Luxury jewellery brand Faberge, well known for its jewelled Russian eggs, has been bought by a US tech investor for 50 million US dollars (£37 million).
London-listed gemstone specialist Gemfields revealed on Monday that it sold the Faberge business to SMG Capital, the firm run by investor Sergei Mosunov.His investment vehicle will pay an initial 45 million dollars when the deal completes later this month, before paying the further five million dollars through royalty payment instalments.
The brand is particularly recognised for the extravagant eggs first made by jeweller Peter Carl Faberge in St Petersburg for Russian tsars as Easter gifts.
Faberge now sells a raft of products including jewellery, watches and other “egg objects” inspired by the famous eggs.
Mr Mosunov said: “It is a great honour for me to become the custodian of such an outstanding and globally recognised brand.
“Faberge’s unique heritage, with ties to Russia, England, France and the USA, opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence.
“Faberge will continue to focus on jewellery, accessories and timepieces and we look forward immensely to providing exceptional service to Faberge’s existing retail and wholesale customers, and to warmly welcoming new brand afficionados.”
The sale comes after Gemfields kicked off a review process in December to consider a possible sale of the brand in a bid to shore up its finances.
Sean Gilbertson, group chief executive of Gemfields, said: “Having initiated our strategic review of Faberge in response to the considerable challenges Gemfields started facing in Q4 2024, today’s sale marks the end of an era for us.
“Faberge 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.
“I extend our admiration and sincere thanks to the Faberge team for their fortitude and the progress they have delivered over the years.”
