SourcingNov 19, 2018
The First Full Collection Using Greenland Gems Is Coming SourcingMay 04, 2021
Greenland Ruby Secures $18M in Financing
The first of three rounds of funds from the Nebari Natural Resources Credit Fund is expected by the end of the month.
Greenland Ruby has secured an $18 million working capital facility, which it will use to help continue mining at its current site as well as start activity at other licensed sites.
Nuuk, Greenland—Ruby and sapphire miner Greenland Ruby has secured an $18 million working capital facility from the Nebari Natural Resources Credit Fund.
Known as Project Aurora, the financing will be spread over three tranches, Greenland Ruby said. It expects to receive the first round of funding by the end of May.
Greenland Ruby CEO Magnus Kibsgaard said the money will be used to continue mining at the current site as well as to begin activity at the company’s other licensed sites, where it has begun exploration.
The company started mining rubies and pink sapphires at Aappaluttoq in southwest Greenland in 2017 after being awarded a mining license from the country’s government.
Aappaluttoq is the first colored gemstone mine in Greenland. The current mining site is expected to have 10 years’ worth of gem-quality ruby and pink sapphire, but two other licensed mining areas will also help continue to supply the industry in the future, according to Greenland Ruby.
The company can trace each gem from mine to market through a customized inventory system that assigns each parcel of rough with a number and then gives all gems within that parcel their own individual numbers to track them through treatment, cutting, and setting.
Related stories will be right here …
Known as Project Aurora, the financing will be spread over three tranches, Greenland Ruby said. It expects to receive the first round of funding by the end of May.
Greenland Ruby CEO Magnus Kibsgaard said the money will be used to continue mining at the current site as well as to begin activity at the company’s other licensed sites, where it has begun exploration.
The company started mining rubies and pink sapphires at Aappaluttoq in southwest Greenland in 2017 after being awarded a mining license from the country’s government.
Aappaluttoq is the first colored gemstone mine in Greenland. The current mining site is expected to have 10 years’ worth of gem-quality ruby and pink sapphire, but two other licensed mining areas will also help continue to supply the industry in the future, according to Greenland Ruby.
The company can trace each gem from mine to market through a customized inventory system that assigns each parcel of rough with a number and then gives all gems within that parcel their own individual numbers to track them through treatment, cutting, and setting.
A portion of Greenland Ruby’s global gem sales go to its PinkPolarBear Foundation, a nonprofit organization that supports education and research into the effects of climate change in the Arctic, with a particular focus on Greenland.
Nebari Natural Resources Credit Fund, meanwhile, is a financier in the mining sector.
“I want to thank the Greenland Ruby team, who are working extremely hard to make the company a great success,” Kibsgaard said.
“I also want to thank our shareholders who have been visionary in investing with us over the years. Greenland Ruby is dedicated to our project’s ongoing success. This financing is occurring at a pivotal moment when all eyes are on Greenland. Our responsible mining practices will pave the way for future sustainable investment and development in the sector.”
Nebari Natural Resources Credit Fund, meanwhile, is a financier in the mining sector.
“I want to thank the Greenland Ruby team, who are working extremely hard to make the company a great success,” Kibsgaard said.
“I also want to thank our shareholders who have been visionary in investing with us over the years. Greenland Ruby is dedicated to our project’s ongoing success. This financing is occurring at a pivotal moment when all eyes are on Greenland. Our responsible mining practices will pave the way for future sustainable investment and development in the sector.”
More on Sourcing
The Latest
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
