SourcingJan 23, 2025
RapNet, AGTA Partner to Launch Gemstone Trading NetworkSourcingJan 27, 2025
Dev Shetty To Head New Auction House for Rare Colored Gems
Jemora Gemhouse’s inaugural auction, slated for March, will take place in Dubai and feature polished sapphires.
Jemora Gemhouse is the latest venture to be led by Dev Shetty, the founder and ex-CEO of sapphire and emerald miner Fura Gems.
Dubai—Colored gemstone mining veteran Dev Shetty is heading a new auction house dedicated to rare, polished colored gemstones.
Jemora Gemhouse (JGH) is designed to provide collectors, luxury brands, and trade partners with “unparalleled access” to rare, valuable, unique, and premium-colored gemstones in a curated environment, the company said.
It’s led by Shetty, along with a team of expert gemologists responsible for meticulously sourcing, valuing, and appraising gemstones, JGH said.
Each gemstone will be certified by laboratories, including American Gemological Laboratories (AGL), GRS GemResearch Swisslab, Gübelin Gem Lab, and Swiss Gemmological Institute SSEF.
The inaugural auction will feature a collection of sapphires from Kashmir, Madagascar, and Sri Lanka, in categories including padparadscha, blue, pink, and yellow.
"Our inaugural auction promises to be a milestone event, featuring once-in-a-lifetime collections that are simply irreplaceable," said Shetty.
The sale is scheduled for March 17 to 19 and set to take place through the Dubai Diamond Exchange, the only diamond bourse in the Gulf Cooperation Council—the region comprising the Middle Eastern countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—affiliated with the World Federation of Diamond Bourses.
The DDE sits under the umbrella of the Dubai Multi Commodities Centre (DMCC).
"The Dubai Diamond Exchange is the world’s largest diamond tender facility, supporting over 1,350 companies and expanding rapidly into colored gemstones,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC.
He continued, “Recent record-breaking tenders for emeralds, rubies, and sapphires are a testament to our growth as the hub of choice for the global colored gemstone market. We are delighted to launch the Jemora Gem House today and look forward to working with Dev Shetty as we continue to facilitate access and drive trade growth through the UAE for some of the world’s most remarkable, colored gemstones.”
Related stories will be right here …
Jemora Gemhouse (JGH) is designed to provide collectors, luxury brands, and trade partners with “unparalleled access” to rare, valuable, unique, and premium-colored gemstones in a curated environment, the company said.
It’s led by Shetty, along with a team of expert gemologists responsible for meticulously sourcing, valuing, and appraising gemstones, JGH said.
Each gemstone will be certified by laboratories, including American Gemological Laboratories (AGL), GRS GemResearch Swisslab, Gübelin Gem Lab, and Swiss Gemmological Institute SSEF.
The inaugural auction will feature a collection of sapphires from Kashmir, Madagascar, and Sri Lanka, in categories including padparadscha, blue, pink, and yellow.
"Our inaugural auction promises to be a milestone event, featuring once-in-a-lifetime collections that are simply irreplaceable," said Shetty.
The sale is scheduled for March 17 to 19 and set to take place through the Dubai Diamond Exchange, the only diamond bourse in the Gulf Cooperation Council—the region comprising the Middle Eastern countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—affiliated with the World Federation of Diamond Bourses.
The DDE sits under the umbrella of the Dubai Multi Commodities Centre (DMCC).
"The Dubai Diamond Exchange is the world’s largest diamond tender facility, supporting over 1,350 companies and expanding rapidly into colored gemstones,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC.
He continued, “Recent record-breaking tenders for emeralds, rubies, and sapphires are a testament to our growth as the hub of choice for the global colored gemstone market. We are delighted to launch the Jemora Gem House today and look forward to working with Dev Shetty as we continue to facilitate access and drive trade growth through the UAE for some of the world’s most remarkable, colored gemstones.”
After a seven-year stint as chief operating officer and executive director of Gemfields, Shetty founded Fura Gems, a mining company sourcing emeralds in Colombia and sapphires in Mozambique and Australia, in 2017.
He stepped down as Fura’s CEO last summer, about one year after a 55-carat ruby from the company’s ruby mine in Mozambique set a record for the most expensive colored gemstone ever sold at auction.
He went on to establish Gaston Group, a mining investment company based in the United Arab Emirates, according to his LinkedIn profile. Jemora Gemhouse is part of the group.
“I’m so excited to unveil Jemora Gemhouse, the first-of-its-kind auction house dedicated to extremely rare and exclusive polished colored gemstones. For years, the industry has needed a specialized platform to showcase premium-colored gems to the right audience, bypassing the constraints of traditional auction houses,” Shetty said.
“Jemora Gemhouse fulfills this demand by connecting sellers directly with buyers, ensuring that the finest gemstones achieve their true market value."
The company said that for future auctions, it plans to include rare and high-valued gemstones, such as ruby, emerald, alexandrite, Paraiba tourmaline, and spinel.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
PodcastsMay 20, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
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.
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.
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.
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.
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.
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.
