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.
More on Sourcing
The Latest
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
