Gemfields sells Fabergé eggs maker for $50 million
Group said on Monday it had sold
Faberge
Ltd, the maker of the jewelled Faberge eggs, to
SMG Capital
for $50 million, as the
coloured gemstones
miner ramps up efforts to streamline its business.
The sale concludes a review of the business started by Gemfields late last year. The group had bought the jeweller in 2012 to boost its gems business and use the brand name to promote its jewellery.
Faberge, which also makes
luxury jewellery
, watches and commissioned pieces, was founded by
Gustav Faberge
in 1842, and is best known for the success of the 50
jewelled eggs
commissioned by the Imperial Russian family from 1885 through to 1916.
The
Russian Revolution
brought a violent end to the House of Faberge, when the Bolsheviks seized workshops and closed down all production and the family fled. It was relaunched in 2009 with its first collection since 1917.
Gemfields on Monday said it would use proceeds from the deal for capital at its mining operations in Mozambique and Zambia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
24 minutes ago
- Hans India
Putin–Trump Meeting Set for Alaska, Former Russian Territory Sold to U.S. in 1867
Separated from the Asian continent by the narrow-cold Bering Strait where the two continents of Trump Putin meet is the United States' biggest state of Alaska. U.S. President Donald Trump and Russian President Vladimir Putin will meet in Alaska summit on Friday in a bid to find potential solutions to the Russia Ukraine war, now in its fourth year. Alaska itself used to be a part of Russia until the U.S. bought it in the 19th century. Putin is the first Russian head of Alaska history, which is across the strait from Russia. The move can be a symbolic, but a bitter one for Putin, who cherishes the lands once a part of the Russian Empire and the Soviet Union. Alaska was a mineral-rich and strategically important Russia diplomacy that the Russian Tsar sold in 1867 to the US for the rock-bottom price of $7.2 million, even at today's rate, a steal. In current dollars, $7.2 million would be about $160 million. But, at the time, this $7.2 million dollar deal was infamously described as 'Seward's Folly' after the US Secretary of State William H Seward who negotiated it. It was regarded as a frozen wasteland and fool's gold. Alaska is now one of the richest U.S. regions with its vast natural resources and geographic advantages. Russia sold Alaska to the U.S. more than 150 years ago, in 1867, but President Putin is due to arrive there to attend a headline-grabbing meeting with symbolic overtones. The location of the meeting itself has a symbolism. It gives Putin a way out of his geopolitical isolation from the West while meeting Trump in the part of the Americas closest to Eurasia. It is also, in some sense, nearer home for Putin. Alaska Gov. Mike Dunleavy utilized an X post to drive home how the Alaska Summit 2025 will serve as a linchpin to make progress on strategic objectives.
Time of India
an hour ago
- Time of India
‘Don't think US tariffs will…': S&P confident Donald Trump's tariffs won't impact India's growth; here's why
S&P projects India's GDP growth to remain steady at 6.5% in the ongoing fiscal year. (AI image) The Donald Trump administration's move to impose a total of 50% tariffs (25% base tariff + 25% additional tariff for India's crude oil trade with Russia) are unlikely to have any significant impact on the Indian economy, believes S&P Global Ratings. In fact, S&P has even said that the US tariffs pose no threat to the positive sovereign outlook for India. S&P had enhanced its outlook on India's 'BBB-' sovereign rating to positive in May 2022, attributing it to strong economic performance. Trump declared on August 6 that all Indian imports would face an additional 25% tariff, supplementing the existing 25% duty, resulting in a total tariff of 50% effective from August 27. The White House attributed this decision to India's ongoing procurement of Russian oil. Also Read | 'Can't cross some red lines': Government officials tell Parliamentary Panel on India-US trade talks; focus on export diversification amidst Trump tariffs Why US tariffs are unlikely to hit India's growth story The S&P Global Ratings Director YeeFarn Phua said on Wednesday that India's growth would remain unaffected by Trump's tariffs, given its limited trade-oriented economic structure, whilst maintaining a positive sovereign ratings outlook. According to a PTI report, when questioned about potential risks to India's positive outlook due to US tariffs, YeeFarn explained that India's economy would remain stable, noting that its export exposure to the US represents merely 2% of GDP, indicating minimal trade dependence. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Victoria Principal Is Almost 75, See Her Now Boite A Scoop Undo "I don't think the tariffs imposed on India will have an impact in terms of economic growth, largely because India is not a very trade-oriented economy. And if you look at India's exposure to the US in terms of exports to GDP, it is just about 2%,' YeeFarn Phua was quoted as saying. S&P projects India's GDP growth to remain steady at 6.5% in the ongoing fiscal year, matching the previous financial year's performance. YeeFarn noted that significant export sectors to the US, including pharmaceuticals and consumer electronics, remain unaffected by Trump's tariff moves. Also Read | Donald Trump tariffs: How much will India's fuel bill rise if it stops Russian crude oil imports & where would it buy from? Explained "Over the longer term, we don't think this (higher tariffs) will be a big hit (on India's economy), and therefore, the positive outlook on India remains," YeeFarn said at a Webinar on Asia-Pacific Sovereign Ratings. Addressing concerns about US tariffs affecting investment flows into India, he explained that businesses have implemented the 'China plus one' strategy in recent years, establishing operations in India primarily to serve the local market. "Many (businesses) are going there not because they are looking to export just to the US. Many of them are going there because of the huge domestic market as well. An emerging middle class is getting even for those who are looking to invest more in India and looking to export, it might not necessarily be the US market," YeeFarn said. India-US trade facts In 2021-25, the United States emerged as India's leading trading partner. The US contributed approximately 18% to India's overall goods exports, whilst accounting for 6.22% of imports and 10.73% of bilateral trade. India maintained a favourable trade balance with the United States, recording a surplus of $35.32 billion in goods during 2023-24. This figure increased to $41 billion in 2024-25. The bilateral trade between India and the United States totalled $186 billion in 2024-25. During this period, India's exports to the US amounted to $86.5 billion, whilst imports were valued at $45.3 billion. The ongoing trade negotiations between India and the US have hit a bump over the former's clear stance of not opening its agricultural and dairy sectors to American products. Additionally, Trump's desire to end the Russia-Ukraine conflict has led to India feeling the heat of 25% additional tariffs for its crude oil imports as a pressure tactic on Russian President Vladimir Putin. Also Read | Donald Trump's 50% tariffs on India spark outrage: Calls for boycotting US-based brands grow on social media; self-reliance in focus Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Jaishankar to visit Moscow on Aug 21, Wang Yi likely in India next week
Amid a flurry of engagement between the Brics' founding members following US President Donald Trump's latest round of tariffs, External Affairs Minister S Jaishankar will meet his Russian counterpart Sergey Lavrov in Moscow on August 21. Chinese Foreign Minister Wang Yi is also expected in India next week for talks on the boundary dispute with National Security Adviser Ajit Doval, under the special representatives' mechanism between the neighbours. India has yet to officially confirm either visit. However, on Wednesday afternoon the Russian foreign ministry announced the Jaishankar–Lavrov meeting, saying it would cover bilateral relations and 'aspects of cooperation within international frameworks'. The two are also expected to finalise dates for Russian President Vladimir Putin's visit to India later this year. Government sources in New Delhi said Wang's trip, possibly as early as August 18, had been in the works. Alongside efforts to advance de-escalation between the two militaries, the meeting could pave the way for a bilateral between Prime Minister Narendra Modi and Chinese President Xi Jinping on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit in Tianjin from August 31 to September 1. It would be Modi's first visit to China in seven years. Wang and Doval are the designated special representatives for boundary talks. Doval visited China in December last year for discussions with Wang, following a thaw agreed by Modi and Xi in Kazan on October 24, 2024. New Delhi and Beijing are also exploring an early resumption of flights between the two countries. In a further sign of easing tensions, China has reportedly relaxed restrictions on urea shipments to India. The Jaishankar-Lavrov meeting would also help India understand Moscow's assessment of the Trump-Putin's summit in Alaska on Friday. It is likely that Modi could meet Putin in Tianjin as the Russian president is also slated to attend the SCO Summit. Members of the parliamentary panel on external affairs were told on Monday that the Trump–Putin meeting on the Ukraine conflict could help persuade the White House to lift the additional 25 per cent penalty imposed on India for purchasing Russian crude. According to sources, officials said India's engagement with the US remains strong in most areas except trade, where a communication deadlock exists at the highest levels of both governments. That could change in late September. Modi may travel to the US for the UN General Assembly in New York, with a possible meeting with Trump. The prime minister's schedule is not yet finalised, but India's 'head of government' appears in a provisional list of speakers for the general debate on September 26. Modi and Trump last met in February in Washington. They couldn't meet at the G7 summit in Canada on June 16-17 but spoke over phone. Since the White House announced its tariffs and imposed one of the steepest rates (25 per cent) on India, besides the added 25 per cent levy for New Delhi's purchase of Russian crude, Brics leaders have intensified their engagement. On August 7, Modi and Brazilian president Luiz Inácio Lula da Silva spoke by phone about bilateral trade; Lula has also spoken to Xi. A day after Trump's penalty announcement, Putin and Modi held a call in which they pledged to deepen ties and discussed the Ukraine conflict. Modi has also spoken to Ukraine's president, Volodymyr Zelenskyy, who urged India to limit Russian oil imports and has said he hopes to meet Modi at the UNGA in September. Last week, Doval was in Moscow for talks with Russian Security Council Secretary Sergey Shoigu and a meeting with Putin. Jaishankar is also expected to call on the Russian president during his Moscow visit next week.
