A chapter closes as Fabergé, the legendary maison renowned for its extravagant Imperial Russian Easter eggs and fine jewelry, was sold by its parent company, Gemfields, to technology investor Sergei Mosunov’s SMG Capital for $50 million. This deal marks the end of an illustrious era for Gemfields, which acquired Fabergé in 2013, and signals new ambitions for one of the industry’s most iconic brands.
A Storied Heritage: From Imperial Eggs to Luxury Collectibles
Founded in St. Petersburg in 1842, the House of Fabergé reached the height of its fame under Peter Carl Fabergé, who became goldsmith to the Russian Imperial Court in 1882. The brand’s legendary Easter eggs, commissioned by Tsar Alexander III and Nicholas II, became symbols of creative freedom. Fifty Imperial Eggs were crafted for the royals from 1885 to 1916, a tradition interrupted by the Russian Revolution, dispersing the treasure trove worldwide.
Fabergé’s legacy now reaches far beyond its eggs, encompassing high jewelry, watches, and objets d’art coveted by collectors and connoisseurs. The eggs themselves have fetched staggering prices—one collection was valued at £52 million at auction in 2004. Viktor Vekselberg owns the largest private collection, including the $24 million “Coronation Egg”.
The Details of the Deal
Gemfields, a mining group specializing in emeralds and rubies from Zambia and Mozambique, has agreed to transfer full ownership of Fabergé to SMG Capital, an investment firm led by Mosunov, who described the purchase as “a great honor.” The transaction involves a $45 million initial payment upon closing, with an extra $5 million to be paid via quarterly royalty payments at 8% of Fabergé’s revenue. The deal does not require regulatory or shareholder approval and is expected to close by August 28, 2025.
Fabergé’s $50M sale to Sergei Mosunov’s SMG Capital closes Gemfields’ era. The 182-year-old jeweler—synonymous with imperial eggs and Romanov extravagance—now pivots under tech-backed ownership. Mosunov’s sole statement pledges to blend “legacy” with “modern innovation.” Expect blockchain integrations, but core DNA holds: Fabergé stays true to jewelry and timepieces per legal filings. From St. Petersburg roots to London reinvention and Paris boutiques, this icon’s next chapter merges craftsmanship with cryptography.
Market Shifts and The Gemfields Perspective
The sale comes at a complicated time for Gemfields. After a strategic review triggered by financial challenges and operational headwinds, including unrest in Mozambique and a pause at its Kagem emerald mine in Zambia, Gemfields opted to streamline its operations and raise fresh working capital. The proceeds from the Fabergé sale will go towards opening a new processing plant for Montepuez Ruby Mining and expanding output at Kagem.
According to financial reports, Fabergé faced declining revenues amid broader luxury market shifts: down to $13.4 million in 2024, from $15.7 million in 2023. As Gemfields moves to refocus on mining, its shares showed some recovery following the news, signaling cautious optimism about the company’s future without Fabergé.
What’s Next for Fabergé?
Under SMG Capital and Mosunov’s leadership, Fabergé is set to leverage its global reputation for artistry, innovation, and storytelling. Mosunov has promised “exceptional service to Fabergé’s existing retail and wholesale customers” and aims to “warmly welcome new brand aficionados” as the house pursues new markets and product lines.
While Fabergé’s eggs remain timeless symbols of imperial extravagance, the maison faces a new era—one that blends traditional craftsmanship with the possibilities of tech-driven investment and international expansion. If Mosunov and SMG Capital fulfill their vision, Fabergé could not only preserve its legendary status but carve out fresh relevance in today’s ultra-competitive luxury market.
