Inspenet, May 30, 2023
The Coscuez emerald mine, located in Boyacá, Colombia, is experiencing an amazing renaissance under the management of Fura Gems , a leading company in the sector.
Despite being virtually idle before the pandemic, this historic mine has been transformed into a thriving and ambitious project.
Dev Shetty, CEO and founder of Fura Gems, recalls the challenges they faced entering Coscuez five years ago. Back then, the mine was on the brink of closure, with employees not being paid. However, Fura Gems took bold steps and took responsibility for revitalizing the operation.
“Our arrival in Coscuez was a beautiful story. This mine was practically dead. It had been suspended. Many people were working without being paid. When we arrived, we put them all on the payroll,” said Shetty, a businessman of Indian origin.
In addition to its efforts to maintain existing jobs, Fura Gems has implemented a gender equity strategy at the mine. Currently, 17% of the company’s payroll is made up of women, and it is important to note that Fura Gems is the only emerald company in the world, not only in Colombia, that has an entirely female team in its washing plant. This inclusive approach has strengthened diversity and demonstrated Fura Gems’ commitment to equal opportunity.
In terms of job creation, the Coscuez mine currently provides work for 700 people, including direct employees and contractors. Last year, it managed to achieve profitability, which shows the effectiveness of the strategies implemented. During the last five years, Fura Gems has contributed significantly to the Colombian economy by paying around $41 billion in taxes and royalties.
The renaissance of the Coscuez mine was not easy. When Fura Gems arrived in the area in 2017, it only had a three-year operating license and was considered a small-scale project. Overcoming this hurdle and proceeding with the operation involved a significant challenge and considerable risk. However, the company dedicated itself to conditioning the mine and conducting studies to ensure adequate operability and safety. Finally, they obtained authorization for a Works and Works Plan (PTO) for 30 years, as well as an extension of the environmental license for the same period.
Looking to the future, Fura Gems has big plans for the Coscuez mine. Shetty ratified his commitment by stating: “By December 2024, I can assure you that Coscuez will become the largest emerald mine in the world in terms of value.” This ambitious target demonstrates the company’s confidence in the mine’s potential and its determination to assume a leading role in the emerald industry.
Fura Gems expands its business focus: from the exploitation of emeralds to marketing services and gem traceability
While the mining and sale of raw emeralds is the core of Fura Gems’ business, the company has diversified its services to include marketing strategies. His focus goes beyond simply facilitating the marketing of the product; they also strive to help clients establish their preferences and needs, providing specialized marketing advice. In addition, Fura Gems guarantees the complete traceability of the gems that come out of its mines, ensuring the transparency and authenticity of its products.
To facilitate marketing, the company has developed an online sales platform that has been successful in attracting customers both nationally and internationally. Currently, Fura Gems has clients in Colombia, India, Bangkok, China, Germany, Israel and the United States, consolidating its global presence in the emerald market.
The jewel in the crown: Fura Gems prepares to auction the world’s largest ruby, estimated at USD 30 million
Globally, Fura Gems has achieved significant milestones in the gem industry. One of them is the extraction of the Estela de Fura, the largest ruby in the world, weighing an impressive 55.22 carats. This priceless jewel will be auctioned in New York in June, and its price is estimated to exceed USD 30 million. This achievement highlights Fura Gems’ prowess and excellence in the field of gemstones.
Source : Mining Country
Cover photo : Shutterstock
Internal photo : Envato
Don’t miss the Inspenet News at: https://inspenet.com/inspenet-tv/
Loading...
