Luxury jeweller Fabergé sold for $50m to US tech investor

Fabergé, the jeweller famed for its imperial Russian Easter eggs, has been sold to a technology investor in a $50m (£37m) deal.

- Lauren Almeida

Gemfields, which mines coloured gemstones in Africa, has agreed to sell Fabergé to SMG Capital, a US investment company controlled by the tech backer Sergei Mosunov.

Gemfields, which bought Fabergé in 2013 for $142m from the private equity company Pallinghurst, put the company up for sale in December, when political unrest in Mozambique prompted it to temporarily freeze operations at its ruby mine.

Fabergé was founded in 1842 and taken over and transformed by Peter Carl Fabergé in 1882. It is one of the most renowned jewellers in the world but has come under pressure amid a downturn in the luxury goods market. It made revenues of $13.4m in 2024, down from $15.7m in 2023.