Toronto's Fura Gems eyes Indian expansion

By

Isabelle Crossley

Published
Nov 8, 2017

The gemstone mining and marketing firm from Toronto, Canada, Fura Gems is looking to expand into India.

After recently buying up an emerald mine in Colombia, Fura Gems is keen to enter the Indian market as soon as possible. “In India, Fura is actively looking for opportunities in diamonds and colour gemstones like emeralds, rubies, and sapphires as a product category,” said the President and CEO of Fura Gems, Dev Shetty. “We will also try to invest in gem mines whenever anything is put on auction by the Indian government. If we are able to source the licence either via government auctions or joint ventures with existing players, we will expand the team for the next phase of exploration and mining. This team will be supported by the corporate offices coming up in India,” Shetty elaborated. This means that Fura Gems may soon have a large presence in the Indian gem and jewellery sector.

India is in the top three jewellery consuming countries in the world and, although the gem and jewellery market currently lacks a high level of organisation, this is changing fast. The change is both fuelled by new government regulations such as the new compulsory hallmarking for gold jewellery and an increase in the popularity of branded jewellery which sits in the organised section of the market.