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Gemfields acquires Kagem emerald mine

July 07, 2008

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London—Gem exploration and mining company Gemfields has raised $60 million to fund its future expansion plans and simultaneously completed the acquisition of Zambia's largest emerald mine, Kagem.

Pallinghurst Resources, a company run by former BHP Billiton Chief Executive Officer Brian Gilbertson and specializing in strategic investment in the natural resources sector, has invested in Gemfields to acquire a majority stake, the company said in a media release issued on Friday.

The acquisition will combine the operational expertise of Gemfields with the Kagem emerald mine and allow the company to increase production at the mine.

Zambia is considered one of the major emerald producers in the world, providing high-quality stones noted for their transparency, clarity and deep green color.

According to Rajiv Gupta, founder and executive vice chairman of Gemfields, the company also plans to set up processing facilities in Jaipur, India, and develop a promotional campaign for the stones.

"Gemfields would also focus on marketing and branding by developing appropriate marketing campaigns to promote colored gemstones," Gupta said in the release.

Gemfields has also acquired an exclusive license with Fabergé Ltd. to use the Fabergé name in branding, marketing and selling colored gemstones.

The company aims to become a supplier of choice by offering natural, organic and CIBJO-approved gemstones, direct from the mine with high ethical standards that guarantee the gemstones are conflict-free.

For more information about Gemfields, visit its Web site, Gemfields.co.uk.
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