Nov. 21 - Jewellery maker, Faberge, has been valued at $142 million ahead of its sell-off from South African firm, Pallinghurst Resourses. Precious stones miner, Gemfields is in the frame for an all-share deal. Joanne Nicholson reports.
142 million dollars - that's today's dazzling daily digit in Europe. It's what Faberge - famous for it's jewelled eggs in Tsarist-era Russia - has been valued at. Nowadays its jewels adorn Hollywood celebrities. And precious stones miner, Gemfields, wants to take on a majority stake in it. Pallinghurst Resources is selling Faberge - but it will remain a 49 percent shareholder. Its stock has fallen by a third this year - thanks to the economic crisis scuppering demand for luxury items. But Faberge - reborn in 2009 after a fight over its name brought business to a standstill - has ambitions to open two new shops a year over the next decade. News of the sale gave a boost to Pallinghurst's share price but Gemfields' stock fell. Shareholders will vote on the all-share deal next month.