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.”
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
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
WatchesJun 17, 2026
Patek Philippe’s ‘Visionary’ Leader Philippe Stern Dies at 88 The third generation of the Stern family to head Patek Philippe, he navigated the “quartz crisis” and preserved the brand’s independence.
MajorsJun 17, 2026
James Avery to Revamp In-Store Retail ExperienceThe Texas-based jeweler is gradually rolling out a new experience-forward layout in its stores.
MajorsJun 17, 2026
Seahawks’ Super Bowl Ring Blends Meaningful Design, Technical CraftsmanshipThe Super Bowl LX champions were honored with diamond and blue sapphire rings by Jason of Beverly Hills.
Policies & IssuesJun 17, 2026
Community for Ethical Jewelry Names New Executive DirectorMarianna Smirnova previously spent a decade working with the Responsible Minerals Initiative, in addition to other relevant roles.
MajorsJun 16, 2026
5 Things to Know About the 2026 NBA Championship TrophyThe New York Knicks took home the Larry O'Brien Trophy crafted by Tiffany & Co.
