Pallinghurst to expand Fabergé business

Pallinghurst Resources the parent company of Fabergé, along with other investors will spend up to $450 million in developing the coloured gemstone and luxury-goods business. Accordingly, Fabergé coloured stones including rubies, emeralds and sapphires will be sold beginning 2008, through Fabergé's holding company, Rox Ltd. A “powerful diamond brand” is also being proposed in the making in partnership with Alrosa, although the two companies have never discussed the matter before.

The team of investors includes Greenwich, Connecticut-based American Metals & Coal International Inc., South African-based Investec Ltd., and Texas-based private-equity fund NGP Midstream & Resources LP.