MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
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 & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
