Gemfields has completed the sale of Fabergé Limited to US technology investment firm SMG Capital LLC for $50 million.
Pictured is the Fabergé x Gemfields «Malaika» object, which debuted in July 2024. It also features more than 300 rubies from Mozambique's Montepuez ruby mine. Gemfields holds a majority stake in Montepuez.
The mining company announced in August that it had signed an agreement to sell its entire stake in the Russian luxury jewellery brand. The sale was therefore for $50 million and it said at the time that the sale was expected to be completed by August 28.
Gemfields has owned Fabergé since 2013. It bought the brand, which was founded in Russia in the 1800s and is known for its ornate eggs, in order to acquire a luxury brand for its gemstones.
The completion of the sale marks the end of the strategic review of Fabergé by the mining company. Which was launched in late 2024 to help Gemfields raise capital. Also to reduce costs and streamline its operations. As it faces supply and demand problems and political unrest in Mozambique.
Technology entrepreneur Sergei Mosunov, is the CEO of SMG. The company specializes in luxury brands and innovative businesses with a «strong heritage». He therefore said Fabergé will continue to focus on jewellery, accessories and watches.
Source : nationaljeweler.com
