7 days ago
Gemfields sells Fabergé eggs maker for $50 million
Gemfields
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.
