Gemfields, which owns brand, agrees deal with SMG Capital, controlled by Sergei Mosunov
Gemfields, which owns brand, agrees deal with SMG Capital, controlled by Sergei Mosunov
Fabergé, the jeweller famed for its imperial Russian Easter eggs, has been sold to a technology investor in a $50m (£37m) deal.
Gemfields, which mines coloured gemstones in Africa, has agreed to sell Fabergé to SMG Capital, a US investment company controlled by the tech backer Sergei Mosunov.
The struggling miner, which bought Fabergé in 2013 for $142m from the private equity company Pallinghurst, put the company up for sale in December, when political unrest in Mozambique prompted it to temporarily freeze operations at its ruby mine.
Fabergé, which was founded in 1842 and taken over and transformed by Peter Carl Fabergé in 1882, is one of the most renowned jewellers in the world but has come under pressure amid a downturn in the luxury goods market. It made revenues of $13.4m in 2024, down from $15.7m the previous year.
Sean Gilbertson, the chief executive of Gemfields, described the deal as “the end of an era”.
He said: “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.
