Gemfields takes over Fabergé

Fabergé, the luxury jeweller famed for its encrusted eggs, is being taken over by London-listed miner Gemfields in a deal that values it at $142m (£89m).

Ian Harebottle, chief executive of Gemfields, said: "This is a deal which will turn us into the leading coloured gemstones company in the world. By putting together our output of the highest-quality ethical gemstones with the Fabergé heritage and design skills, we can carve out a much larger and grander market space."

Fabergé was founded in 1842 and rose to prominence when Carl Fabergé became the Romanov family's jeweller in the 1880s. It changed hands several times after the Russian revolution and was part of Unilever until Pallinghurst bought it in 2007.

In a complex, all-share deal, Pallinghurst's stake in the enlarged Gemfields will come down from 48 per cent to 33 per cent.