Sourcing

Fura Gems to Start Mining Sapphires in Australia

SourcingJul 02, 2019

Fura Gems to Start Mining Sapphires in Australia

The acquisition of Richland Resources’ Capricorn project in Queensland rounds out the “big three” gemstones for the miner.

20190702_Richland-sapphire.jpg
Fura Gems has entered into an option agreement with Richland Resources to acquire its Capricorn sapphire mine in Queensland, Australia. Pictured here is a yellow sapphire from the area. (Photo credit: Richland Resources)

Toronto—Fura Gems is rounding out the “big three” gemstones in its portfolio with the announcement of a sapphire mine acquisition deal.

The company announced Thursday it has entered into an option agreement with Richland Resources Ltd. to acquire its wholly owned subsidiary, Richland Corporate Ltd.

The subsidiary owns 100 percent of Capricorn Sapphire Pty Ltd., which in turn holds all licenses that comprise the Capricorn Sapphire project in Queensland, Australia. Capricorn comprises two mining permits (EPM 25973 and EPM 25978) and three mining licenses (ML 70419, ML 70447 and ML 70451).

Capricorn is already a producing mine, but Fura Gems CEO Dev Shetty said the company plans to more clearly delineate the deposit during the second half of this year, followed by a scale-up of operations in 2020.

Fura Gems already holds mining assets in Colombia, with the Coscuez emerald mine, and Mozambique, with its Montepuez ruby mining project.

The total purchase price of Capricorn for the miner includes various requirements, including CAD $150,000 (about $114,000) in cash paid to Richland as an option fee, CAD $25,000 (about $19,000) paid upon deal signing and the remaining CAD $125,000 (about $95,000) payable within seven days thereafter.

Fura also has to pay $185,000 in cash (almost $141,000) to Richland on closing.

The deal is subject to the approval of the Toronto TSX Venture Exchange.

Richland said in a statement that it has been engaged in talks for some time to either secure funds to restart production at Capricorn, halted in December 2017, or to conclude talks to sell the mine.

Successful completion of the deal will see the company become an AIM Rule 15 cash shell, referring to businesses with money on their balance sheet but no trading operations listed on the stock exchange.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Shot of one of the pools at the Omni La Costa Resort & Spa in Carlsbad, California
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in Carlsbad

At Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.

Crime police cars
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop Shootout

Six people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.

Chopard Ice Cube Modular Necklace
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule Collection

The jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Kristen Bell, Angela Bassett, Lisa Manobal
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy Awards

Associate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.

Weekly QuizSep 12, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Holiday presents in gift boxes
SurveysSep 15, 2025
Resilient Shoppers to Boost Holiday Retail Sales, Says Deloitte

It’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.

8.33-carat emerald-cut no-oil Brazilian emerald, A. Kleiman & Co.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors

The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Rough montana sapphire
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, Montana

Associate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.

Arunashi Fordite and Rhodolite Earrings
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite Earrings

Fordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.

Susan Jacques and Al Gilbertson
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley Award

Gilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.

Supreme Court stock image
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November

A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.

Tabayer’s Nordstrom Shop-in-Shop
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-Shop

Located in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.

De Beers education app on mobile phone
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for That

The new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.

Gold jewelry on a scale
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to Account

As the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.

Jacob and Co Loewe headphones
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. Headphones

Jacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.

Tiffany & Co Favrile Beetle Necklace in Frankenstein
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’

Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.

24 Karat Club banquet
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf Astoria

The Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.

Anglo American’s Quellaveco copper mine in Peru
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner

Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.

The Mellon Blue diamond
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s

The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.

Dianne Batista Phillips Auctions
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New York

The industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.

Anastacia Lauren, Elle Jerge, Logan Nye
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship Winners

The nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.

Korman jewelry store Austin
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in Austin

The Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.

Logos for Manufacturing Jewelers & Suppliers of America and Jewelers of America
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s Umbrella

The two organizations have finalized and signed the affiliation agreement announced in May.

Sothebys JAR and Suzanne Belperron jewels
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron Jewels

The single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.

A street in Carlsbad California
Events & AwardsSep 08, 2025
27 Can’t-Miss Converge Sessions, Events

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

National Jeweler columnist Peter Smith
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman

Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy