Gemfields sells Fabergé to SMG Capital for $50m

Gemfields has announced the sale of luxury jewellery brand Fabergé to US-based SMG Capital for $50m (£37.2m). The company will receive $45m (£33.5m) on completion of the deal, expected on 28 August, and a further $5m (£3.73m) in quarterly royalty payments at 8% of Fabergé’s revenue. According to Gemfields, the sale is not expected to require regulatory or other approvals. Fabergé, known for jewellery and objets d’art, will continue to trade through its website, boutiques and wholesale partners. The transaction concludes a strategic review of Fabergé launched in December 2024 and paused earlier this year while Gemfields completed a rights issue. The miner stated that the disposal, along with the end of other non-core projects, would strengthen its balance sheet and focus resources on ruby mining in Mozambique and emerald mining in Zambia. Sean Gilbertson, Gemfields group chief executive, said: “Today’s sale marks the end of an era for us. Having initiated our strategic review of Fabergé in response to the considerable challenges Gemfields started facing in Q4 2024, today’s sale marks the end of an era for us. Fabergé has played a key role in raising the profile of the coloured 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. 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.” Sergei Mosunov, SMG Capital chief executive, added: “It is a great honour for me to become the custodian of such an outstanding and globally recognised 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. “Fabergé will continue to focus on jewellery, accessories and timepieces and we look forward immensely to providing exceptional service to Fabergé’s existing retail and wholesale customers, and to warmly welcoming new brand aficionados. 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. 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.”

Gemfields sells Fabergé to SMG Capital for $50m

Fabergé, known for jewellery and objets d’art, will continue to trade through its website, boutiques and wholesale partners

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