Fura Gems, a new Toronto- and Dubai-based gemstone mining company headed by Gemfields veteran Dev Shetty, has purchased 76 percent of famed Colombian emerald mine Esmeracol for $10.2 million.
Current owner Emporium will continue to hold a 21.71 percent interest in the mine with the other 2.29 percent retained by minority holders.
According to a statement, the Coscuez emerald mine has been open for 400 years, producing some of the finest emeralds in the world. Lately, it has operated on a small-scale basis. Fura plans to modernize it and ramp up production.
Shetty, Gemfields’ former chief operating officer, is Fura’s president and CEO. In a statement, he said he plans a marketing program to promote Colombian emeralds.
Fura also has other ruby and emerald assets in Mozambique and Colombia.
(Image from Fura)