3 days ago
Gemfields Sells Fabergé to Tech Investor Sergei Mosunov for $50 Million
LONDON — Gemfields, a leading supplier of colored gemstones, has reached an agreement to sell the storied Russian jewelry brand Fabergé to SMG Capital LLC for $50 million.
Some $45 million of the sum is payable to Gemfields by SMG Capital on completion of the sale by the end of August, while the remaining $5 million will go to Gemfields by way of quarterly royalty payments at a rate of 8 percent of Fabergé's revenue.
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The colored gemstones supplier bought Fabergé from from Pallinghurst Resources, in 2013 in a deal at the time that valued the maker of lavish bejeweled Easter eggs at $142 million.
Gemfields said that by offloading Fabergé and other non-core holdings, it has become a more streamlined and focused company with a strengthened balance sheet.
The fresh capital injection from the sale will help Gemfields fund a new processing plant at Montepuez Ruby Mining in Mozambique, and expand emerald mining at Kagem in Zambia, which was suspended during the first quarter of 2025.
Sean Gilbertson, group chief executive officer of Gemfields, and son of Brian Gilbertson, co-founder and former chairperson of Pallinghurst, said the sale of Fabergé marks the end of a considerably challenging trading environment, which the company began facing in the fourth quarter of 2024.
Gemfields announced last December that it's considering selling Fabergé to cut costs.
'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. I extend our admiration and sincere thanks to the Fabergé team for their fortitude and the progress they have delivered over the years,' he added.
SMG Capital is a U.S.-based investment company owned by the Russia-born, London-based tech investor Sergei Mosunov, whose interest spans from optics and photonics to AI, biotech and foundational models.
Meanwhile, SMG Capital is dedicated to strategic investments in luxury brands and innovative businesses with strong heritage and global growth potential, the firm said.
Mosunov is not entirely new to the world of fashion. In June, according to a LinkedIn post, he attended a panel talk hosted by networking platform Create What You Wish Existed between Stella McCartney and fellow Russian national Natalia Vodianova.
'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 U.S., opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence,' said Mosunov.
The tech investor said the brand will continue to focus on jewelry, accessories and timepieces, and provide service to Fabergé's existing retail and wholesale customers.
'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,' Mosunov added.
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