Editor’s Note
Fura Gems is making a significant push in the emerald sector, having already invested $100 million into its Coscuez mine since 2018. The company now plans to commit a similar sum in 2024 to develop what it aims to be the world’s largest emerald mine, underscoring a major expansion of its operations.
Investment and Expansion Plans
After purchasing the Coscuez emerald mine in 2018, Fura Gems has invested US$100 million in its infrastructure and will allocate a similar amount to build the world’s largest emerald mine in 2024.
CEO’s Vision and Company Growth
Dev Shetty, global CEO of the company, explained to Portafolio that this year they will hold two auctions and expect to hold three next year.
“What has changed from 2017 to 2023 is that Fura has grown globally. We own 100% of the Coscuez mine, we also own 100% of a ruby mine in Mozambique, and by the end of this year we will be the largest ruby producer. We are also located in Australia for sapphire extraction and are opening in Madagascar for extraction of this stone starting today. We remain the only company in the world that has the three main colored gemstones: emerald, ruby, and sapphire. Not only that. All three companies are generating revenue, and all three companies are moving towards our goal, which is to be the global leader.”
Transformation at the Coscuez Mine
“I am very happy because things have gone remarkably well. In 2018, when we first arrived here, we saw that the local tradition was that people were not paid salaries and whenever there was emerald production, they received low-quality emeralds as payment. Furthermore, women were not allowed to enter the mine because they were not considered lucky. It was a shock because I am a great advocate for women in mining. Now we have a completely different story, we have 700 people working for us, 450 on payroll, of which 17% are women and we want to bring it to 25% very soon.”
When they first arrived, the mine had a contract for only three years; the license expired in 2021. It was classified as a small-scale mine from an environmental point of view, but in 2020 they extended their lease for 30 years and by 2021 they obtained an environmental license to build this large-scale mine.
“Technically we have all the tools in our hands to build this mine. This excitement has come now that we have the title for 30 years so we are going to stay here for at least that number of years, because I believe geologically Coscuez has a life of more than 200 years, that we have proven internally.”
Investment and Production Goals
“We have invested more than US$100 million in the business. We feel that now we are ready to take the next big leap in emerald extraction. Now I can confidently tell you that by the end of 2024, Coscuez will not only be the largest Colombian mine, but it will also be the world’s largest emerald mine in dollar value.”
Community Relations and Development
“While we try to become the world leader in the emerald mining industry, what has become very important is to bring the community to our side. That has been a very important element since the year we started; the first thing we did in 2018 was not geology, but a comprehensive baseline study. We did that project for eight months and in that period we had about 95% community acceptance and we came to know what their expectations are and what they want and how they want the project to succeed.”
They have already started conversations with the mayor to launch a university in Borbur, because the government is doing a brilliant job with primary and secondary school, but after that many of these children leave school. They believe the next leap must be university. They want to launch it this year in July. It already has all the infrastructure, they will immediately send a letter to the Government and start listening to a couple of universities to be their extended arm.
Addressing Opposition and Production Capacity
“There are certain people with their own interests, polluting the minds of my community members, and they come with the silly excuse that they are ancestral miners and traditional miners. I told the government that a traditional miner does not have $2 billion to invest in the tunnel. I think this is an extremely delicate issue; they need to increase security and build their mines properly.”
“Colombia now produces approximately 2 million carats per year, which is less compared to its counterpart in Zambia. I believe that by the end of 2024 we should be 50% of Colombian emerald supply, we aim to cross 1.2 million carats. We have already invested approximately US$100 million and we have already loaded an additional investment of approximately US$110 million into the project.”
Auction Schedule
“This year in June there is an auction and in December an auction is set, because now production is on track. I think we will have two this year and, if all goes well, we will start having three auctions next year.”
