"Luxury Eggs" Sold for $50 Million as Legendary Jeweler Changes Owner

Fabergé, the world's most famous jeweler, known for its imperial eggs encrusted with gems, is changing hands. The brand has been sold by Gemfields to the American fund SMG Capital.

Fabergé , an icon of jewelry craftsmanship and a symbol of imperial fantasy, is changing hands. Gemfields , a mining company specializing in gemstones from Africa, is selling the brand to SMG Capital, a fund controlled by Sergei Mosunov . The deal is valued at $50 million.

The Fabergé brand was founded in 1842, and in 1882 it was taken over by Peter Charles Fabergé, who transformed it into an elite jewelry workshop known for its jewel-encrusted Tsarist Easter eggs .

Iconic Fabergé Egg, Saint Petersburg, Russia

The brand's true story of fame began when Tsar Alexander III commissioned the first such egg as an Easter gift for his wife, Maria Feodorovna. Fifty intricately decorated examples, worth millions, remain in existence. The auction record belongs to the Rothschild Clock Egg , which sold for £8.9 million in 2007. In 2004, collector Viktor Vekselberg purchased nine eggs from the Forbes family for over $90 million .

Today, the brand's offerings, alongside historical designs, include engagement rings, wedding bands, and watches, while enameled " surprise eggs " fetch prices of up to $74,000.

Gemfields acquired Fabergé in 2013 for $142 million . In recent years, the company has struggled with an emerald oversupply, project delays in Mozambique, and a 70% drop in share value since its 2023 peak.

Russian investor Sergei Mosunov has come to the icon's rescue. According to The Guardian, the UK-based entrepreneur announced he wants to be the brand's "custodian."

Although Fabergé's revenue in 2024 fell to $13.4 million from $15.7 million in 2023, the brand still has a strong position in the luxury goods segment. The new owner plans to develop Fabergé products while retaining the flagship "eggs."