MajorsJul 26, 2024
Diamonds Direct Opens Store in AtlantaIt’s the Signet-owned banner’s first location in Georgia.
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.
More on Sourcing
The Latest
TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
FinancialsJul 25, 2024
Boucheron, Pomellato Post Double-Digit Growth in Q2 The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
MajorsJul 25, 2024
Shane Co. Partners With Kids In Need Foundation to Donate 7,200 BackpacksThe fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
ColumnistsJul 23, 2024
Peter Smith: The Case for Optimism in Sales In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
MajorsJul 18, 2024
New Etsy Campaign Prioritizes Creators Amid BacklashSellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.
MajorsJul 18, 2024
Swarovski Names Ariana Grande as Its New Brand AmbassadorThe celebrity will star in Swarovski’s holiday campaign.
