Russian Billionaire to Revive Faberge Jewelry Brand
Business & Finance
How many Russian Billionare are there?
Why do so many of them live in London?
Because if they live in London they do not have to pay any taxes.
Viktor Vekselberg, Russian billionaire and co-owner of RusAl aluminium giant and TNK-BP oil venture, has teamed up with the founder of BHP Billiton Brian Gilbertson to produce jewelry under the famous Faberge trademark.
According to High Chic blog, Gilbertson, who used to be the president of SUAL, Vekselbergâ€™s aluminium company, runs Pallinghurst Resources, an investment fund, whose key asset is the Faberge trademark. It was reported that Vekselberg intends to become a core shareholders in the fund.
The two partners have launched an ambitious project to make Faberge jewelry with the participation of Russiaâ€™s largest diamond producer Alrosa, Russian business daily Kommersant reported on April 16.
According to the paperâ€™s source, Pallinghurst Resources intends to use the Faberge brand, among other things, to promote Russian diamond sales.
Alrosa declined to comment.
In February 2004, Vekselberg purchased the late Malcolm Forbesâ€™ Faberge collection, including nine Easter Eggs created in the late 19th and early 20th centuries on commission from Russiaâ€™s Imperial House, and about 180 other Faberge pieces. The transaction, arranged through Sothebyâ€™s, is said to have been in excess of $90 million.
Alrosa accounts for 97 percent of Russiaâ€™s diamond production and 25 percent of global diamond output. In 2005, the group sold $2.86 billion worth of core products, including $142.6 million worth of diamonds.
Alrosaâ€™s major shareholders are the Federal Property Management Agency, which holds 37 percent of its shares, as well as individuals and legal entities (23 percent). Eight Yakutian districts have an 8 percent stake in the company.
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