Sourcing

Inaugural Tender for Coscuez Rough Emeralds Slated for March

SourcingFeb 17, 2021

Inaugural Tender for Coscuez Rough Emeralds Slated for March

Bonas Group will host viewings of Fura Gems’ material in Dubai, then Bogota, to allow access to buyers across the world amid travel restrictions.

A sample of rough material from Fura Gems’ Coscuez emerald mine in Boyacá, Colombia
Dubai—Brokerage and consultancy firm Bonas Group is set to host another inaugural emerald tender this spring, selling rough emeralds from Fura Gems’ mine in Colombia for the first time next month.

Fura completed its acquisition of the Coscuez mine—located in the Muzo emerald district in Boyacá, Colombia—from Emporium in early 2018 and started its underground drilling phase, a first for the historic site, not long after.

Though Fura did not reveal how many carats would be up for offer during the tender, they did say the quantity would be large, covering high, mid and commercial quality, with several significant pieces.

Viewings for the tender’s goods will start in Dubai, where Fura is based, at the Dubai Diamond Exchange in the Almas Tower from March 2-7. They will then follow in Bogotá, Colombia, from March 15-19 (with exact details to come) to allow local Colombian and North American manufacturers access to the material amid travel restrictions.

The viewings will be held in accordance with local COVID-19 health and safety policies.

Bonas will handle the KYC (know your customer) process for buyers, as well as invoicing, payment, and will host the bidding for the material online.

For more information or to schedule an appointment, contact Bonas Group’s Didier Backaert at +32 3 233 70 80 or didierbackaert@bonasgroup.com.

Fura’s license to mine at Coscuez was just extended for 30 years, and the company also increased operations, changing its status from a mid-scale miner to a large-scale miner and allowing them to mine as much as 170,000 tons of ore per year, President and CEO Dev Shetty told National Jeweler recently.

The company has spent some time recently adding mining equipment and a new washing plant as well as hiring the manpower needed for such an expansion. They now employ nearly 600 people at the mining site.

Fura is targeting 300,000 carats of rough emerald mined at Coscuez in 2021.

The Bonas/Fura tender runs closely to another featuring rough emeralds. Grupo Belmont is also slated to start selling material from its Belmont mine in Minas Gerais, Brazil, via its first tender next month.
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

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