Under the deal, $45 million will be paid upon completion, expected on August 28, with the remaining $5 million to be received as quarterly royalties equal to 8% of Fabergé’s revenue. The transaction is not subject to regulatory or shareholder approval.

The sale marks Gemfields’ exit from non-core projects, allowing the company to focus on its coloured gemstone mining operations in Mozambique and Zambia. Proceeds will support working capital as its new ruby processing plant comes online and production at the Kagem emerald mine ramps up.

“Today’s sale marks the end of an era for us,” said Sean Gilbertson, Gemfields’ Group CEO. “Fabergé has 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.”

SMG Capital, owned by tech entrepreneur and venture capitalist Sergei Mosunov, will continue Fabergé’s focus on jewellery, accessories, and timepieces. “It is a great honour for me to become the custodian of such an outstanding and globally recognised brand,” Mosunov said. “We see significant opportunities for strengthening its position in the luxury market and expanding its international presence.”

Fabergé, known for its heritage in jewellery and objets d’art, operates boutiques, an e-commerce platform, and an international wholesale network. As of December 2024, its net assets were valued at $50.3 million, with a $11.3 million loss after tax in 2024.