Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
SourcingOct 31, 2017
Fura Gems Acquires Coscuez Emerald Mine in Colombia
The Toronto-based gemstone miner, which is led by a former Gemfields executive, plans to modernize the site and ramp up production.
Fura Gems has acquired 76 percent of Esmeracol S.A., which wholly owns the license to mine at the Coscuez emerald mine in Colombia, seen here.
Toronto--Fura Gems has entered into an agreement that will see it take ownership of the Coscuez emerald mine in Colombia.
The gemstone mining company announced Sunday that it has entered into a share purchase agreement with Emporium in which Fura has agreed to purchase 76 percent of shares of Esmeracol S.A. from the latter for $10.2 million.
Emporium will continue to hold a 21.71 percent interest in Esmeracol, with the remaining 2.29 percent belonging to minority shareholders.
The deal is expected to be completed on or before Dec.15.
Fura Gems used to be known as Fura Emeralds. Former Gemfields COO Dev Shetty joined the team in mid-January as president and CEO, when the company already had an emerald exploration license in Colombia, but it changed its name to Fura Gems in February to reflect an expansion of the business beyond emeralds.
The company Fura Gems just bought a majority stake in Esmeracol, owns the mining license for Cosuez, the renowned emerald mine located in the Boyacá state of Colombia.
Covering an area of 46 hectares (almost 114 acres), Coscuez has been the source for some of the finest emeralds in the world. It has been operated largely on a small-scale basis up to now, but Fura said it will modernize the mine, with the goal of ramping up production of emeralds within six months of the deal closing.
Its short-term plan will focus on improving the mine’s infrastructure and developing safe and effective operations, including the construction of a 1/7 gradient, positive and negative ramp system as well as horizontal tunnel construction to optimize access to the orebody and allow for the modernization of the extraction process.
Shetty told National Jeweler that they can’t yet give specific numbers on production goals.
“The current operation in Colombia is on small-scale basis due to need to improve the geological understanding and improve the mining method,” he said. “As we start getting ourselves into the ground we will be able to give more clarity on the numbers.
“We plan to expand the current underground shaft and create safer environment for employees. We also will build a new decline once we have received the necessary approval from the relevant authorities. The production will be definitely significantly more than the current levels.”
The plan is to start selling rough within 18 to 24 months. The rough emeralds will be sold via organized platforms, mainly via auction, Shetty said.
Fura also will set up a marketing platform to promote Colombian emeralds globally, as well as develop a communication platform under its sustainability team to engage with the local community to explain to them about the company strategy, its vision, plans, and safety and environmental efforts.
London-headquartered mining company Gemfields had once planned to expand into Colombian emeralds through the acquisition of the Coscuez mine in a deal announced in 2015.
But earlier this year the company said it was pulling out of Colombia and Sri Lanka, where it was going to mine sapphires, choosing instead to focus on its current portfolio of assets in Africa and expansion opportunities in Zambia, Mozambique and Ethiopia.
Fura Gems Inc.’s corporate headquarters are in Toronto, and its administrative headquarters are in the Almas Tower in Dubai.
Fura also has four ruby licenses in Mozambique, three of which are north of Gemfields’ ruby project and one toward the south, which the company believes is a new belt for the stones.
The company has commenced drilling programs for the three northern licenses, and the first phase should be completed on or before Dec. 31.
London-headquartered mining company Gemfields had once planned to expand into Colombian emeralds through the acquisition of the Coscuez mine in a deal announced in 2015.
But earlier this year the company said it was pulling out of Colombia and Sri Lanka, where it was going to mine sapphires, choosing instead to focus on its current portfolio of assets in Africa and expansion opportunities in Zambia, Mozambique and Ethiopia.
Fura Gems Inc.’s corporate headquarters are in Toronto, and its administrative headquarters are in the Almas Tower in Dubai.
Fura also has four ruby licenses in Mozambique, three of which are north of Gemfields’ ruby project and one toward the south, which the company believes is a new belt for the stones.
The company has commenced drilling programs for the three northern licenses, and the first phase should be completed on or before Dec. 31.
More on Sourcing
The Latest
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
