Gemfields has reached an agreement to sell its entire stake in Fabergé to SMG Capital, a US investment firm owned by tech entrepreneur Sergei Mosunov, for $50 million USD. The transaction, expected to close on August 28, 2025, includes an upfront payment of  $45 million USD, with an additional  $5 million USD to be paid through quarterly royalties amounting to 8 per cent of Fabergé’s revenue.

Founded in 1842, Fabergé has long been regarded as one of the most historically significant names in luxury craftsmanship. The brand is best known for its jewellery and decorative objects, and sells through its own website, retail boutiques, and international wholesale partners.

The sale follows a strategic review Gemfields launched in December 2024 to evaluate its ownership of Fabergé. That process was temporarily halted to accommodate Gemfields’ rights issue, which concluded in June 2025. By completing the divestment, Gemfields will shift its focus toward its core mining operations in Africa.

The proceeds will provide additional liquidity as Gemfields continues to expand production at two key assets: the Montepuez ruby mine in Mozambique, where a new processing facility is being brought online, and the Kagem emerald mine in Zambia, which is undergoing a phased ramp-up in mining activity.

“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, said Sean Gilbertson, CEO of Gemfields. “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.”