Beijing: China’s Fosun conglomerate has put in a rival bid to take over Gemfields, following an earlier offer by the colored-gemstone miner’s largest shareholder.

Fosun Gold, a subsidiary of the Shanghai-based holding company, has proposed to buy Gemfields for $0.52 (GBP 0.409) per share, representing a 15.1% premium over the miner’s closing share price on Tuesday.

The initial offer is 10.1% higher than a $270.4 million (GBP 211.5 million) bid by main investor Pallinghurst Resources last month. Fosun said its bid “would provide Gemfields shareholders with a compelling cash alternative at a significant premium to the Pallinghurst offer,” according to a Gemfields stock-exchange filing Wednesday.

An investment in Gemfields would complement its other consumer businesses and enable the miner to improve its access to the growing Chinese market, Fosun explained.

“Fosun has noted the increasing size of the precious-stones market as consumers in China and other emerging markets increasingly demonstrate their wealth, status and emotional commitment to one another through jewelry and luxury goods, as well as the growing use of engagement rings,” the bidder said.

The steadily rising auction prices Gemfields has been seeing for its emeralds, rubies and sapphires support that trend, Fosun continued, also noting “the increasing sales volumes that have been achieved through its strategy of consistent, high-quality production and auctions.”

Gemfields said it was “actively engaged” in discussion with Fosun and advised shareholders not to take action in relation to the offer. Last month, Fosun acquired a stake in Polyus Gold, Russia’s largest gold producer.