Editor’s Note
This article examines the remarkable turnaround of Colombia’s Coscuez emerald mine under its new ownership. From a near-defunct operation, the project now aims to become the world’s largest emerald source, highlighting a significant shift in the region’s mining fortunes.
The company operating in Coscuez, Boyacá, expects to consolidate profitability this year.
Until before the pandemic, the operation of the Coscuez emerald mine was practically dead.
This is how Dev Shetty, CEO and founder of Fura Gems, the current owner of the Coscuez mine in Boyacá, recalls it. The outlook now, five years after its foray into Colombian territory, is very different. Shetty points out that they are working to make this project the world’s largest emerald mine by next year.
The company has undergone a radical change in recent years. Even during the pandemic, they managed to maintain operations, guaranteeing income for the company’s employees.
explains the entrepreneur of Indian origin.
Furthermore, they have implemented a gender equity strategy that allows them to show results such as that today 17% of their payroll is made up of women and
Currently, the mine generates 700 jobs: 450 direct and 250 through contractors. Last year it already reached profitability, and in these five years of operation, it has paid nearly $41 billion in taxes and royalties.
Upon arriving in the area in 2017, Fura Gems had to face difficulties, as it only had an operating license for three additional years and was considered a small-scale project.
So any strategy to continue operations implied an enormous challenge and a high-risk bet.
Between 2018 and 2019, they conditioned the mine to bring it to adequate levels of operability and safety. In 2019, they began social impact studies and then geological analyses.
In the end, they obtained authorization for a Work and Construction Plan (PTO) for 30 years and the extension of the environmental license for 30 years.
Shetty confirmed.
The entrepreneur explained that while their core business is the exploitation and sale of rough emeralds, they have also included marketing services.
he commented. For him, the most important aspect of these services is that they help clients establish what type of product they actually want. Furthermore, they guarantee the full traceability of the gems that come from their mines.
The commercialization process takes place through a sales platform they have built within the company.
Currently, Fura Gems has 1,600 employees globally and has clients in Colombia, India, Bangkok, China, Germany, Israel, and the United States.
To date, they have conducted three auctions in the last three years, and the fourth will take place between June 14 and June 18 in Bogotá.
he stated.
Within their social impact strategy, the company highlights that during the height of the pandemic, they maintained jobs and salaries despite a long period of operational closure.
Additionally, they have delivered food packages to 4,000 community members and hope to reach 10,000 in the coming years.
Similarly, they have created the Fura Training Academy, which aims to offer training courses to residents in their area of influence. They offer training courses not only in mining topics but also in 22 other activities such as poultry or pig farm development and carpentry.
Globally, the company has achieved several milestones. The most important of these is the extraction of the world’s largest ruby gemstone. This is the Fura Star, a ruby weighing 55.22 carats, which will be auctioned in New York in June. The jewel is estimated to be worth close to $30 million.