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Gemfields Confirms Completion of Fabergé Sale
U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.
Gemfields has completed the sale of Fabergé to SMG Capital LLC for $50 million. Pictured is the Fabergé x Gemfields “Malaika” egg object, which debuted in July 2024 and features more than 300 rubies from Mozambique’s Montepuez ruby mine. Gemfields holds a majority stake in Montepuez.
London—Gemfields has confirmed that it has completed the sale of Fabergé Limited to U.S.-based tech investment company SMG Capital LLC, according to a news release issued Monday.
The miner announced in August it had signed an agreement to sell its entire interest in the Russian luxury fine jewelry brand for $50 million, and said at the time that is expected the sale to be completed by Aug. 28.
Gemfields has owned Fabergé since 2013. It bought the brand, which was founded in Russia in the 1800s and is best known for its ornate eggs, in order to have a luxury brand for its colored gemstones.
The completed sale concludes the miner’s strategic review of Fabergé, which was initiated in late 2024 to help Gemfields raise capital, cut costs, and streamline its business as it grapples with supply-and-demand issues and political unrest in Mozambique.
Tech entrepreneur Sergei Mosunov, CEO of SMG, which specializes in luxury brands and innovative businesses with a “strong heritage,” said Fabergé will continue to focus on jewelry, accessories, and timepieces.
Related stories will be right here …
The miner announced in August it had signed an agreement to sell its entire interest in the Russian luxury fine jewelry brand for $50 million, and said at the time that is expected the sale to be completed by Aug. 28.
Gemfields has owned Fabergé since 2013. It bought the brand, which was founded in Russia in the 1800s and is best known for its ornate eggs, in order to have a luxury brand for its colored gemstones.
The completed sale concludes the miner’s strategic review of Fabergé, which was initiated in late 2024 to help Gemfields raise capital, cut costs, and streamline its business as it grapples with supply-and-demand issues and political unrest in Mozambique.
Tech entrepreneur Sergei Mosunov, CEO of SMG, which specializes in luxury brands and innovative businesses with a “strong heritage,” said Fabergé will continue to focus on jewelry, accessories, and timepieces.
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