Fura Gems Inc., a gemstone mining and marketing company listed on the Toronto Stock Exchange, plans to expand operations in India in the areas of diamond mining and marketing of emeralds and rubies, a top company official said.
“We are looking at mining opportunities in India,” Dev Shetty, CEO, Fura Gems Inc. said in a telephonic interview from its Dubai headquarters. “We are interested in the Bunder diamond mines in Madhya Pradesh. That project is at an advanced stage of exploration and has a life span of 20 years. We are keen to invest,” he added.
‘Make in India plan’
“We can mine diamonds and directly sell in India; this will be our contribution for ‘Make in India’. Today, India imports almost all diamonds cut, polished and consumed in the country. Our diamond mining initiative will reduce India’s dependence on diamond imports and help save outflow of foreign exchange,” Mr. Shetty said.
Besides, the company, controlled and managed by People of Indian Origin (PIOs) and Non-Resident Indians (NRIs), has decided to set up a marketing division in India by September to support growth. According to Mr. Shetty, much of the the leadership team at Fura Gems was from India with years of experience in the natural resources industry.
India is one of the largest markets for gemstones, primarily emerald and ruby, which will be produced and marketed by the company by next year.
Global holdings
The company, a part of the Toronto-based Forbes & Manhattan controlled by Stan Bharti, a PIO, has acquired four licences in Mozambique to mine ruby and has acquired 76% interest in Coscuez Emerald mines in Columbia. It will mine and sell rough gemstones without getting into cutting and polishing.
“We have already started bulk sampling of emeralds and will start selling [the stones] from March 2019. We are going to start mining rubies from July 2018 and start selling those from mid-2019. Though our focus is the global market, we cannot ignore India which is a significant market,” said Mr. Shetty, who is credited for turning around Gemfields, the world's biggest colour gemstones company.
“[About] 60% of the world’s emerald’s are cut and polished in Jaipur; 25% of emeralds and rubies find a home in India and we need to be in this market,” Mr. Shetty added.
