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
ColumnistsSep 23, 2025
Quiet Luxury: What Fall’s Top Trend Means for JewelersEmmanuel Raheb shares tips on how a jeweler’s showcases, marketing, and social media presence can whisper, instead of shout.
MajorsSep 23, 2025
Ames Watson Completes $140M Acquisition of Claire’sThe private equity firm has a plan to revive the mall staple.
MajorsSep 23, 2025
Mattioli Names Kering Exec as New CEOClaudio Pasta will take the lead at the Italian fine jewelry brand, succeeding company founder Licia Mattioli.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
CollectionsSep 23, 2025
Monique Lhuillier Adds Fashion Jewelry to Kay Jewelers LineThe new lab-grown diamond jewelry offering is the latest expansion of the designer’s “Bliss” collection.
Weekly QuizSep 19, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsSep 22, 2025
Jewelry Manufacturer Vibhor Acquires AlorThe California-based fine jewelry brand will retain its identity post-acquisition, with new collections launching next year.
CollectionsSep 22, 2025
Gurhan's Collection is an 'Untamed' ZooThe “Untamed” collection centers on carved gemstone jewelry depicting a range of animals embodying one of the four elemental forces.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
Policies & IssuesSep 22, 2025
Ethical Metalsmiths Has a New Name Founded in 2004, the organization is now called the Community for Ethical Jewelry.
EditorsSep 19, 2025
These Female Athletes Had the Best Jewelry of the SummerFrom Coco Gauff’s hoops to Madison Keys’ diamond medallion, these are Senior Editor Lenore Fedow’s standout jewelry looks of the season.
CollectionsSep 19, 2025
Piece of the Week: Vanessa Fernández Studio’s ‘Curva’ Wrap HoopsThe trendy earrings feature asymmetrical drops, one with a grossular garnet and the other with a diamond.
Recorded WebinarsSep 19, 2025
Watch: A Step-by-Step Guide to Using TikTok and Instagram ReelsFour social media marketing experts discuss their go-to methods and favorite tools for making high-quality short-form video content.
Supplier BulletinSep 18, 2025
Will Your Design Define 2026? Enter The Spectrum & Cutting Edge AwardsSponsored by American Gem Trade Association
SurveysSep 18, 2025
Deloitte Thinks the Holidays Will Be Merry, PwC Isn’t So Sure In its holiday report, PwC said the season will be more like jazz—improvisational and less predictable—than an easy-to-follow melody.
MajorsSep 18, 2025
Pandora to Open New Distribution Center in MarylandThe jewelry giant will relocate its existing facility to a larger space in Anne Arundel.
CollectionsSep 18, 2025
Ashley Zhang Launches Garçon New YorkThe designer, who is the creative force behind her namesake brand, has now started a new mini line focusing on chains for fathers and sons.
SourcingSep 18, 2025
SSEF Opens Applications for 2 Gemology Education Scholarships The awards include tuition for a course at the Swiss lab, economy flights, and hotel accommodation.
TechnologySep 18, 2025
Hill & Co. Launches AI Strategy ProgramThe 21-day program was designed to help jewelry retailers identify opportunities and eliminate inefficiencies with AI.
AuctionsSep 17, 2025
Mythical Set of Patek Philippe Pocket Watches Expected to Sell for $10M+A set of four Patek Philippe “Star Caliber 2000” pocket watches is part of Sotheby’s upcoming auction in Abu Dhabi.
TrendsSep 17, 2025
Silvia Furmanovich’s Book Tells the ‘Journey of a Jeweler’The Brazilian jeweler’s latest book marks her namesake brand’s 25th anniversary and tells the tale of her worldwide collaborations.
WatchesSep 17, 2025
Bob’s Watches Acquires Vintage Rolex Won on ‘The Price is Right’ The Submariner Ref. 1680 with a Tiffany & Co. dial came from the original owner, who won it as a prize on the game show in the 1970s.
TechnologySep 17, 2025
Jewelers Mutual Launches Shipping Solution App for Shopify The new integration allows users to manage shipments directly from the Shopify dashboard.
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in CarlsbadAt Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop ShootoutSix people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule CollectionThe jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.
SourcingSep 16, 2025
Natural Diamond Council Launches Retailer Accreditation ProgramBen Bridge Jeweler and Lux Bond & Green were a part of the pilot program.
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
