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Gemfields Group Ltd - London-based miner and marketer of coloured gemstones - Agrees to sell its entire interest in luxury brand Faberge Ltd to SMG Capital LLC for $50 million. Says $45 million is payable to Gemfields on completion of the sale, expected on August 28. The remaining $5 million is payable to Gemfields by way of quarterly royalty payments at a rate of 8% of Faberge’s revenue. The disposal is not expected to be subject to regulatory or any other approvals. Gemfields says the Faberge sale concludes its strategic review, first announced in December last year. With the sale of Faberge and the discontinuance of other non-core projects, Gemfields says it is now streamlined and focused investment proposition. Says proceeds will provide additional working capital. Faberge sells jewellery and objets d’art through its website, boutiques and via international wholesale partners. Stock price in Johannesburg: R 1.35 12-month change: down 47% Stock price in London: 5.80 pence 12-month change: down 47% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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