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Richland Resources (LON:RLD) will sell finished tanzanite stones into China thanks to an agreement with one of the market’s biggest movers.
It has signed what it calls a polished sight-holder agreement with Chow Tai Seng to sell cut-to-order stones through the retailer’s 2,200 jewellery stores in People's Republic.
The deal has been struck via Richland’s subsidiary TanzaniteOne.
Bernard Olivier, chief executive of Richland, 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."
The shares rose 33% on Thursday to 4.99p and are 78% in the past month.
The broker Ambrian said: "The company should benefit from the increased marketing efforts announced in recent months, spearheaded by this newly-announced sales agreement for polished and cut tanzanite gems to go into a large-scale Chinese retailer.
“This potentially pivotal agreement follows Richland’s recent launch of its online retail website in August.”