Gemfields has sold its iconic brand Fabergé to SMG Capital for $50 million.
According to the agreement, SMG Capital will receive full ownership, Gemfields said Monday. The buyer will pay $45 million on completion of the sale, which is set to take place on August 28. The parties have set up a payment schedule for the remaining $5 million, whereby SMG Capital will transfer quarterly royalty installments at a rate of 8% of Fabergé’s revenue, the miner added.
Gemfields first announced the sale of Fabergé in December 2024. but it was temporarily on hold to accommodate the miner’s rights issues, which it completed on June 13.
“Having initiated our strategic review of Fabergé in response to the considerable challenges Gemfields started facing in [fourth quarter] 2024, today’s sale marks the end of an era for us,” said Gemfield CEO Sean Gilbertson. “Fabergé has played a key role in raising the profile of the colored gemstones mined by Gemfields and we will certainly miss its marketing leverage and star power.”
The funds from the sale will provide working capital as the new processing plant at Montepuez Ruby Mining in Mozambique begins operations and work gradually resumes at the Kagem emerald deposit in Zambia after a pause during the first half of 2025.
Image: A Fabergé egg. (Gemfields)