Gemfields, one of the world’s leading suppliers of responsibly sourced colored gemstones, has reached an agreement with investment fund SMG Capital to sell the Fabergé brand. This transaction comes at a time when the global luxury market is experiencing a sharp slowdown and sales of the Russian jeweler continue to decline.
In 2012, Gemfields, which specializes in the mining and marketing of emeralds and rubies on the African continent, acquired jeweler Fabergé. The aim of this acquisition was to boost sales of colored stones and to be able to use the brand name of the manufacturer of the famous imperial Easter eggs.
Its expected entry into the SMG Capital brand portfolio also marks the “end of an era” for Gemfields CEO Sean Gilbertson.
In addition to its imperial eggs, Fabergé has developed a range of jewelry, fine jewelry, and watches throughout its history.
Strengthening mining activities
After the sale of Fabergé was made official last December, Gemfields and SMG Capital reached an agreement to purchase the Russian jewelry house for $50 million. Commenting on the news, the CEO of Gemfields said, “Fabergé has played a key role in showcasing the colored gemstones mined by Gemfields, and we will certainly miss its marketing leverage and appeal.”
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Featured photo: DR
