Gemfields sells Fabergé For $50 Million

Gemfields, a colored gemstone miner listed on the London stock exchange, sold the fabled brand to tech entrepreneur Sergei Mosunov’s U.S. company SMG Capital.
Gemfields will receive $45 million when the deal closes later this month, and the remaining $5 million through quarterly royalty payments.
The company said it will use the money from the sale to help fund its mining operations for rubies in Mozambique and emeralds in Zambia.
Sean Gilbertson, the chief executive of Gemfields, said the company would miss the "marketing leverage and star power" that came from owning Fabergé, despite the fact the brand has struggled in recent years amid a downturn in the luxury goods market.
Fabergé has been one of the most renowned jewelers in the world for almost 200 years but has seen revenue fall in recent years—it reported revenues of $13.4 million in 2024, down from $15.7 million the previous year and $17.6 million in 2022.