Dubai, UAE – Fura Gems Inc., (“Fura” or “Company”) a gemstone mining and marketing company based in Toronto, Canada has established its administrative headquarters in Almas Tower, the heart of DMCC (Dubai Multi Commodities Centre), Dubai, UAE
Fura is thefirst gemstone mining and marketing company to beheadquartered in the DMCC, Dubai
Almas Tower, DMCC is strategically chosen as Fura’s administrative headquarters, to benefit from access to key industry players, best in class logistical facilitation, security and connectivity
The company supports UAE’s Vision 2021: to be amongst the best countries in the world by nurturing local talent (gemstone services) on a global scale
Fura’s connection to Colombia’s emerald sectoris aligned with UAE’s recent initiative to strengthen ties with the South American countries in various trade, economic, tourism and investment
Furais listed on the TSXVenture Exchange with ticker FUR.V. Fura’skey strategy is acquisition, exploration, mining in the known gemstone belts and then market the portfolio gemstones on a global platform.Fura has acquired controlling interest in Ruby mines in Mozambique and an operating Emerald mine in Colombia.Dubai was strategically chosen to establish its administrative headquartersfor number of reasons including:
DMCC isstronglypositioned in the global gemstone sector from a trade facilitation and security perspective
Dubai been a central geographic location will provide an easy access to as key consumer markets within the Middle East, India and China and to also to all parties and services involved i.e. mines, gemstones and jewellery manufacturers and potential buyers
An easy access to the skilled force coupled with a world-class infrastructure provided by Almas Tower, will help Fura to establish a central hub to create a platform from grading to selling of rough gemstones. Fura also intend to open its first treatment facility for rough rubies in Dubai
Led by a team of experienced professionals with a combined 50 years of industry experience and the past credibility of spearheading and creating the operations and marketing forworld’s largest emerald and ruby mines – KagemEmerald Mine in Zambia and the Montepuez Ruby Mine in Mozambique – the Fura’s team is made up of some of the best in the industry.
Although the firm has only started operations in May 2017 by building up its executive management team, Fura has already ramped up operations and announced the acquisition of:
Fourruby licenses in the Montepuez District in Mozambique in September 2017, followed by commencement of drilling in October 2017;
A majority interest in the Coscuez Emerald Mine in the Boyacá district in Colombia in October 2017. A notable achievement as the CoscuezColombian Emerald Mine, has been the source for some of the finest emeralds in the world for over 400 years
Furaalso plans to include other gemstones in its portfolio. Key management team members based in Dubai are:
Dev Shetty, President and CEOAshim Roy, Vice President, Operations
Rupak Sen, Vice President, Marketing and Sales
- Mohammed Najah, Deputy Product Manager
In both Mozambique and Colombia, Fura will focus in the exploration, mining, extraction and initial grading process on the ground before sending the gemstones to Dubai. Fura will centralise post-mining activities in Dubai where they will undergo final gradingbefore the Rough gemstone is sold via organised platform mainly auctions to gemstone and jewellery manufacturers. Fura will also plan to set-up a Ruby heating treatment facility in Dubai, which will also act as an anchor to create an awareness and education amongst the industry player and consumer about the disclosure requirements for any treatment process in gemstones in particularly rubies. Fura’s global marketing platform will be in Dubai whereby it plans to manage the marketing strategy for its respective jurisdiction.
Further, a central component to the firm’s business practices; all operationsheld in mines are executed with full transparency and involvement of the local communities. With both Colombia and Mozambique, the firm will significantly invest to establish and operate a best practice mining method to improve geological knowledge, productivity, turnover, employee morale, and include community as part of its strategy
“We are proud to be associated with DMCC and in particular to be headquartered inAlmas Towerwhich with world class infrastructure including security provides “one-stop destination”for all our portfolio gemstones from grading to selling. Added to this Dubai with its great connectivity providesan easy access to our clients based in Asia, Europe and Americas”, said Dev Shetty, President and CEO, FuraGems Inc.
When starting Fura, it was paramount to create a team of professionals equipped with industry intel and hands on experience to effectively execute the company’s mission. Setting a precedent for best practices in the mining industry keeping transparency, sustainability, and community engagement at the forefront of everything we do,”continued Mr. Shetty
Commenting on Fura’s operations in Dubai and DMCC, Ahmed Bin Sulayem, DMCC, Executive Chairman said:
“We welcome Fura’s decision to move their operational headquarters to Dubai and DMCC, especially as it will enable their team to further harness their Latin America and Colombia strategy – and connect into Asia and Europe. As a leading diamond hub with end-to-end services for the industry, we are honoured to have been chosen as Fura’slaunchpad and home as they embark on this journey”