SourcingJun 12, 2024
Bruce Cleaver Is Gemfields’ New ChairSourcingJun 28, 2024
Fura Gems CEO Dev Shetty Steps Down
He’s leaving the colored gemstone miner to pursue other opportunities, the company said Friday.
Dev Shetty has stepped down as CEO of Fura Gems. The former Gemfields executive joined the company in 2017.
Dubai—Colored gemstone mining company Fura Gems Inc. DMCC has announced CEO Dev Shetty has stepped down to pursue other opportunities.
The board of directors will act as the primary decision-making body until a new CEO is named, the company said, while the current Fura management team will work with the board to manage day-to-day operations.
The members of the management team have been “instrumental in driving the company’s success and are well-positioned to ensure operational continuity and uphold Fura’s commitment to excellence.”
Fura said it is committed to achieving a seamless transition, keeping its focus on sustainable practices, innovation, and delivering value to its partners, customers, and stakeholders.
“The restructuring of our leadership team is a next step in driving forward our strategy, building on the progress made to create a world-class business that meets the evolving demands of the gemstone market,” said Gaurav Gupta, director of Fura Gems board and director of Fura’s majority shareholder.
“The board of directors extends its gratitude to Dev Shetty for his contribution to Fura Gems. Under his leadership, the company has laid a solid foundation for growth and innovation. Looking forward, we are confident in our ability to execute our long-term strategy and continue Fura Gems’ commitment to sustainability and excellence in the gemstone industry.”
He added, “The board is fully supporting the current management team of Fura Gems and is totally aligned on the strategic steps needed to continue the journey of Fura Gems; we will operate in conjunction to achieve the ambitious objectives set for the years to come.”
Related stories will be right here …
The board of directors will act as the primary decision-making body until a new CEO is named, the company said, while the current Fura management team will work with the board to manage day-to-day operations.
The members of the management team have been “instrumental in driving the company’s success and are well-positioned to ensure operational continuity and uphold Fura’s commitment to excellence.”
Fura said it is committed to achieving a seamless transition, keeping its focus on sustainable practices, innovation, and delivering value to its partners, customers, and stakeholders.
“The restructuring of our leadership team is a next step in driving forward our strategy, building on the progress made to create a world-class business that meets the evolving demands of the gemstone market,” said Gaurav Gupta, director of Fura Gems board and director of Fura’s majority shareholder.
“The board of directors extends its gratitude to Dev Shetty for his contribution to Fura Gems. Under his leadership, the company has laid a solid foundation for growth and innovation. Looking forward, we are confident in our ability to execute our long-term strategy and continue Fura Gems’ commitment to sustainability and excellence in the gemstone industry.”
He added, “The board is fully supporting the current management team of Fura Gems and is totally aligned on the strategic steps needed to continue the journey of Fura Gems; we will operate in conjunction to achieve the ambitious objectives set for the years to come.”
Fura Gems began as Fura Emeralds but when Shetty, formerly COO and executive director at Gemfields, took the reins in January 2017, he wanted to expand beyond just Colombian emeralds.
Under his leadership, the company began mining rubies in Mozambique and sapphires in Australia.
Also during Shetty’s tenure was the record-breaking sale of the Fura-mined 55-carat “Estrela de Fura” ruby at Sotheby’s a year ago.
Fura said it remains poised for growth, citing an increasing demand for sustainably sourced colored gemstones.
The company said its strong partnerships with industry leaders and reliable supply of traceable, high-quality gemstones have solidified its position in the market.
Amid the restructuring, Fura said it remains committed to providing “the finest sustainably mined gemstones” to the global market.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Medal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
