Gemfields sells Fabergé luxury brand for $50 million

Emeralds and rubies miner Gemfields is selling its iconic jewellery brand Fabergé for $50 million, in a fresh attempt to shore up its finances. The buyer is SMG Capital, a US investment company controlled by the technology investor Sergei Mosunov.

The deal closes a chapter that began in 2013, when Gemfields bought Fabergé from private equity group Pallinghurst for $142 million. The miner put the brand on the market in December after unrest in Mozambique forced a temporary halt at its Montepuez ruby mine.

Founded in 1842 and transformed under Peter Carl Fabergé, who became goldsmith to the Russian Imperial Court in 1882, the brand has faced headwinds from a slump in the luxury goods market, a downturn that has hit diamond miners hardest. Fabergé posted revenues of $13.4 million in 2024, down from $15.7 million in 2023.

The company will use the proceeds to support operations in Mozambique and Zambia.