CollectionsFeb 02, 2023
Lowe’s Is Now Selling JewelryThe home improvement store’s website features an “Empowerment Tools” demi-fine jewelry collection.
SourcingJul 20, 2018
Fura Gems Acquires 9 Ruby Mining Licenses
The addition of the assets to its existing licenses will give it what it claims is the largest ruby mining concession in Mozambique.
Fura Gems is set to acquire nine mining licenses from Mustang Resources and Regius Resources in Mozambique, giving what it claims is the largest ruby mining concession in the country. Pictured here is Mustang’s mining site in the country.
Toronto—Fura Gems has entered into a merger agreement that will allow it to expand its ruby holdings.
Fura will acquire nine additional ruby licenses in Montepuez, Mozambique, from Mustang Resources and Regius Resources Group Ltd. for AU$15 million (approximately $11 million), payable in AU$3 million (about $2.2 million) cash and 12.7 million Fura shares.
The assets total approximately 711 square km (175,692 acres) and bring the total number of exploration licenses owned by Fura Gems in Montepuez to 13.
Fura also will acquire related infrastructure, including two wash plants, security and mine camps.
Once the deal is complete—it’s expected to close by Nov. 30—Fura will control 1,104 square kilometers (about 272,804 acres) in Mozambique, giving it what it said is the largest ruby mining concession in the country and some of the highest quality ruby licenses available in Mozambique.
The gemstone mining and marketing company said it plans to invest up to CA$25 million ($18.9 million) over three years in a program for drilling, bulk sampling and production mining in the new properties, as well as the reconfiguration of existing wash plants to increase efficiencies.
It expects to start bulk sampling activities in the new licenses by the end of 2018 and start auction sales for rubies from all of its mining areas in the third quarter of 2019.
Fura said it expects to make at least 50 new hires this year to accommodate the expansion. It currently has 54 employees involved in the Mozambique operation.
CEO Dev Shetty said the company also is exploring pursuing a dual listing of its shares on the London Stock Exchange by the end of 2018.
Mustang, meanwhile, will focus on its Caula graphite-vanadium project.
Earlier this year, the company announced it would close its sales facilities in Mauritius, which were established to hold large-scale ruby auctions. This came amid a strategic review of its Mozambique operations after it reported “disappointing results” from its first auction.
Mustang also said at one point that it would be opening a sales and marketing office in Chanthaburi, Thailand. The company did not respond to an email inquiry on the status of the office by press time, though it is currently not listed under office locations on the Mustang website.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Events & AwardsFeb 02, 2023
Registration is Now Open for JIS Spring 2023The show will feature a new pavilion of 30 jewelry designers and manufacturers from Surat, India.
Policies & IssuesFeb 02, 2023
Tiny Radioactive Capsule Lost in Australian Outback FoundA government official said search crews “found the needle in the haystack” when they located the capsule belonging to Rio Tinto along an 870-mile stretch of road.
Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern GradingDe Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
TrendsFeb 02, 2023
Amanda’s Style File: Purple and Playful Amanda Gizzi welcomes February with a selection of amethyst jewelry, a birthstone that “deserves its own time to shine.”
Weekly QuizFeb 02, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
EditorsFeb 01, 2023
Designers to Watch in 2023: BoochierBehind the playful and nostalgic brand lies deeper meaning.
Events & AwardsFeb 01, 2023
New Miami Jewelry Center Slated to Open in Q1The Time Century Jewelry Center is located in downtown Miami’s jewelry district.
Brought to you by
De Beers Institute of Diamonds Expands to Offer Education De Beers is sharing over 130 years of experience and expertise through the De Beers Institute of Diamonds with a selection of courses.
SurveysFeb 01, 2023
Consumer Confidence Falls in JanuaryWariness about the year ahead offset a more positive view of the current economic situation.
MajorsFeb 01, 2023
Six New Retailers Appointed to IJO’s Board of DirectorsThe IJO also welcomed one new vendor member to its 13-member board, Brecken Farnsworth of Parlé Jewelry Designs.
ColumnistsJan 31, 2023
Squirrel Spotting: How About a Word for the New Year?It begins with a “t” and ends with a “c” and is imbued with warmth and positivity, Peter Smith writes.
Policies & IssuesJan 31, 2023
Rio Tinto Issues Apology After Radioactive Capsule Goes Missing The tiny capsule, which is believed to have fallen out of a truck, was lost somewhere along an 870-mile stretch of desert road.
MajorsJan 31, 2023
Indian Jewelry Brand Tanishq Opens First U.S. Store, More on the WayThe jeweler’s expansion plans include 20 to 30 more stores in North America and the Middle East over the next two to three years.
Events & AwardsJan 31, 2023
Gucci Is Getting a Gem AwardThe Italian luxury brand will receive the first Gem Award for High Jewelry Excellence.
MajorsJan 31, 2023
Martin Flyer Names New VP of Business DevelopmentIndustry veteran Kevin Lane has stepped into the role.
MajorsJan 30, 2023
Researchers Uncover Bejeweled ‘Golden Boy’ MummyThe ancient Egyptian teenager was buried 2,300 years ago with 49 amulets to guide him through the afterlife.
SurveysJan 30, 2023
Consumers Embracing Non-Traditional Ways to Mark Valentine’s Day The NRF’s annual survey shows that consumer attitudes about how, or even whether, to celebrate Feb. 14 continue to evolve.
Events & AwardsJan 30, 2023
JA Is Searching for the Next Retail ’20 Under 40’ Nominations are open now through March 24.
MajorsJan 30, 2023
10 Jewelry News Stories You Might Have MissedA column detailing how independent jewelers did last year and the top watch brands of 2022 were among the most-read stories last week.
FinancialsJan 27, 2023
Tiffany & Co. Shines for LVMH in 2022Acquired in 2021, the brand’s high jewelry sales have doubled and its new “Lock” collection was an instant hit.
MajorsJan 27, 2023
Diamond Council of America Appoints Treasurer, Board MemberExecutives from Fred Meyer Jewelers and Riddles Jewelers have filled the roles.
CollectionsJan 27, 2023
Piece of the Week: Heavenly Vices’ Lock NecklaceThe Victorian-inspired design is a functional lock and key.
Supplier BulletinJan 26, 2023
JA New York Spring Brings the Industry TogetherFor over 100 years, JA New York has played an integral role in facilitating the evolution of our industry, while also honoring past traditions.
TrendsJan 26, 2023
At Vicenzaoro, Paola De Luca Gazes Into Jewelry’s FutureThe trend forecaster and her guests explored unconventional jewelry designs, NFTs, AI art, and more during her Trendvision presentation.
CollectionsJan 26, 2023
NDC and Lorraine Schwartz Announce New ‘EDDI’ ClassThe Emerging Designers Diamond Initiative provides diamond credit and mentorship to young brands helmed by BIPOC designers.
IndependentsJan 26, 2023
Lee Michaels Fine Jewelry Set to Open 10th StoreIt will be located in San Antonio’s Alamo Quarry Market and will be Lee Michaels’ third location in the city.
Policies & IssuesJan 26, 2023
Diamonds Do Good Names 10 to Board of DirectorsStephanie Gottlieb, Jewelers Mutual’s Mike Alexander, and Craig Rottenberg of Long’s Jewelers are among the new board members.
