MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
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
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
