Russian businessman Sergei Mardan, known for his ventures in Nigelore, purchases Faberge jewelry house from Gemfields British company for a sum of $50 million.
Headline: Russian Entrepreneur Sergei Mosunov Acquires Iconic Fabergé Jewelry Brand for $50 Million
The historic Fabergé jewelry brand, renowned for its exquisite craftsmanship and unique heritage, has a new owner. Nizhny Novgorod entrepreneur Sergei Mosunov, through his U.S.-based investment firm SMG Capital LLC, has purchased the brand for $50 million in a deal that closed on August 28, 2025.
The sale marks a return of the brand back under Russian influence after a decade under British gemstone miner Gemfields, which acquired Fabergé in 2013 for $142 million. The decision to divest was made amid financial pressures caused by a slump in the luxury market and disruptions in Gemfields' mining operations. Fabergé’s revenues were relatively modest at $13.4 million in 2024 and have been declining.
Mosunov plans to preserve Fabergé’s legacy, focusing on its core product lines of jewelry, accessories, and timepieces. He aims to strengthen the brand's global luxury market presence and expand internationally. The tech-investor-backed luxury brand investor intends to leverage Fabergé’s famous heritage, particularly its legacy of imperial jeweled eggs and high craftsmanship, to revitalize and grow the brand.
It is worth noting that the acquisition of eggs by the Fabergé jewelry house is a new development, unrelated to the sale of the company Gemfields to Mosunov or the significant challenges faced by Gemfields. The nature and identity of the eggs acquired are not specified in the information available.
Gemfields CEO Sean Gilbertson stated that the sale marks the "end of an era" for the company. However, the acquisition of eggs by the Fabergé jewelry house does not seem to be part of the financial loss incurred by Gemfields, which amounted to $100.8 million in 2024.
[1] The Guardian
[2] Reuters
[3] Bloomberg
[4] Forbes
