Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...


The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 2018

Our first priority is to better understand artisanal and small-scale mining - Elodie Daguzan

The Diamond Development Initiative (DDI), the organization dealing with the traditional diamond mining, recently announced the appointment of Élodie Daguzan as its first Goodwill Ambassador. Ms. Daguzan, who currently works as head of communication...

04 june 2018

Zimnisky on De Beers’ Lightbox: It’s a strategic, bold move that will benefit the entire natural diamond industry

De Beers shocked all and sundry end of May when it announced the launch of a new company called Lightbox Jewelry, which will market a new brand of laboratory-grown diamond jewellery in September. This effectively meant that the group had departed from...

01 june 2018

Tracking the provenance and lifecycle of a product is a natural and necessary evolution in our industry

A senior executive with a demonstrated history of working globally at management and board levels, Marcus ter Haar has been the Managing Director at Okavango Diamond Company (ODC), Botswana for about 10 months now, prior to which he held the...

28 may 2018

Fura Gems Inc. aims at expanding the coloured gemstone business in India

23 april 2018

Fura Gems Inc is aggressively looking at organizing the $2 bn gemstone market globally and is targeting a market share of 8% - 10% in the next 3 years. The company also announced the commencement of its bulk sampling program at the Coscuez emerald mine in Boyacá, Colombia. This will give a tremendous boost to Fura Gems’ operations in India since 60% of the world's emeralds are cut and polished in the country.
Dev Shetty, President & CEO of Fura Gems, commented, “As a part of our larger expansion strategy, India is one of the top 3 markets for us. We are aggressively looking at the Bunder diamond project in Madhya Pradesh and projects in the states of Jharkhand and Odisha which have a huge potential in terms of mineral deposits. Given our experience, we are confident of reducing India’s coloured gemstones imports substantially.”
Rupak Sen, Vice President, Marketing & Sales of Fura Gems, said, “India is the largest cutting and polishing centre for Emeralds in terms of volume. There is a growing demand for emeralds in the Indian market and we intend to capitalise on the same by strategically organizing the sector.”
Fura Gems owns a 76% beneficial interest in the Coscuez Emerald Mine. During the initial phase of bulk sampling, a total of 1,720 carats of emeralds were mined, out of which 826 carats were high-quality emeralds. The Fura Gems management team has started designing the pilot wash-plant and expects it to be commissioned on or before 30 June 2018.
Dev Shetty further added, "Fura Gems has now become the first publicly listed company in the world to commence a bulk sampling operation in Colombia, the world’s largest supplier of emeralds. We have also entered into agreements to acquire four ruby licences in Mozambique and have started with the exploration process and will soon be coming up with more details on that. Fura Gems owns 80% effective interest in these Ruby licenses.”

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished


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