Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
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
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry ServiceThe new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s SpectacularThe holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ CollectionThe brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy CoreyCorey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado JewelerCharles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.
Events & AwardsOct 15, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next YearTimepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department LeadershipThe auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom DixonAs chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper FlaggThe parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
MajorsOct 10, 2025
Frederick Goldman Names New VP of SalesJewelry industry veteran Alisa Bunger has taken on the role.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
