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Longreach Group, the buyout firm founded by former UBS Group AG investment banker Mark Chiba, is considering an initial public offering of its jewelry business Primo Japan Inc., people familiar with the matter said.

The owner has been working with Nomura Holdings Inc. to explore options that could also include a sale of the Tokyo-based diamond ring seller, the people said. Any deal could value the business at more than $200 million, said the people, who asked not to be identified because the details are private.

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