Gemfields, the London-listed colored gemstone specialist, officially transferred ownership of the storied Fabergé brand to Mosunov’s SMG Capital. This acquisition marks a pivotal moment for the Russian heritage brand, which is renowned for creating some of the most coveted jewelry pieces in history.
The transaction structure reveals strategic thinking from both parties. SMG Capital will pay $45 million upon completion, expected on August 28, 2025. An additional $5 million will be delivered through quarterly royalty payments, calculated at 8% of Fabergé’s revenue. This arrangement ensures that Gemfields maintains a vested interest while providing an immediate capital injection.
Mosunov’s investment philosophy extends far beyond traditional luxury acquisitions. The Russia-born, London-based entrepreneur has built his reputation across diverse sectors, including optics, photonics, artificial intelligence, biotechnology, and foundational models. His venture into luxury is a calculated expansion into heritage brands with global growth potential.
The timing couldn’t be more strategic. Fabergé carries unparalleled cultural weight, having created 50 elaborate jeweled eggs for the Russian imperial family between 1885 and 1916. Founded in 1842 by Gustav Fabergé, the brand achieved legendary status under Peter Carl Fabergé, who became the official goldsmith to the Russian Imperial Court. However, the revolutionary period of 1917 brought an abrupt end to operations when the Bolsheviks nationalized the company and forced the family to flee Russia.
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For Gemfields, this sale represents more than just financial restructuring. The company has faced considerable challenges in 2024, including violent unrest in Mozambique that has impacted its ruby mining operations in Montepuez. Sean Gilbertson, the group’s chief executive officer and son of Brian Gilbertson, who originally sold Fabergé to Gemfields, reflected on the transition with measured sentiment.
“Today’s sale marks the end of an era for us,” Gilbertson stated. “Fabergé played a pivotal role in raising the profile of the colored gemstones mined by Gemfields. 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.“
The numbers tell a compelling tale of market pressures. Gemfields shares have nearly halved over the past year due to luxury goods market downturns and operational disruptions. Fabergé’s revenue declined from $15.7 million in 2023 to $13.4 million in 2024. These financial realities prompted the strategic review that ultimately led to the divestiture.
Mosunov brings a fresh perspective to the centuries-old brand. His experience in the fashion industry includes attending panel discussions with Stella McCartney and Natalia Vodianova, both of whom are Russian nationals. This cultural fluency uniquely positions him to navigate Fabergé’s complex heritage spanning multiple continents.
“It is a great honor for me to become the custodian of such an outstanding, globally recognized brand,” Mosunov declared. “Fabergé’s unique heritage, with ties to Russia, England, France, and the U.S., opens significant opportunities for strengthening its position in the global luxury market and expanding its international presence.“
SMG Capital confirmed that Fabergé will maintain its focus on jewelry, accessories, and timepieces while continuing to serve established retail and wholesale customers. This approach suggests evolution rather than revolution under Mosunov’s leadership.
Mosunov concluded his acquisition statement with a philosophical reference to the brand’s founder: “As Carl Fabergé said, ‘There is no point in gems if you cannot turn them into a story. We feel a deep sense of responsibility and incredible inspiration for the work ahead.”
The acquisition funds will enable Gemfields to pursue its core mining operations with renewed focus. The capital will support the construction of a new processing plant at Montepuez Ruby Mining in Mozambique and the expansion of emerald mining at Kagem in Zambia, which was suspended during the first quarter of 2025.