Fabergé has been sold to a tech investor—to fund its former parent company’s mining operations.
Gemfields has sold Fabergé to SMG Capital, owned by tech investor Sergei Mosunov, for $50 million. This move will help finance Gemfields’ ruby and emerald mining projects in Mozambique and Zambia. The deal includes $45 million upfront and future royalties tied to Fabergé’s revenue. Gemfields, which bought the brand in 2013, said the sale streamlines its operations after a difficult trading period. Mosunov plans to maintain Fabergé’s focus on jewelry, accessories, and timepieces while expanding its global presence.
Users can’t figure out how to navigate the privacy settings for Instagram’s new map feature.
Instagram’s new location-sharing map lets U.S. users share real-time locations with friends, but many are confused about how to manage its privacy controls. The feature offers multiple audience options—such as friends, close friends, or no one—but navigating to the settings requires several steps through the app’s menus. Users can also disable location services entirely through their phone’s settings, though they will still see others’ locations if shared. The rollout has prompted questions about safety, especially for teens whose parents hope to monitor or limit location-sharing access.
Kith’s Ronnie Fieg is making a return to runway shows after a six-year hiatus.
Ronnie Fieg will bring Kith back to the runway this Sunday for its first show in six years, presenting the fall 2025 collection alongside a new Adidas collaboration. The “Black Tie 2.0” Superstar sneaker revisits a concept Fieg created in 2008, now updated with premium materials, refined details, and five colorways in mostly black tones. Select friends and family will receive pairs in special packaging that includes a custom-suit ensemble. The release highlights Fieg’s aim to merge formalwear sensibilities with classic sportswear design.
There could be a high-energy-usage tradeoff for all of GPT-5’s shiny new features.
OpenAI’s newly released GPT-5 delivers major leaps in reasoning, multimodal capabilities, and complex problem-solving—but researchers warn it could require far more electricity than previous versions. Independent testing suggests an average response can draw over 18 watt-hours, potentially rivaling the daily energy use of more than a million U.S. homes if scaled to ChatGPT’s global traffic. OpenAI has not disclosed the model’s actual power consumption, continuing a lack of transparency that experts say hinders efforts to assess A.I.’s environmental impact. Specialists argue that as models grow in size and complexity, their resource demands—and climate footprint—will rise sharply unless mitigated by efficiency improvements.
Despite weathering the art market’s downturn and a leadership schism, Clearing Gallery has closed.
Clearing Gallery, known for launching the careers of rising art-world figures, has closed after 14 years. The decision follows a turbulent period marked by the departure of its director, a split with co-founder Lodovico Corsini that fractured its Brussels operations, and the broader art market slowdown. Despite inventive programming this year, co-founder Olivier Babin said the gallery could no longer sustain the standards it set for its artists and community. Its New York and Los Angeles spaces will close immediately.
Today’s attractive distractions:
Ralph Lauren’s latest launch is an animated short starring the Polo Bear.
Three simultaneous exhibitions honor Jane Austen’s 250th birthday.
Let it be known: Mariah Carey is not interested in going to outer space.
L.A.’s Petersen Automotive Museum is taking a close look at wedge cars from the ‘60s and ‘70s.
