Historic Fabergé egg producer snapped up for 50 million

Gemfields Group Ltd. has sold luxury jeweller Fabergé to US investment company SMG Capital for $50 million (€43 million), concluding a strategic review launched at the end of 2024.

The deal sees ownership of the historic brand, famed for its elaborate Russian Imperial Easter eggs, transfer to SMG Capital, a venture capital fund controlled by technology entrepreneur Sergei Mosunov.

Gemfields, which mines coloured gemstones in Africa, acquired Fabergé in 2013 for €122 million from private equity company Pallinghurst. The sale follows a challenging period for the miner, which temporarily suspended operations at its ruby mine in Mozambique due to political unrest, and faced a downturn in the luxury goods market.

Fabergé reported revenues of €11.4 million in 2024, down from €13.4 million in 2023.

The jeweller, founded in 1842 and transformed under Peter Carl Fabergé in 1882, is best known for producing 50 Imperial Easter eggs for the Russian royal family between 1885 and 1916, as well as high-value jewellery, watches, and collectible art pieces.

Sean Gilbertson, Chief Executive of Gemfields, described the deal as “the end of an era”. He added: “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.”

Mosunov, a Russian national based in the UK, said it was a “great honour … To become the custodian of such an outstanding and globally recognised brand”. He added: “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.”

Gemfields stated that proceeds from the sale will be used to support its mining operations in Mozambique and Zambia.

The company’s shares, dual-listed on London’s AIM and the Johannesburg Stock Exchange, have fallen by around 70 per cent from their 2023 peak, affected by oversupply in the emerald market and operational challenges in Mozambique.