Gemfields Sells Fabergé for $50M
Acquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.

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.
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