Fura Gems

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FURA GemsFounded| 2017

|

Founder| Dev Shetty
Headquarters| Dubai

Number of employees

| 1650
Website| www.furagems.com

FURA Gems is a private global mining company that produces colored gemstones: emeralds, rubies, and sapphires.[1] Founded in 2017 FURA has its headquarters in Dubai, United Arab Emirates, and operates mining subsidiaries in Colombia, Mozambique, and Australia. In 2021, the company managed approximately six million carats of Mozambican rubies and 300,000 carats of Colombian emeralds.[2] In 2022, FURA Gems unveiled the world's largest gem-quality ruby ever mined, which was sold by Sotheby's for $34.8 million in 2023.[3][4][1]

## History

[edit]

FURA Gems was established in 2017 by Dev Shetty with a focus on increasing the supply of ethically sourced color gemstones with traceability of the mine origin to end-consumers.[5][1] The company's name is derived from an ancient Colombian legend about Fura and Tena, two human figures created by the Muisca god Are.[6]

In 4 years, FURA acquired all its key mining assets, including the Coscuez Emerald mine in Colombia in 2018,[7][8] seven ruby mining licenses in Montepuez, Mozambique in 2019,[9][10] and the Great Northern Mining and Capricorn Sapphire mines in Queensland, Australia in 2020.[11][5] In 2023, FURA announced the discovery of the largest gem-quality ruby named "Estrela de FURA" ("Star of FURA" in Portuguese), weighing 101 carats and mined from Mozambique.[12][13][14] As of 2024, FURA holds nine ruby mining licenses in Mozambique, covering an area of 100 square kilometers.[3]

## Gem auctions

[edit]

FURA Gems conducts its gemstone sales through auctions, providing a platform for the trade of these precious stones.[15] Typically, the company hosts a total of eight auctions each year, with six of them taking place in Bangkok and the remaining two in Bogotá.[16]

In March 2021, the company conducted its first Colombian emerald auction, followed by auctions for the Mozambique ruby in September 2021 and the Australian sapphire in November 2021.[2] In 2021, the Australian sapphires auction took place in Bangkok, displaying 900,000 carats of natural rough sapphire in rare colors.[2][17] On June 8, 2023, Sotheby's "Magnificent Jewels" sale took place in New York. The largest gem-quality ruby, Estrela da FURA, was sold for $34.8 million, making it the largest and most expensive ruby ever to be auctioned.[14][4] Sotheby's auction house officially declared Estrela de FURA the most valuable ruby ever offered for sale.[4]

## Public activities

[edit]

FURA has several community projects in Colombia, Mozambique, and Australia. A project in Mozambique included the construction of a primary school in Napula to support local education.[18] The implementation of the FURA Training Academy allows its employees and members of the mining community to develop mining-related skills such as geology, gemology, and engineering.[18][19] FURA Gems established an all-female wash plant at its Coscuez emerald project in Boyacá, Colombia. This initiative is the first for both the mining and gemstone industry.[20] FURA Gems is focused on environmentally and socially responsible mining.[5][21] The company implemented the use of blockchain technology developed by Gübelin Gem Lab and Everledger to maintain traceability for the ethical origins of gemstones it mines.[22] FURA has implemented water management and waste recycling practices to protect the surrounding environment of its mines. The company undertakes reforestation and land reclamation following mining activities.[21]

## Operations

[edit]

FURA Gems operates as a global producer of colored gemstones, including emeralds, rubies, and sapphires, across South America, Africa, and Oceania. It is the first and only producer of these three categories of gemstones on three continents (South America, Africa, and Oceania).[23][2] The company is headquartered in Dubai, United Arab Emirates and employs over 1,650 people across four continents. FURA holds ownership or majority stakes in mines located in Colombia (emeralds), Mozambique (rubies and emeralds), and Australia (sapphires).[2][16]

## References

[edit]

1. ^ a b c Lankarani, Nazanin (2023-07-02). "When It Comes to Rubies, Is Mozambique the New Star?". The New York Times. ISSN 0362-4331. Retrieved 2024-06-28.
2. ^ a b c d e "World-first Australian rough sapphires auction a "big success"". jewellermagazine.com. 2021-11-30. Retrieved 2024-06-28.
3. ^ a b "Video: World's priciest ruby – Estrela De Fura – from Dubai's Fura Gems gets sold for $34.8m in New York". gulfnews.com. 2023-06-08. Retrieved 2024-06-28.
4. ^ a b c Holland, Oscar (2023-06-08). "Largest ruby ever to come to auction sells for record-breaking $34.8 million". CNN. Retrieved 2024-06-28.
5. ^ a b c ""It is possible to achieve $6bn global market of color gemstones within a decade"". www.fortuneindia.com. 2021-07-11. Retrieved 2024-06-28.
6. ^ Taylor, Rachael (November 16, 2018). "The first all-female emerald mining team – The Jewellery Cut". jewellerycut.com. Archived from the original on 2020-10-08. Retrieved 2024-06-28.
7. ^ "Fura Gems Releases Maiden Mineral Resource Estimate for Coscuez Emerald Mine in Colombia". thejewelrymagazine.com. Retrieved 2024-06-28.
8. ^ Branstrator, Brecken (October 31, 2017). "Fura Gems Acquires Coscuez Emerald Mine in Colombia | National Jeweler". nationaljeweler.com. Archived from the original on 2021-05-18. Retrieved 2024-06-28.
9. ^ Branstrator, Brecken (December 1, 2017). "Fura Completes Acquisition of Mozambican Ruby Licenses". nationaljeweler.com. Retrieved 2024-06-28.
10. ^ Ganta, Himaja (2020-06-11). "Fura Gems cancels emerald auction due to Covid-19 travel restrictions". Mining Technology. Retrieved 2024-06-28.
11. ^ "Fura Completes Acquisition of Australian Sapphire Project". nationaljeweler.com. Retrieved 2024-06-28.
12. ^ "Meet "Estrela De Fura": The World's Largest Red Rough Ruby is Unveiled". Israeli Diamond Industry. 2022-09-28. Retrieved 2024-06-28.
13. ^ Cohen, Howard (2022-09-26). "101-Carat Ruby Is 'Once-in-a-Century' Find". INSTOREMAG.COM. Retrieved 2024-06-28.
14. ^ a b "World's Largest Ruby Sells for Record USD 34.8 Million in New York Auction". News18. 2023-06-09. Retrieved 2024-06-28.
15. ^ "Dubai firm Fura brings out 101-carat ruby, said to be world's largest such 'gem-quality' stone mined". gulfnews.com. 2022-09-14. Retrieved 2024-06-28.
16. ^ a b Belcher, David (2023-09-07). "Thailand Gets Ready to Sparkle". The New York Times. ISSN 0362-4331. Retrieved 2024-06-28.
17. ^ "FURA Gems presents unique and rare-colour Australian sapphires". Diamond World. 2021-11-20. Retrieved 2024-06-28.
18. ^ a b "Startup Fura Gems plans to produce 6 million carats of Mozambican rubies this year". FurtherAfrica. 2021-07-25. Retrieved 2024-06-28.
19. ^ "Fura Gems unveils 'ESTRELA DE FURA' the world's largest Gem-Quality Ruby ever discovered". retailjewellerworld.com. September 14, 2022. Archived from the original on 2022-12-01. Retrieved 2024-06-28.
20. ^ Millan, Laura (April 13, 2019). "The Women Emerald Miners of Colombia". bloomberg.com. Retrieved 2024-06-28.
21. ^ a b "FURA Gems to transform the precious colored gemstone market – The Retail Jeweller India". 2021-05-28. Retrieved 2024-06-28.
22. ^ "Gübelin's Blockchain for Gems Now Open to the Industry". nationaljeweler.com. Retrieved 2024-06-28.
23. ^ Brough, David (2021-07-26). "FURA Marketing Council debuts at AGTA GemFair and JCK". Jewellery Outlook. Retrieved 2024-06-28.