Gemfields has agreed to sell luxury jeweller Fabergé to US-based SMG Capital, an investment firm controlled by technology investor Sergei Mosunov, in a $50m transaction.

The deal marks the latest change in ownership for the heritage brand, famed for its Imperial Russian Easter eggs.

Gemfields acquired Fabergé in 2013 for $142m from private equity firm Pallinghurst but has been seeking a buyer since late 2024, after suspending operations at its Mozambique ruby mine due to political unrest. The miner has also faced a sharp decline in emerald prices amid market oversupply.

Founded in 1842 and reimagined by Peter Carl Fabergé in 1882, the brand reported $13.4m in revenue in 2024, down from $15.7m the previous year. CEO Sean Gilbertson called the sale “the end of an era”, praising Fabergé’s role in elevating the profile of Gemfields’ coloured gemstones.

Mosunov described acquiring Fabergé as “a great honour” and outlined ambitions to strengthen the brand’s position in the global luxury market and expand its international reach.

Proceeds from the deal will be used to support Gemfields’ mining operations in Mozambique and Zambia. Shares in the dual-listed miner have fallen about 70% from their 2023 peak, with the company citing delays in opening a new Mozambique mine due to illegal mining and permitting challenges.

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