Gemfields considers Faberge sale after mining unrest
Pressure is increasing on Faberge’s owner to sell the iconic jewelry brand, while the company continues to be rocked by the protests in Mozambique.
Gemfields, which also mines gemstones in Mozambique, has been the target of protests in the East African country.
It warned on Christmas Eve that “unrest” after disputed election results could cause “interruptions” in operations at the Montepuez ruby mine.
The company, whose global brand ambassador is actress Mila Kunis, said the unrest, which included violent protests, prison escapes and clashes with police, had led to several local police stations and offices being torched.
Under pressure: Gemfields’ global brand ambassador is actress Mila Kunis (pictured)
Increasing instability in Mozambique is likely to put further pressure on the company to find ways to save money.
This could include the sale of Faberge. Gemfields said it was assessing “strategic options” for Faberge as part of a cost-cutting program.
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