{"id":6586,"date":"2021-09-28T17:37:09","date_gmt":"2021-09-28T17:37:09","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=6586"},"modified":"2021-09-28T15:54:22","modified_gmt":"2021-09-28T15:54:22","slug":"faberge-owner-gemfields-sparks-interest-from-south-african-billionaire","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire","title":{"rendered":"Faberg\u00e9 owner Gemfields sparks interest from South African billionaire"},"content":{"rendered":"

Africa-Press<\/a> – Mozambique<\/a>. <\/strong><\/span>One of South Africa\u2019s richest men has amassed a 12.7% stake in Gemfields, taking the shares of coloured gemstones specialist who owns the jewellery brand Faberg\u00e9 to their highest level in addition to three years.<\/p>\n

The stake by billionaire businessman Desmond Sacco, owner of mining company Assore, comes after a difficult year for Gemfields, which operates the world\u2019s largest emerald and ruby mines, respectively, in Zambia and Mozambique<\/p>\n

Gemfields, which is listed in London and Johannesburg, reported last week a return to profits for the first six months of 2021 due to rising prices and demand for rubies and emeralds.<\/p>\n

Sean Gilbertson, managing director of Gemfields, said he spoke with Sacco\u2019s son Patrick, who is responsible for a new branch of Assore incorporated in the UK which has acquired the stake.<\/p>\n

\u201cIt would appear that they have ambitions to expand internationally,\u201d Gilbertson said. \u201cIt is a smart and well-known mining company and we look forward to forming a good relationship.\u201d<\/p>\n

Assore declined to comment. Sacco\u2019s net worth in 2018 was around $ 1.1 billion, according to Forbes.<\/p>\n

After 70 years on the Johannesburg Stock Exchange, the Sacco family privatised Assore last year. The company\u2019s main asset is Assmang, a manganese mining company that it jointly owns with African Rainbow Minerals. It also owns a stake in chromium and a 25 percent stake in lithium company Ironridge.<\/p>\n

\u201cIf they [Assore] are trying to expand, it\u2019s easier to do so out of the public eye, \u201dsaid Yuen Low, analyst at Liberum, a London-based brokerage firm. \u201cThey must see the value in Gemfields.\u201d The company currently has a market value of $ 233 million.<\/p>\n

Assore began to increase its stake this month, initially purchasing 5% of Gemfields from Fidelity International. More buys followed and he said a 12.7 percent turnout last week.<\/p>\n

\u201cWe understand that Assore has the intention and desire to build a more meaningful stake in Gemfields,\u201d said Gilbertson, a South African mining engineer by training who took over the company in 2015.<\/p>\n

South African businessman Christo Wiese resigned from Gemfields board on Friday. He owns a 13.7% stake in the company, which could now be acquired.<\/p>\n

Gilbertson said 2020 has been a \u201ctruly gruesome year\u201d for Gemfields, which has been forced to shut down its mines.<\/p>\n

Auction revenues plunged nearly 90%, punching a $ 178 million hole in its revenue. However, the demand for colored gemstones has started to increase and a shortage of inventory is expected to increase market prices.<\/p>\n

\u201cThere has been no new offering produced for the gemstone market. . . and luxury spending has been remarkably strong, \u201dsaid Gilbertson.<\/p>\n

In results announced last week, Gemfields reported a pre-tax profit of $ 38 million for the six months to June, compared to a loss of $ 66 million for the same period a year earlier.<\/p>\n

If its auctions in November and December go well, Gilbertson said Gemfields could return to \u201cnormal\u201d annual revenues by the end of the year. Its two mines are operational again and the company hopes to pay a first dividend next year.<\/p>\n

When asked if the company intended to get rid of Faberg\u00e9, known for the jewelled eggs made for the Russian royal family before the 1917 revolution, Gilbertson said it was an integral part of the business.<\/p>\n

\u201cRight now we find it to be a very important tool for marketing coloured gemstones,\u201d he said. \u201cIt\u2019s basically a turbocharger for marketing and promotion.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. One of South Africa\u2019s richest men has amassed a 12.7% stake in Gemfields, taking the shares of coloured gemstones specialist who owns the jewellery brand Faberg\u00e9 to their highest level in addition to three years. The stake by billionaire businessman Desmond Sacco, owner of mining company Assore, comes after a difficult year […]<\/p>\n","protected":false},"author":84,"featured_media":6585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8,16],"tags":[233,281,283],"class_list":["post-6586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nFaberg\u00e9 owner Gemfields sparks interest from South African billionaire - Mozambique<\/title>\n<meta name=\"description\" content=\"One of South Africa\u2019s richest men has amassed a 12.7% stake in Gemfields, taking the shares of coloured gemstones specia ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Faberg\u00e9 owner Gemfields sparks interest from South African billionaire\" \/>\n<meta property=\"og:description\" content=\"One of South Africa\u2019s richest men has amassed a 12.7% stake in Gemfields, taking the shares of coloured gemstones specia ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-28T17:37:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/09\/img-61533a94cda1d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Faberg\u00e9 owner Gemfields sparks interest from South African billionaire\",\"datePublished\":\"2021-09-28T17:37:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire\"},\"wordCount\":565,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/09\/img-61533a94cda1d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"community\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/faberge-owner-gemfields-sparks-interest-from-south-african-billionaire\",\"name\":\"Faberg\u00e9 owner Gemfields sparks interest from South African billionaire - 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