HomeDiamonds & GemstonesGemfields attracting retailer interest

Gemfields attracting retailer interest

One of the series
of lavish Easter eggs
created by Fabergé
for the Russian
Imperial family
London, England — 14 December 2012 – UK-listed precious gems miner Gemfields says jewellery retailers have expressed an interest in buying an equity stake in the business, following its takeover last month of the renowned Fabergé “’ a brand synonymous with the distinctive balance of opulence and beauty.  

Revealing this development here, Bloomberg News cited Gemfields CEO Ian Harebottle as saying: “I’m talking industry champions, national champions and significant global institutions who suddenly realise this is fantastic.”

However, Harebottle said Gemfields was under no pressure to sell shares, as there was no need for cash given some US$36.7 million it had in the bank.

“It would have to add strategic value to the continued growth of the business,” for Gemfields to consider selling an equity stake, he said. “The company isn’t in any talks regarding that,” Harebottle added.

Gemfields, which mines emeralds in southern Africa, plans to double its production of the green gems to 4Mcts over the next five years, he revealed.   

The company wishes to use Fabergé to promote coloured gems and increase demand for the stones it mines, growing their market share in the jewellery industry.

A shareholder meeting on the takeover of Fabergé is scheduled for 7 January.

Source: Bloomberg News. For more information, click here.