SourcingAug 01, 2025
Gemfields’ Auction Revenue Drops 50% in H1SourcingAug 12, 2025
Gemfields Sells Fabergé for $50M
Acquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Gemfields has sold Fabergé to SMG Capital LLC for $50 million. Pictured are pieces from the debut of the “Fabergé x 007” capsule collection inspired by the James Bond film “Octopussy” (1983), released in March 2024.
London—Gemfields announced that it has sold Fabergé, the Russian luxury fine jewelry brand known for its Imperial Easter Eggs, for $50 million.
According to the agreement, U.S.-based investment company SMG Capital LLC will receive full ownership, the mining company said on Monday.
Owned by tech entrepreneur Sergei Mosunov, the company specializes in “luxury brands and innovative businesses with strong heritage.”
The sale is expected to be completed by Aug. 28, and $45 million will then be paid to Gemfields.
The remaining $5 million will be paid by way of quarterly royalty payments at a rate of 8 percent of Fabergé’s revenue.
“It is a great honor for me to become the custodian of such an outstanding and globally recognized brand. Fabergé’s unique heritage, with ties to Russia, England, France, and the USA, opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence,” said Mosunov, CEO of SMG.
He said that Fabergé will continue to focus on jewelry, accessories, and timepieces.
Mosunov added, “We thank the Gemfields team for their contribution to the development of Fabergé and look forward to working closely with the brand’s talented team. As Carl Fabergé said: ‘There is no point in gems if you cannot turn them into a story.’ We feel a deep sense of responsibility and incredible inspiration for the work ahead.”
The sale is not expected to be subject to regulatory or shareholder approval processes, Gemfields said.
Related stories will be right here …
According to the agreement, U.S.-based investment company SMG Capital LLC will receive full ownership, the mining company said on Monday.
Owned by tech entrepreneur Sergei Mosunov, the company specializes in “luxury brands and innovative businesses with strong heritage.”
The sale is expected to be completed by Aug. 28, and $45 million will then be paid to Gemfields.
The remaining $5 million will be paid by way of quarterly royalty payments at a rate of 8 percent of Fabergé’s revenue.
“It is a great honor for me to become the custodian of such an outstanding and globally recognized brand. Fabergé’s unique heritage, with ties to Russia, England, France, and the USA, opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence,” said Mosunov, CEO of SMG.
He said that Fabergé will continue to focus on jewelry, accessories, and timepieces.
Mosunov added, “We thank the Gemfields team for their contribution to the development of Fabergé and look forward to working closely with the brand’s talented team. As Carl Fabergé said: ‘There is no point in gems if you cannot turn them into a story.’ We feel a deep sense of responsibility and incredible inspiration for the work ahead.”
The sale is not expected to be subject to regulatory or shareholder approval processes, Gemfields said.
The sale marks the end of an era, said Gemfields, which has owned Fabergé since 2013.
It concludes its strategic review in respect of Fabergé, which was initiated in late 2024 (and paused to facilitate Gemfields’ Rights Issue, which completed on June 13).
“Fabergé has played a key role in raising the profile of the colored gemstones mined by Gemfields and we will certainly miss its marketing leverage and star power,” said Sean Gilbertson, group CEO of Gemfields.
He also thanked the Fabergé team for their fortitude and the progress they have delivered over the years.
Gilbertson continued, “Brands as iconic and beautiful as Fabergé do not change hands very often, and we wish the team and Mr. Mosunov every success as they perpetuate the unrivalled legacy of Fabergé.”
Editors' Picks
Sponsored by
In December 2024, the company released a strategic update outlining its plans to cut costs and streamline its business as a response to challenges it was facing at the time.
With the sale of Fabergé and the discontinuance of other non-core projects, Gemfields said it is now a more streamlined and focused investment proposition with a strengthened balance sheet.
The sale proceeds will provide additional working capital while the new processing plant at Montepuez Ruby Mining in Mozambique is operationalized, and mining at the Kagem emerald mine in Zambia is progressively expanded.
After suspending operations at Kagem in the first half of the year, Gemfields reopened two production points at the deposit’s Chama pit in May, with a further moderated expansion from July.
As of December 2024, Fabergé’s net assets are valued at $50.3 million, with a $11.3 million loss after tax in 2024.
More on Sourcing
The Latest
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy AgainThe jewelry and accessories retailer plans to close 18 stores as part of the proceedings.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
CrimeAug 05, 2025
Report: Suspect Arrested in 1992 Murder of Miami JewelerOmar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.
CollectionsAug 05, 2025
Mignon Faget Commemorates 20th Anniversary of Hurricane KatrinaThe New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.
ColumnistsAug 05, 2025
The PR Adviser: Affiliate Marketing Is the Cost of CoverageLilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.
Events & AwardsAug 05, 2025
JA Announces Seymour & Evelyn Holtzman Bench Scholarship WinnersThe organization has awarded a total of $42,000 through its scholarship programs this year.
Events & AwardsAug 04, 2025
Gem Awards, David Yurman Introduce $50K Grant for Emerging DesignersThe winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.
TrendsAug 04, 2025
Amanda’s Style File: August’s Bright BaublesAs summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.
CrimeAug 04, 2025
‘The Watch King’ Assaulted, Robbed in QueensMoshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.
