The world famous Faberge brand is set to be revived by an investment group led by London-based mining insurance company Pallinghurst Resources.

Pallinghurst, whose Guernsey branch raised $169 million from an initial public offering on the Bermuda Stock Exchange, is lining up a group of investors prepared to spend as much as $450 million to develop a coloured gemstone and luxury goods business under the Faberge name.

The firm formed Cayman Island-based Faberge Limited last year, which in turn bought the Faberge brand from consumer goods company Unilever, which was using it to market toiletries such as deodorants.

The Guernsey operation focuses on the commodities spectrum, specifically underperforming assets and businesses that lack direction, are poorly managed, stranded or distressed, targeting investments in companies that hold mines, smelters, refineries and processing plants with a strong preference for brownfield opportunities.

Sean Gilbertson, a partner at Pallinghurst and a Faberge board member said: “Pallinghurst is all about identifying unrecognised, unloved or overlooked assets and developing them with a strong vision.

“The Faberge acquisition is a good example of a downtrodden brand whose value was not being realised within the Unilever stable.”

Pallinghurst is headed by Mr. Gilbertson’s father, Brian, a former CEO at Russian mining company OAO SUAL Group, which is owned by billionaire Viktor Vekselberg, and a former CEO of Melbourne-based BHP Billiton, the world’s largest mining firm.

The Faberge investors include Greenwich, Connecticut-based American Metals & Coal International, South African-based Investec, and Texas-based private equity fund NGP Midstream & Resources.

Pallinghurst said it will start selling Faberge coloured gemstones, like rubies, emeralds and sapphires, next year through its holding company Rox.

Sean Gilbertson said: “Imagine a Faberge gem versus a no-name gem.

“Then take them 50 years into the future and try to sell them at Sotherby’s or Christie’s. Which gem do you think will sell for more?”

Faberge gems will be laser-engraved to allow for tracking of their mine of origin to avoid the problem of so-called ‘blood’ gems sold in war zones to finance conflicting groups.

Mr. Gilbertson said Pallinghurst also has plans to develop a “powerful diamond brand” under the Faberge brand and to team up with Russia’s largest diamond producer ZAO Alrosa.

Besides gems, Pallinghurst also proposes to sell heritage luxury goods and accessories based on original Faberge items and has enlisted the help of relatives thrice removed Tatiana and Sarah Faberge.