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Fabergé Shows ‘Encouraging’ Growth

Luxury jeweler sees 63% jump in units sold during third fiscal quarter.
May 16, 2017 9:48 AM   By Rapaport News
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RAPAPORT... Fabergé, the famed jewelry brand owned by Gemfields, recorded a 63% jump in unit sales during the third fiscal quarter, as the miner expanded its marketing efforts for the luxury business division.

The number of actual sales transactions rose 18% during the three months that ended March 31, the company said last week. In addition, Gemfields reported a 13% drop in operating costs.

The figures “provide encouraging evidence” that lower costs and a better mix of products are improving the company’s performance, Gemfields said.

During the quarter, Fabergé launched the third men’s watch in its Visionnaire collection, the Visionnaire Chronograph, at the Baselworld show in Switzerland, and collaborated with fashion blogger and consultant Peony Lim to promote its “Three Colours of Love” collection. It also engaged in high-end print-media campaigns.

Gemfields, which bought Faberge in 2012, primarily mines colored gemstones at its mines in Africa. Emerald and beryl production at the Kagem deposit in Zambia dropped 37% to 4.5 million carats during the quarter, while output of ruby and corundum from the Montepuez asset in Mozambique slid 40% to 1.2 million carats.
Tags: africa, Baselworld, beryl, colored gemstones, corundum, emerald, Fabergé, Gemfields, Jewelry, Kagem, mining, Montepuez, Mozambique, Peony Lim, Rapaport News, retail, ruby, the Visionnaire Chronograph, Three Colours of Love, zambia
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