Izumrud was laid down at the Nevsky Shipyard in Saint Petersburg, Russia on 1 January 1901.

Construction continued to be plagued by delays, including an ice storm in December.

However, with the start of the Russo-Japanese War in early 1904, construction efforts were greatly accelerated.

Under the overall command of Admiral Zinovy Rozhestvensky, Izumrud was part of the Second Pacific Squadron intended to relieve the Japanese siege of Port Arthur.

At the end of the battle, Fersen refused to obey the order of Admiral Nikolai Nebogatov to surrender, and used her speed to escape through the Japanese blockade.