Fura Gems will acquire the ownership of the Coscuez Emerald Mine in Colombia.
On Sunday, Coscuez Emerald Mine declared that it has entered into a purchase agreement with Emporium—one that will be completed on or before December 15. Fura Gems is said to purchase 76 per cent of shares of Esmeracol S.A. at $10.2 million. Emporium will sustain its 21.71 per cent share in Esmeracol. The remainder will be shared with other shareholders.
Fura Emeralds—now known as Fura Gems—changed their name back in February when the company entered the business beyond emeralds. In an effort to continue their expansion, Fura Gems bought a big share in Esmeracol, and acquired a mining license for Cosuez in Columbia—a source that’s known for some of the best emeralds worldwide. Although it’s been operated on a smaller scale prior to Fura’s deal, the company wants to expedite the production of emeralds within six months. Fura’s goal consists of developing the mine’s infrastructure, along with improving the operations to maximize productivity and safety of its staff. With these developments, Fura wants to begin selling rough—through auctions and various other platforms—within the next 2 years. Their marketing plan will also be strategically implemented the promotion of Colombian diamonds globally. In addition, a large part of their plan will be to engage the local community about their efforts and vision.
Fura currently holds its headquarters in Toronto and Dubai. Phase one is scheduled to be completed by December 31.