Faberge Colored Gemstone Business to Draw $450M in Investments
October 25, 07
London-based Pallinghurst Resources, a mining investment group, has announced plans to join with a group of investors preparing to inject as much as $450 million to develop a colored gemstone and luxury goods business under the Faberge brand.
The investment firm noted that it will begin selling colored gemstones, such as rubies, emeralds and sapphires under the Faberge label in 2008, through its holding company, Rox Ltd. Gems from Faberge will be laser-engraved, which will allow buyers to track where the stones were mined, also allowing them to avoid buying stones that have come from conflict areas.
The investors include Greenwich, Connecticut-based American Metals & Coal International Inc, South African-based Investec Ltd, and Texas-based private equity fund NGP Midstream & Resources LP, as reported in Bloomberg.
Pallinghurst also announced plans to develop a “powerful diamond brand” under the Faberge brand.
Pallinghurst set up Cayman Island-based Faberge Ltd in 2006 and, in January 2007, bought the Faberge brand from Unilever Plc.