Setting a new precedent for rubies, emeralds and the colored gemstone industry, and it’s free.
The legend of Fura and Tena is a part of the cultural heritage of the area of exploitation of emeralds in Colombia and there are two mountains that represent them: 840 meters of height (Tena) and 500 m (Fura). They are a pride and a sign of the natural richness of the region. The legend is part of pre-Columbian stories that have been preserved over time thanks to the oral tradition of the people of the region.
Fura Gems Inc. (TSXV: FURA) is a gemstone mining and marketing company. Fura Gems has been inspired by what was the husband and wife legend of Fura and Tena where they were “joined together as one”, and the cultural heritage it represents in Colombia.
Together with their trusted partners, Fura’s initial focus includes mining ruby assets in Mozambique and emeralds in Colombia. The company also markets gem treasures across reliable global selling platforms.
Gemstones sell for very high prices on the global market
Coscuez Emerald Mine Colombia
Colombia is the source of the world’s finest emeralds and accounts for 50% of the value supplied in that market. In 2017 Fura agreed to purchase 76% of the Coscuez Mine. Historically one of the world’s most significant emerald mines, having been in operation for over 400 years. It covers an area of 46 hectares that includes exclusive rights for the exploration, construction and mining of emerald deposits as granted by the Government of the Republic of Colombia.
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Fura’s Mozambique Ruby Licenses
Mozambican rubies currently account for approximately 50% of the world’s current ruby production. Deposits have been considered to be the largest found in recent decades. Fura holds an 80% effective interest in four ruby licenses in the Montepuez District of Mozambique. Strategically located they comprise of 39,424.51 hectares covering five concessions of highly prospective ground. Initial findings from the existing artisanal pits show both primary and secondary mineralisation with higher and lower quality rubies.
Provenance Proof Blockchain launched
On February 11, 2019 Fura piloted the Provenance Proof Blockchain for the colored gemstone industry. This is designed to promote industry transparency and is available to stakeholders across the colored gemstone supply chain, free of charge. It is the first colored gemstone blockchain, open to everyone in the gemstone industry and uses software that is free of charge and can be accessed via a smartphone.
This technology has been successfully applied to the diamond industry and will be a groundbreaking addition to the colored stone industry that will set a new precedent for best practices and responsibly sourced emeralds globally. Fura’s initiative will be part of a wider strategy to provide a consistent and transparent supply of colored gemstones to the market.
Dev Shetty, President & CEO of Fura, commented: “We firmly believe that the application of blockchain technology to the colored gemstone industry will raise best practices and serve the entire supply chain. This is also a significant moment for Fura and Colombia, as we have the opportunity to set a new precedent for responsibly sourced emeralds, and Fura is proud to have supported this project from its inception.”
Fura’s management is highly experienced in gemstones (rubies and emeralds) in Mozambique and Zambia, with over 75 years combined experience. Management expects the Company to be producing positive revenue by Q2 2019 from Colombia, and Q3 2019 from Mozambique.
Fura is committed to bringing a consistent supply of responsibly sourced colored stones to the international market. Using blockchain technology in this way, consumers and retailers are now able to connect more with the emeralds they buy and to select suppliers according to their values. The Colombian emerald industry is transforming itself into a global leader for responsible sourcing in the colored gemstone industry, aided by blockchain technology. And it’s free.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>