The Art of Gemstones: FURA Gems’ Global Impact on the Luxury Market

FURA Gems has catapulted itself to be the leader in coloured gemstones rapidly by promoting ethical mining and excellence in the production of gems. Since 2017, FURA has been remarkably successful at sourcing and selling the most prized coloured gems like emeralds, rubies, and sapphires. Headquartered in Dubai, United Arab Emirates, and spanning three continents, FURA makes ripples not only in the gemstone business but also in new benchmarks for transparency, sustainability, and quality.

FURA Gems was founded by Dev Shetty to revolutionize the coloured gemstone market by providing the consumer with directly mined, traceable, and ethically sourced gems from their mines. In just a few years, the company has built itself quite an exciting portfolio of mining assets, including operations in Colombia, Mozambique, and Australia. In 2021, FURA’s mining efforts produced around six million carats of Mozambican rubies and 300,000 carats of Colombian emeralds, establishing the company as one of the leading producers of colored gemstones globally.

In 2022, FURA hogged the headlines with the “Estrela de FURA” ruby, the largest gem-quality ruby ever mined. Weighing in at an impressive 101 carats, it was sold through an auction by Sotheby’s in 2023 for $34.8 million-the largest price ever achieved for a ruby. A sale of such magnitude catapulted FURA into the lead as one of the critical players making waves in the luxury gem market. Its operations cover three continents that give the company a kind of exclusivity in the production and sale of colored gemstones. FURA produces its rubies and sapphires in Australia and Mozambique, respectively, while its emerald operations are found in Colombia. No other company is producing all three major colored gemstones on a global scale, a position FURA has taken singly for its advantage. This strategic presence has enabled the company to control key markets and serve a wide range of international buyers through a variety of gem auctions scheduled throughout the year.

Auctions are a part and parcel of FURA’s business model, through which the top-quality gems are offered to industry professionals and luxury buyers. The company hosts around eight auctions every year in mainly international hubs for the trading of gemstones, including Bangkok and Bogotá. FURA’s auctions have become a huge source of excitement for the entire gemstone industry. FURA generally gives collectors and investors the chance to view rare and prized stones when offering such gems at each of the auctions.

FURA Gems is also very dedicated to corporate social responsibility and sustainable mining practices. The company has undertaken several activities to benefit the communities it operates within. For example, in Mozambique, it enabled education for locals by providing a primary school, and in Colombia, the FURA only established an all-female wash plant located at the Coscuez emerald mine-an industry first for the gemstone industry. These projects demonstrate FURA’s commitment to empowering grassroots communities and empowering women for the cause in traditionally male-dominated industries.

In its other pioneering initiative, FURA Gems is leading innovation in the gemstone world with traceability of its gems. The company uses block chain technology developed by Gübelin Gem Lab and Everledger to ensure traceability of each journey of its gemstones from mine to market while being transparent in ethical sourcing. This has, on both counts, raised the reputation level of FURA but also set a new industry standard altogether.

The company sets out to have minimal environmental footprints, including the implementation of water management and recycling of waste at its mine sites. It reforests and reclaims land after closing its mines, in an endeavour to return the sites to its natural landscape as much as it can. Keeping in view the expansion, FURA Gems will continue to focus on producing world-class colored gems while remaining on the ethical, sustainable, and responsible approach towards community development. The newly established operations outside Sri Lanka have been changing the face of the gemstone industry with a global approach, igniting the way towards hand-in-hand luxury and responsibility walking together.

FURA Gems is much more than a mining company; it is the pioneer shaping tomorrow’s coloured gemstone market for investors, collectors, and gem enthusiasts alike.