Sourcing

Fura Gems Completes Colombian Emerald Mine Acquisition

SourcingJan 23, 2018

Fura Gems Completes Colombian Emerald Mine Acquisition

The Toronto-based company now will work on modernizing the famed Coscuez mine.

Fura Gems has acquired 76 percent of Esmeracol S.A., which wholly owns the license to mine at the famed Coscuez emerald mine in Colombia.

Toronto--Fura Gems announced it has completed the acquisition of the famed Coscuez emerald mine in Colombia.

Fura paid $2.5 million to Emporium upon closing for a 76 percent stake in its subsidiary Esmeracol S.A., which owns the mining license for Coscuez.

Emporium will continue to hold a 20 percent stake. (Various other parties own the remaining 4 percent.)

Under the terms of the share purchase agreement, Fura has agreed to additional payments of $2 million on the 12-month anniversary of the closing, $2.50 million on the 24-month anniversary and $3 million on the 36-month anniversary.

Fura also will assume certain expenses of Esmeracol not exceeding $5 million.

The acquisition gives Fura a second major gemstone project, adding to its portfolio that also includes Mozambican rubies.

Covering an area of 46 hectares (almost 114 acres), Coscuez has been the source for some of the finest emeralds in the world.

It has been operated largely on a small-scale basis up to now, but Fura said it will modernize the mine, with the goal of ramping up production of emeralds within six months of the deal closing.

Fura told National Jeweler when the deal was first announced that its plan is to start selling rough within 18 to 24 months. The rough emeralds will be sold via organized platforms, mainly through auction.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

CollectionsJun 18, 2021
Piece of the Week: Colette’s Rainbow Eye Pendant

It’s a new addition to the designer’s charm collection.

FinancialsJun 18, 2021
Jewelry Sales Surge in May, Says Mastercard

U.S. jewelry sales were up more than 200 percent year-over-year in May while also exceeding pre-pandemic levels.

Recorded WebinarsJun 17, 2021
Watch: How to Ace the Branding Game

Simon Mortimer offers must-know branding basics for companies that are just starting out or looking for a refresh.

Brought to you by
How to Engage and Sell to Millennials

Millennials were once feared in the diamond industry, but now this younger generation has become today’s largest diamond buying demographic.

CollectionsJun 17, 2021
Foundrae Has an Epic Charitable Giveaway in Honor of Juneteenth

All proceeds of “Juneteenth Medallion” sales, as well as raffle tickets, benefit organizations that support BIPOC.

Weekly QuizMay 20, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of June 14-18, 2021.
Take the Quiz
MajorsJun 17, 2021
Mall Owner Washington Prime Group Files for Chapter 11

The company is implementing a restructuring plan after struggling amid the COVID-19 pandemic.

TrendsJun 17, 2021
Amanda’s Style File: For the Fellas

In honor of Father’s Day, Amanda Gizzi rounds up gifts for Dad.

Brought to you by
A New Golden Age

Gold has had its share of ups and downs over the last 5 decades. Here’s why the metal is having another big comeback.

Events & AwardsJun 17, 2021
Jewelers for Children Brings Back Live Events in Vegas, Dallas

There will also be a virtual component for those not in attendance.

×