Gemfields completes Fabergé acquisition
London--Gemstone miner Gemfields plc’s acquisition of Fabergé, the fine jewelry house founded in Russia in the 1800s and famous for its intricate, jewel-encrusted eggs, has closed.
According to a news release from London-based Gemfields, all conditions for the acquisition of Fabergé Limited with Runway SPV have been satisfied and the deal officially took effect on Monday.
Pursuant to the terms of the merger, Gemfields has issued 213,999,999 new ordinary shares and those shares were admitted for trading on the Alternative Investment Market (AIM) of the London Stock Exchange, ranking on equal footing with Gemfields’ existing ordinary shares. Gemfields trades on the exchange under the ticker symbol GEM.
Gemfields’ principal asset is the 75 percent owned Kagem emerald mine in Zambia, the largest emerald mine in the world. The company also holds a 50 percent interest in the Kariba amethyst mine in Zambia, a controlling stake in the highly prospective Montepuez ruby deposit in Mozambique and has licenses in Madagascar for ruby, emerald and sapphire deposits.
The company began conducting formal auctions for its Zambian emeralds in July 2009, grossing $160.5 million to date. Company executives have stated in past interviews that they aim to essentially become the De Beers of emerald mining.
The acquisition of Fabergé gives Gemfields control over a direct-to-consumer luxury brand with a long history that is known worldwide.