Overview

• Gemfields finalized the sale of the iconic Fabergé brand to SMG Capital, led by tech investor Sergei Mosunov, for $50 million on August 11.
• SMG Capital will pay $45 million on completion by the end of August and remit the remaining $5 million through royalties equal to 8 percent of Fabergé’s revenues.
• Gemfields plans to deploy the proceeds to bolster its core ruby and emerald mining projects in Mozambique and Zambia.
• Sergei Mosunov’s SMG Capital has pledged to uphold Fabergé’s jewellery, accessories and timepiece collections while expanding its global reach.
• The divestment closes Gemfields’ chapter as owner after its $142 million acquisition of Fabergé in 2013 and follows last year’s production halt in Mozambique.