat.
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