Gemfields announces ‘proposed acquisition’ of Fabergé Limited
![](https://www.jewelleryfocus.co.uk/wp-content/uploads/2012/11/Ian Harebottle CEO Gemfields Katharina Flohr Managing and Creative Director Faberge 21 Nov 12 web.jpg)
The proposed acquisition values Fabergé at approximately £89 million, which would be paid by issuing Gemfields shares. The acquisition requires shareholder approval at the company’s annual general meeting in December.
The gemstone mining and marketing company hopes the deal will “provide Gemfields with direct control over a high-end luxury goods platform and a global brand with an exceptional heritage.”
CEO of Gemfields Plc, Ian Harebottle, commented: “The proposed acquisition of Fabergé further enhances our potential to be recognised as the leading coloured gemstone company. It provides exposure to the two most profitable segments in the gemstones value chain, namely mining and consumer sales.
“Fabergé is a globally recognised brand with a unique heritage, a history of excellence and a commitment to coloured gemstone products, sales and marketing, all of which is perfectly demonstrated by the magnificent Romanov necklace crafted from 2,225 emeralds and diamonds and unveiled earlier this year.”
Katharina Flohr, managing and creative director at Fabergé, commented: “The combination with Gemfields presents a unique platform to further develop coloured gemstone products in new and existing global markets. Both businesses are fortunate to share the same vision and to recognise the exciting long-term opportunity that exists within the combination of the coloured gemstone and luxury goods markets.”
She added: “Gemfields’ leading market position is in part due to its ability to supply ethically produced coloured gemstones on a large scale, but is also due to its extensive marketing initiatives, both of which are certain to be developed further by Fabergé, to the benefit of both companies and the sector as a whole.”
Canaccord is acting as nominated advisor and financial advisor, and J P Morgan Cazenove is acting as financial advisor to Gemfields in connection with the proposed acquisition.
Image: Ian Harebottle, CEO Gemfields, and Katharina Flohr, managing and creative director Fabergé.