Gemfields Resources Plc. announced its intent to buy TanzaniteOne Ltd. for almost $59 million. It has proposed that TanzaniteOne shareholders could opt for payment in cash, be allotted Gemfields shares, or a combination of both. Gemfields is a leading company in the gemstone business and if it acquires TanzaniteOne, the world’s largest miner of tanzanite, it could become world's leading miner of colored gemstones.

Gemfields’ mine assets include a controlling interest in the Kagem Emerald Mine, Kamakanga Emerald Mine, Mbuva-Chibolele Emerald Mine, and the Kariba Amethyst Mine in Zambia. It added to its portfolio Oriental Mining s.a.r.l., of Madagascar, having 15 licenses for rubies, sapphires, emeralds, garnets, and tourmalines.

As per a Gemfields statement: “This announcement does not amount to a firm intention to make an offer. The proposal is at an early stage and there can be no certainty that any offer will ultimately be made, even if the above pre-conditions are waived.”

Gemfields recently opened a cutting and polishing facility in Jaipur, India, and granted a 15-year exclusive worldwide license to use the Faberge brand name for colored gemstones (excluding diamonds).

Gemfields and TanzaniteOne are listed on the London Stock Exchange.