Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
SourcingJun 16, 2017
Chinese Co. Makes a Play for Gemfields
Fosun Gold has put in an offer for the company that tops the one made by the miner’s biggest investor, Pallinghurst Resources.
Gemfields operates the Kagem emerald mine in Zambia, pictured here. The company, which also mines rubies in Mozambique, recently received a buy-out offer that tops the one made by its biggest investor last month.
London--Shanghai-based investment company Fosun Gold announced this week that it’s making a play for colored gemstone miner Gemfields.
In its proposal dated June 14, Fosun offered to pay 40.85 pence per share (about $286 million) for the colored gemstone mining company, a 15.1 percent premium to Gemfields’ June 13 closing price of 35.50 pence and 10 percent above Pallinghurst Resources Ltd.’s offer of 37.10 pence per share.
The offer would “provide Gemfields shareholders with a compelling cash alternative at significant premium to the Pallinghurst offer,” Fosun said.
Pallinghurst, an investment fund formed by former BHP Billiton CEO Brian Gilberston, is Gemfields’ biggest investor and is looking to buy the 53 percent of the company it doesn’t already own.
Gemfields has said that Pallinghurst’s 37.10 pence per share offer “significantly undervalues” the company and, in a statement issued this week, noted it is “actively engaged” in discussions with Fosun Gold regarding a possible competing offer, which “may lead to a cash offer at a superior value to Pallinghurst’s unsolicited offer.”
Fosun Gold Holdings Ltd. is a wholly owned subsidiary of Shanghai-based Fosun International Ltd., an investment firm focused on “health, happiness and wealth” that has sunk money into companies like Cirque du Soleil, Club Med and Greek jewelry company Folli Follie.
In explaining its rationale for attempting to buy Gemfields, Fosun Gold said that “under the right ownership, Gemfields can continue to transform the colored gemstone market,” given its mining assets and marketing expertise.
Fosun also noted the potential it sees for Gemfields in China, where fine jewelry, including the exchange of engagement rings, is growing in popularity among consumers, stating that it “believes it has the financial capability and consumer expertise to allow Gemfields to accelerate and continue that trend as well as to help it access China, a previously underexploited market.”
Gemfields operates emerald and ruby mines in Zambia and Mozambique and owns the Faberge brand.
In its statement this week, the mining company said it “continues to strongly advise” shareholders not to take any action on Pallinghurst’s offer and wait for an update on the status of the discussion with Fosun Gold, which will come on or before June 27.
The Pallinghurst offer remains open for acceptance until July 4. Fosun, meanwhile, has until end of business on Aug. 5 to make a formal offer for Gemfields.
A Gemfields spokesperson said the company cannot comment on either
offer beyond its published statements.
More on Sourcing
The Latest
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
MajorsDec 12, 2024
Mark Henry Appoints New Director of SalesCarrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
SourcingDec 12, 2024
De Beers Announces 2024 ‘Shining Light’ Award WinnersThe competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
CollectionsDec 12, 2024
The Jared Atelier x Vera Wang Collection Emphasizes EleganceThe high jewelry collection features 14 one-of-a-kind pieces, with serpent and ribbon motifs winding their way through the collection.
