MOSCOW, April 16 (RIA Novosti) - SUAL aluminum giant's former president Brian Gilbertson and its current co-owner, Viktor Vekselberg, have teamed up to produce jewelry under the Faberge trademark, the business daily Kommersant said Monday.

It said Vekselberg intends to become a core shareholder of Gilbertson-managed Pallinghurst Resources, an investment fund, whose key asset is the Faberge trademark.

The two partners have launched an ambitious project to make Faberge jewelry with the participation of Russia's largest diamond producer Alrosa [RTS: ALRS].

According to a Kommersant source, Pallinghurst Resources intends to use the Faberge brand, among other things, to promote Russian diamond sales.

Alrosa had no comment.

In February 2004, Vekselberg purchased the late Malcolm Forbes' Faberge collection, including nine Easter Eggs created in the late 19th and early 20th centuries on commission from Russia's Imperial House, and about 180 other Faberge pieces. The transaction, arranged through Sotheby's, is said to have been in excess of $90 million.

Alrosa accounts for 97% of Russia's diamond production and 25% of global diamond output. In 2005, the group sold $2.86 billion worth of core products, including $142.6 million worth of diamonds.

Alrosa's major shareholders are the Federal Property Management Agency, which hold 37% of its shares, as well as individuals and legal entities (23%). Eight Yakutian districts have an 8% stake in the company.