Fabergé, manufacturer of the legendary jewelry eggs created for the Russian monarchy, was sold for $ 50 million to businessman Sergei Mosunov, a partner of the risk capital company The Garage Syndicate.
The operation marks the entry of the centenary brand in the portfolio of SMG Capital, a US investment company linked to Mossunov. The business occurs just over a decade after British GemFields acquired Fabergé in 2013 for R $ 772 million.
According to Financial Timesthe completion of the transaction is scheduled for this month. GemFields will receive $ 45 million in cash, while the remaining $ 5 million will be paid in quarterly royalties.
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Sale contains loss phase
The announcement ends the strategic review began at the end of 2024 by GemFields, which faced “considerable challenges,” according to CEO Sean Gilbertson. In 2024, the mining company registered loss and saw its annual revenue retreat 19%to US $ 213 million.
The company, based in London and acting mainly on the extraction of emeralds and rubies, was also impacted by violent conflicts in Mozambique, which affected its production of precious stones. GemFields’ shares lost almost half of the value in the last year.
“Today’s sale marks the end of an era to us. Now we are a leaner and more focused investment proposal,” said Gilbertson.
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The story behind the Fabergé eggs
Founded in 1842, the Russian jewelry store gained worldwide fame under the direction of Peter Carl Fabergé, creator of the iconic eggs studded with precious yolks and metals. The first of these was commissioned in 1885 by the tsar Aleksandr III as the Easter gift for Empress Maria Feodorovna.
Between 1885 and 1916, about 50 imperial eggs were produced, of which more than 40 survived. In 2004, Russian tycoon Viktor Vekselberg disbursed more than $ 90 million to acquire nine of these historical pieces, formerly belonging to the Forbes family – forming the second largest collection in the world.
