Gemfields Group Limited has finalized a $50 million agreement to sell its prestigious luxury brand, Fabergé Limited, to U.S.-based investment firm SMG Capital LLC. The transaction includes an upfront payment of $45 million due upon completion—scheduled for 28 August 2025—and an additional $5 million in the form of ongoing royalties, calculated at 8% of Fabergé’s future revenue.
The sale concludes a strategic review process initiated by Gemfields in December 2024, which was temporarily paused in mid-2025 due to the company’s rights issue. Proceeds from the divestment will be used to bolster working capital as Gemfields ramps up activity at its Montepuez ruby mine in Mozambique and resumes operations at the Kagem emerald mine in Zambia.
Gemfields CEO Sean Gilbertson reflected on the sale, stating: “The decision to part ways with Fabergé comes after a period of significant operational challenges that began in Q4 2024. While it’s certainly the end of an era for us, Fabergé has played an instrumental role in promoting the coloured gemstones at the heart of our business. We are incredibly grateful to the Fabergé team for their passion and accomplishments, and we wish them—and Mr. Mosunov—the very best in the next chapter of the brand’s iconic journey.”
Taking the reins at Fabergé is Sergei Mosunov, CEO and owner of SMG Capital, who expressed deep enthusiasm for acquiring the storied brand. “Becoming the steward of Fabergé is both an honour and a responsibility. Its rich heritage—spanning Russia, France, England, and the U.S.—positions it uniquely in the global luxury landscape,” Mosunov said. “Our vision is to build on this legacy by further strengthening Fabergé’s international footprint, while continuing to focus on its core categories: jewellery, timepieces, and accessories.”
Mosunov also emphasized his admiration for the brand’s narrative-driven approach to luxury. “As Carl Fabergé once said, ‘There is no point in gems if you cannot turn them into a story.’ That spirit of storytelling will remain central to our strategy moving forward. We’re excited to work alongside Fabergé’s talented team and build an even brighter future.”
With this acquisition, SMG Capital signals its commitment to expanding its presence in the global luxury sector, while Gemfields sharpens its focus on upstream gemstone production and development.
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