Fura Signs Guaranteed Ruby Supply Deal
November 07, 23
(IDEX Online) - Gemstone miner Fura Gems has agreed a pioneering deal to provide Bangkok-based China Stone with a guaranteed supply of premium rough rubies from its Montepuez mine, in Mozambique.
It will allocate 0.25-ct to 0.75-ct gems for the next three years, allowing China Stone to improve production planning for watch and jewelry manufacturers.
Dev Shetty, Fura's CEO, says the deal is the first of its kind in the colored gemstone mining industry.
"Like the diamond industry, the assurance of a consistent supply of coloured gemstones will significantly boost demand from brands, large retailers, and manufacturers," he said. "We are proud to share our exceptional rubies with the world through this collaboration."
Li Chongjie, CEO of China Stone, said: "Consistent supply of coloured gemstones has been a significant challenge, and we believe this collaboration will not only eliminate this challenge but also assist our clients in planning their production well in advance to meet the demand."
Dubai-based Fura also mines emeralds in Colombia and sapphires in Australia.
In June it sold the world's largest gem quality ruby, the 55.22-carat Estrela de Fura, for a record $34.8m at Sotheby's New York.
Pic courtesy Fura Gems