Gemfields Group is parting ways with its celebrated luxury arm, Fabergé Limited, in a $50 million agreement with U.S. investment firm SMG Capital LLC. The transaction, slated to close on August 28, will see Gemfields receive $45 million upfront, with the balance paid through quarterly royalties equal to 8% of Fabergé’s revenue.
The move is the result of a strategic review launched late last year and signals Gemfields’ full retreat from non-core ventures. The company now intends to concentrate entirely on its coloured gemstone operations in Mozambique and Zambia, channeling proceeds into working capital as it ramps up ruby processing and boosts production at its Kagem emerald mine.
Sean Gilbertson, Gemfields’ CEO, acknowledged the brand’s impact: “Fabergé has been instrumental in elevating the profile of our coloured gemstones. We will certainly miss its marketing influence and global prestige.”
For SMG Capital—led by tech entrepreneur and venture capitalist Sergei Mosunov—the acquisition represents an opportunity to build on Fabergé’s reputation for high-end jewellery, accessories, and timepieces. “Becoming the custodian of such an iconic name is a tremendous honour,” Mosunov said, adding that his vision includes strengthening Fabergé’s luxury market presence and expanding its global reach.
With boutiques, an e-commerce platform, and an established wholesale network, Fabergé continues to embody a legacy of craftsmanship and design. Despite reporting a post-tax loss of $11.3 million in 2024, its net assets stood at $50.3 million as of December last year—nearly matching the acquisition price.