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.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
SurveysJul 30, 2026
Consumer Confidence Slips in JulySurvey respondents were concerned about the rising prices of food and groceries as well as unemployment.
Weekly QuizJul 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 30, 2026
Vicenzaoro Releases 2026 Education LineupThe trade show, slated for Sept. 4-8 in Vicenza, Italy, will feature sessions on trends, AI, gemology, and manufacturing.
Events & AwardsJul 30, 2026
Hillsborough Show Moves to New Location for 2026The public shopping event featuring art, jewelry, watches, and rare collectibles, will take place in Santa Clara, California, this fall.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
EditorsJul 29, 2026
Q&A: The Past and Future of Angola’s Diamond Industry Endiama Commercial Director Elton Escrivão knows people have a lot of misperceptions about Angola. He wants to change that.
MajorsJul 29, 2026
Kevin Reilly Retires After 39 Years in the Jewelry Industry Reilly has been with PGI USA for the last 20 years, leading partnership development and professional education.
FinancialsJul 29, 2026
Kering’s H1 Jewelry Sales Up 14%Boucheron reached record sales while Pomellato found success in its signature collections.
Events & AwardsJul 29, 2026
Lauren Harwell Godfrey Designs a Flag for ArkansasShe was one of more than 120 American designers who created flags for the “United Flags of Fashion” project led by CFDA and Vogue.
ColumnistsJul 28, 2026
Peter Smith: Why Your Job Postings May Be Working Against You Smith reveals the method The Retail Smiths use to help retailers and vendors write better job postings.
FinancialsJul 28, 2026
Tiffany & Co., Bulgari Lead the Way for LVMH in H1LVMH’s jewelry and watch brands outperformed the company’s other divisions in an environment the company described as “disrupted.”
CollectionsJul 28, 2026
Lionheart’s New Collection Unites Spiritual Iconography“Sacred Heart” features symbols like crosses, angel wings, the Star of David, and the evil eye as a representation of coexistence.
Events & AwardsJul 28, 2026
The Edge Funding 2 Scholarships Via 24 Karat Club SEUS The scholarships will go to early-career professionals looking to study gemology, bench work and jewelry design, or store operations.
SurveysJul 27, 2026
Jewelry Leads Luxury Market Amid Stabilization, Bain SaysBain & Company delved into the trends shaping the luxury market, the impact of AI, and more in its recent study.
SourcingJul 27, 2026
‘Rubies’ Goes on Display at Harvard MuseumThe exhibition reveals the gemology, geology, and cultural history of the iconic red gemstone.
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
