Fura, a Gemstone Mining and Marketing Company Launches in India
(7 months ago)
MUMBAI: Fura Gems Inc., a gemstone mining and marketing company plans to pursue various gemstone mining projects in India and will market its global coloured gemstone portfolio in India.
Headquartered in Toronto, Canada and administrative headquarters in Almas Tower, Dubai, Fura Gems Inc. is engaged in the mining, exploration and marketing of gemstones. The company starts operating in India in Q4 2017.
Fura recently announced the acquisition of the iconic emerald mine in Colombia, Coscuez. The company has also entered into a purchase agreement to enter the exploration and mining of rubies in Mozambique through the proposed acquisition of an 80% effective interest in four ruby licences and the submission of an application for an additional ruby licences.
Commenting on the expansion, Dev Shetty, President and CEO of Fura Gems Inc., said, "We are delighted to expand Fura's wings into the Indian market. We aim to run more efficient, smarter and safer gemstone mining and marketing operations. Colour gemstones and diamonds have always been part of the Indian culture. This gave birth to the unique jewellery pieces studded with chunky, coloured gemstones and diamonds. Today, India is the 3rd largest jewellery consuming country in the world and a great hub for gemstones. At present, the Indian gems and jewellery market is highly fragmented and is rapidly transforming into an organised sector due to the growing acceptance of the branded jewellery market. We are focusing to create awareness and education about Fura's portfolio and mining operations including the ones that will be in India. In India, Fura is actively looking for opportunities in diamonds and colour gemstones like emeralds, rubies and sapphires as a product category."
Fura, with its vision to create an employee-friendly, sustainability-driven and community-centred enterprise aims to build a sustainable, transparent and organized supply chain platform. The company plans to combine human experience with machine intelligence and provide more advanced mining support to the Indian operations team without any environmental damage.
Speaking about the opportunity, Dev Shetty further added, "India expects to woo Rs. 1 trillion ($15 billion) of investment over five years to double mining output. It has rich sources of gemstones and has favourable geological milieu which is yet to be fully explored, assessed and exploited. In line with the goal of nation building, efforts are being made to create a robust and vast system for natural resource companies by policymakers in India. The recent amendment of The Mines & Minerals (Development & Regulation Act), which governs the mineral sector is a great step towards organizing the industry and thereby opening opportunities for many natural resource companies. As India is the world's largest cutting and polishing centre, such as Surat for diamonds and Jaipur for emeralds, it relies heavily on import of rough gemstone for its jewellery consumption. Fura is looking to acquire mining projects in India and work with respective central and state governments to reduce the reliance on import of the gemstones."
"If we are able to source the licenses either via government auctions or joint ventures with existing players we will expand the team for the next phase of exploration and mining. This team will be supported by the corporate office. India has been the key market for both trade and consumer perspective; we will be adopting a two-way approach. The first approach will be to work with the trade partners who are going to be Fura's clients to source rough gemstones. This will assist them to market and promote the gemstones that they will be buying from us and hence will be more B2B focused. The second approach will still remain B2B but with partners who have a B2C presence. This is where education and training will be an important element of Fura's marketing division. We will therefore be recruiting team members starting from December 2017 this year and expanding as we start distribution of our rough gemstone to the market. We therefore see our presence in the key markets being Mumbai, Jaipur, Delhi and Surat in coming years," Dev Shetty further added.