FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
SourcingOct 31, 2017
Fura Gems Acquires Coscuez Emerald Mine in Colombia
The Toronto-based gemstone miner, which is led by a former Gemfields executive, plans to modernize the site and ramp up production.
Fura Gems has acquired 76 percent of Esmeracol S.A., which wholly owns the license to mine at the Coscuez emerald mine in Colombia, seen here.
Toronto--Fura Gems has entered into an agreement that will see it take ownership of the Coscuez emerald mine in Colombia.
The gemstone mining company announced Sunday that it has entered into a share purchase agreement with Emporium in which Fura has agreed to purchase 76 percent of shares of Esmeracol S.A. from the latter for $10.2 million.
Emporium will continue to hold a 21.71 percent interest in Esmeracol, with the remaining 2.29 percent belonging to minority shareholders.
The deal is expected to be completed on or before Dec.15.
Fura Gems used to be known as Fura Emeralds. Former Gemfields COO Dev Shetty joined the team in mid-January as president and CEO, when the company already had an emerald exploration license in Colombia, but it changed its name to Fura Gems in February to reflect an expansion of the business beyond emeralds.
The company Fura Gems just bought a majority stake in Esmeracol, owns the mining license for Cosuez, the renowned emerald mine located in the Boyacá state of Colombia.
Covering an area of 46 hectares (almost 114 acres), Coscuez has been the source for some of the finest emeralds in the world. It has been operated largely on a small-scale basis up to now, but Fura said it will modernize the mine, with the goal of ramping up production of emeralds within six months of the deal closing.
Its short-term plan will focus on improving the mine’s infrastructure and developing safe and effective operations, including the construction of a 1/7 gradient, positive and negative ramp system as well as horizontal tunnel construction to optimize access to the orebody and allow for the modernization of the extraction process.
Shetty told National Jeweler that they can’t yet give specific numbers on production goals.
“The current operation in Colombia is on small-scale basis due to need to improve the geological understanding and improve the mining method,” he said. “As we start getting ourselves into the ground we will be able to give more clarity on the numbers.
“We plan to expand the current underground shaft and create safer environment for employees. We also will build a new decline once we have received the necessary approval from the relevant authorities. The production will be definitely significantly more than the current levels.”
The plan is to start selling rough within 18 to 24 months. The rough emeralds will be sold via organized platforms, mainly via auction, Shetty said.
Fura also will set up a marketing platform to promote Colombian emeralds globally, as well as develop a communication platform under its sustainability team to engage with the local community to explain to them about the company strategy, its vision, plans, and safety and environmental efforts.
London-headquartered mining company Gemfields had once planned to expand into Colombian emeralds through the acquisition of the Coscuez mine in a deal announced in 2015.
But earlier this year the company said it was pulling out of Colombia and Sri Lanka, where it was going to mine sapphires, choosing instead to focus on its current portfolio of assets in Africa and expansion opportunities in Zambia, Mozambique and Ethiopia.
Fura Gems Inc.’s corporate headquarters are in Toronto, and its administrative headquarters are in the Almas Tower in Dubai.
Fura also has four ruby licenses in Mozambique, three of which are north of Gemfields’ ruby project and one toward the south, which the company believes is a new belt for the stones.
The company has commenced drilling programs for the three northern licenses, and the first phase should be completed on or before Dec. 31.
London-headquartered mining company Gemfields had once planned to expand into Colombian emeralds through the acquisition of the Coscuez mine in a deal announced in 2015.
But earlier this year the company said it was pulling out of Colombia and Sri Lanka, where it was going to mine sapphires, choosing instead to focus on its current portfolio of assets in Africa and expansion opportunities in Zambia, Mozambique and Ethiopia.
Fura Gems Inc.’s corporate headquarters are in Toronto, and its administrative headquarters are in the Almas Tower in Dubai.
Fura also has four ruby licenses in Mozambique, three of which are north of Gemfields’ ruby project and one toward the south, which the company believes is a new belt for the stones.
The company has commenced drilling programs for the three northern licenses, and the first phase should be completed on or before Dec. 31.
More on Sourcing
The Latest
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
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.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
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.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
SourcingNov 25, 2025
Finestar Opens Diamond Manufacturing Facility in JohannesburgIt joins the company’s other manufacturing facilities globally, including in India, Botswana, and Namibia.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
SourcingNov 21, 2025
De Beers’ Branded, Traceable Diamonds Roll Out to 19 Retailers Called “Origin by De Beers Group,” the loose, polished diamonds are being sold in a total of 30 stores in the United States and Canada.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
