Gemfields sells Fabergé eggs maker for $50 million

(Reuters) -Gemfields Group said on Monday it had sold Fabergé Ltd, the maker of the jewelled Fabergé eggs, to SMG Capital for $50 million, as the coloured gemstones miner ramps up efforts to streamline its business. 

The sale concludes a review of the business started by Gemfields late last year. The group had bought the jeweller in 2012 to boost its gems business and use the brand name to promote its jewellery. 

Fabergé, which also makes luxury jewellery, watches and commissioned pieces, was founded by Gustav Fabergé in 1842, and is best known for the success of the 50 jewelled eggs commissioned by the Imperial Russian family from 1885 through to 1916.

The Russian Revolution brought a violent end to the House of Fabergé, when the Bolsheviks seized workshops and closed down all production and the family fled. It was relaunched in 2009 with its first collection since 1917.

Gemfields on Monday said it would use proceeds from the deal for capital at its mining operations in Mozambique and Zambia.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Janane Venkatraman and Rashmi Aich)