LONDON (ShareCast) - Richland Resources has entered into a long-term supply agreement with Chinese jeweller Chow Tai Seng.

The group will supply the Chinese company with polished and cut tanzanite on order-by-order basis from its Tanzanian operations.

Once it has been made into jewellery it will be maketed through more than 2,200 stores in the People's Republic of China.

The group said the move has created a strategic supply channel into the fast-growing Chinese coloured stone market.

Chief Executive Officer of Richland Resources, Bernard Olivier, said: "Chow Tai Seng is one of the world's most dynamic jewellery companies and I am delighted by today's agreement that allows Richland to expand its product into such a high growth luxury goods market.

"Working with trusted partners such as Chow Tai Seng, we shall look to introduce more people to some of the world's most exciting coloured gemstones, starting with Tanzanite. We look forward to supplying Chow Tai Seng with beautifully cut and ethically mined gemstones for sale to their valued customers."

NR

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