Fura Gems eyes 8-10% global mkt share in coloured stones in 3 yrs

Canada-listed Fura Gems Inc, a new gemstone mining and marketing company, is eyeing 8-10 per cent share in the global USD 2-billion coloured stone market in three years, a top company executive said.

"We are a new company and own an 80 per cent effective interest in four ruby licences in Mozambique. We also own 76 per cent shares in Esmeracol S A, which wholly owns the Coscuez emerald mine in Colombia.

"We expect our first auction in the first quarter of next financial year," Fura Gems Inc Vice President - Marketing and Sales, Rupak Sen told PTI here.

The company is targeting 8-10 per cent share of the USD 2 billion global coloured stone market in three years, he added.

The coloured stone segment is mostly unorganised and Gemfields is the only organised player enjoying USD 200 million market share.

As India is the world's largest cutting and polishing centre, with Surat in Gujarat for diamonds and Jaipur in Rajasthan for emeralds, Fura Gems has already started dialogue with major players in the Pink City, the coloured stones hub in the country, and by October-November will begin its auction, he said.

Sen said the company is also in talks with major laboratories globally as well as in India for certification as the company certifies its very high-end stones.

India is seeing a steady growth in demand for coloured gemstones driven by millennials, who are preferring a lot of colour in their jewellery.

"Besides a growing preference to add more colour in their jewellery, the millennials also are finding it affordable making coloured stones more attractive for them," Sen added.

The company also plans to pursue various gemstone mining projects in India.

India has rich sources of gemstones and has favourable geological milieu, which is yet to be fully explored, assessed and exploited, he said, adding the company is exploring mining licences in the country.

He said the recent amendment of the Mines and Minerals (Development and Regulation Act), which governs the mineral sector, is a great step towards organising the industry and opening opportunities for many natural resource companies.

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, Sen added.