Gemfields has announced the sale of its luxury brand, Fabergé, to SMG Capital LLC for a total of US$50 million. This agreement, expected to conclude on 28 August 2025, involves an immediate payment of US$45 million, with an additional US$5 million to be paid as quarterly royalties based on 8 percent of Fabergé's revenue.
Founded in 1842, Fabergé is famed for its exquisite jewellery and iconic imperial easter eggs, making it a significant player in the luxury market. The sale follows a strategic review initiated by Gemfields in late 2024, aimed at refocusing the company on its core gemstone mining operations amid mounting financial challenges. The proceeds from this deal are intended to bolster working capital for expansion projects in Gemfields’ mining sectors in Mozambique and Zambia.
Sean Gilbertson, CEO of Gemfields, expressed bittersweet sentiments regarding the sale, noting that Fabergé has been instrumental in enhancing the visibility of the coloured gemstones mined by the company. He praised the dedication of the Fabergé team, highlighting the brand’s unique ability to market these gems effectively.
SMG Capital, led by tech entrepreneur Sergei Mosunov, is set to take the helm of Fabergé with ambitions to expand its global footprint. He has emphasised plans to enhance its presence in the luxury sector while continuing its focus on high jewellery and timepieces. (Photo courtesy: Fabergé)
01-09-2025
← Back