Gemfields has officially confirmed the completion of the sale of Fabergé Limited to SMG Capital.
Following the announcement of the intention to sell on 11 August, the sale was finalised on Friday (29 August) and saw Gemfields sell its entire interest in the wholly owned luxury brand.
SMG Capital, a US investment company owned by Mr Sergei Mosunov, bought Fabergé for $50 million (£37 million).
The luxury brand has played a key part in Gemfields’ mission to champion emeralds and rubies but is being sold as part of a strategic review.
The review in respect of Fabergé was first announced on 23 December 2024, then paused to facilitate Gemfields’ Rights Issue which completed on 13 June 2025.
With this sale and the discontinuance of other non-core projects, Gemfields is now more focused on a new processing plant at Montepuez Ruby Mining in Mozambique, as well as mining at Kagem in Zambia, which was suspended during H1 2025.
Gemfields CEO, Sean Gilbertson, commented: “Having initiated our strategic review in response to the considerable challenges Gemfields started facing in Q4 2024, today’s sale marks the end of an era for us.
“The brand 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.
“I extend our admiration and sincere thanks to the Fabergé team for their fortitude and the progress they have delivered over the years.
“Brands as iconic and beautiful as Fabergé do not change hands very often and we wish the team and Mr Mosunov every success as they perpetuate its unrivalled legacy.”
Owner and CEO of SMG Capital LLC Sergei Mosunov added: “Fabergé will continue to focus on jewellery, accessories and timepieces and we look forward immensely to providing exceptional service to Fabergé’s existing retail and wholesale customers, and to warmly welcoming new brand afficionados.”
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