The independent jeweler first opened its doors in 1888.
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.

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.
The Latest

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.


The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.

The company also noted record sales in the United States and a strong performance in its jewelry category.