Greenland Ruby Secures $18M in Financing

SourcingMay 04, 2021

Greenland Ruby Secures $18M in Financing

The first of three rounds of funds from the Nebari Natural Resources Credit Fund is expected by the end of the month.

Greenland Ruby has secured an $18 million working capital facility, which it will use to help continue mining at its current site as well as start activity at other licensed sites.
Nuuk, Greenland—Ruby and sapphire miner Greenland Ruby has secured an $18 million working capital facility from the Nebari Natural Resources Credit Fund.

Known as Project Aurora, the financing will be spread over three tranches, Greenland Ruby said. It expects to receive the first round of funding by the end of May.

Greenland Ruby CEO Magnus Kibsgaard said the money will be used to continue mining at the current site as well as to begin activity at the company’s other licensed sites, where it has begun exploration.

The company started mining rubies and pink sapphires at Aappaluttoq in southwest Greenland in 2017 after being awarded a mining license from the country’s government.

Aappaluttoq is the first colored gemstone mine in Greenland. The current mining site is expected to have 10 years’ worth of gem-quality ruby and pink sapphire, but two other licensed mining areas will also help continue to supply the industry in the future, according to Greenland Ruby.

The company can trace each gem from mine to market through a customized inventory system that assigns each parcel of rough with a number and then gives all gems within that parcel their own individual numbers to track them through treatment, cutting, and setting.  

 Related stories will be right here … 
A portion of Greenland Ruby’s global gem sales go to its PinkPolarBear Foundation, a nonprofit organization that supports education and research into the effects of climate change in the Arctic, with a particular focus on Greenland.

Nebari Natural Resources Credit Fund, meanwhile, is a financier in the mining sector. 

“I want to thank the Greenland Ruby team, who are working extremely hard to make the company a great success,” Kibsgaard said.

“I also want to thank our shareholders who have been visionary in investing with us over the years. Greenland Ruby is dedicated to our project’s ongoing success. This financing is occurring at a pivotal moment when all eyes are on Greenland. Our responsible mining practices will pave the way for future sustainable investment and development in the sector.” 
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

IndependentsMay 17, 2021
Take a Peek Inside the New Zadok Jewelers Store

The Houston jeweler recently opened a 28,000-square-foot, two-level store.

IndependentsMay 17, 2021
Bill Boyajian Has a New Book Coming Out

“Family Business Succession Planning” covers the dynamics of working in a multigenerational business and prepping for the next generation.

MajorsMay 17, 2021
Pandora’s Head of North America Steps Down

Sid Keswani has left the jewelry company to become president of lifestyle company Centric Brands.

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.

TechnologyMay 17, 2021
JCK Launches Online B2B Jewelry Marketplace

“Jewelers Source by JCK” will help qualified buyers find new clients and conduct virtual meetings all year round.

Weekly QuizMay 14, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of May 10-14, 2021.
Take the Quiz
MajorsMay 17, 2021
Borsheims Promotes 3 on Sales Management Team

It shows the Nebraska jeweler’s new cross-department emphasis.

Policies & IssuesMay 14, 2021
Petra Reaches $6M Settlement Amid Claims of Human Rights Abuses

A report by a nonprofit documented an alleged seven deaths and 41 assaults on artisanal miners at the Williamson mine in Tanzania.

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.

AuctionsMay 14, 2021
Phillips’ New Selling Exhibition Celebrates Female Designers

It features pieces from the likes of Solange Azagury-Partridge, Suzanne Belperron, Marina B, and Silvia Furmanovich.