Fura Gems
Corporate brand
UnclaimedFura Gems is a privately held international mining company focused on colored gemstones, including emeralds, rubies, and sapphires.
Last updated August 31, 2026
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Overview
Fura Gems is a Dubai-headquartered private mining company that produces colored gemstones from operations in Colombia, Mozambique, and Australia. Founded in 2017 by Dev Shetty, the company was established around the idea that the colored-gemstone industry could be made more transparent, consistently supplied, and accountable for the origins of its stones. Its stated focus is on ethically sourced gemstones whose mine provenance can be traced through the supply chain to end consumers. The name Fura comes from the Colombian legend of Fura and Tena, figures associated with the Muisca creation story. The company expanded quickly by assembling mining assets across three major gemstone regions. In 2018, it acquired the Coscuez emerald mine in Boyacá, Colombia. In 2019, it obtained seven ruby-mining licenses in the Montepuez area of Mozambique. In 2020, it acquired the Great Northern Mining and Capricorn Sapphire mines in Queensland, Australia. This portfolio gave Fura exposure to emeralds, rubies, and sapphires across South America, Africa, and Oceania, an unusual geographic and commodity breadth for a specialist colored-gemstone producer. The company describes itself as the first and only producer of all three categories on three continents. Fura’s principal commercial model includes the extraction, sorting, marketing, and auction sale of rough colored gemstones. Its auction program generally consists of multiple sales each year, with Bangkok serving as the main auction center and Bogotá hosting Colombian-related sales. The company held its first Colombian emerald auction in March 2021, followed by a Mozambique ruby auction in September and an Australian sapphire auction in November. One 2021 Australian sale presented approximately 900,000 carats of natural rough sapphire in colors described as rare within the market. In 2021, the company reported managing approximately six million carats of Mozambican rubies and 300,000 carats of Colombian emeralds. Fura gained international attention through the discovery and sale of Estrela de FURA, a 101-carat gem-quality ruby recovered in Mozambique. The stone was announced in 2022 and sold at Sotheby’s Magnificent Jewels auction in New York on June 8, 2023, for $34.8 million. Sotheby’s presented it as the most valuable ruby ever offered at auction and the largest gem-quality ruby of its kind known at the time. The sale strengthened Fura’s profile as a producer of exceptional stones while demonstrating its strategy of using major international auctions for top-tier output. Alongside mining and sales, Fura has promoted social, environmental, and traceability initiatives. Its activities include the construction of a primary school in Napula, Mozambique; a FURA Training Academy intended to develop skills in geology, gemology, engineering, and mining; and an all-female wash plant at the Coscuez emerald project in Colombia. The company has also used blockchain-based provenance systems developed with Gübelin Gem Lab and Everledger to support traceability claims. Environmental measures described for its operations include water management, waste recycling, reforestation, and land reclamation after mining. As of 2024, Fura reportedly held nine ruby-mining licenses in Mozambique covering approximately 100 square kilometers and employed more than 1,650 people across four continents.
History
Fura Gems was founded in 2017 by Dev Shetty as a private international mining company specializing in colored gemstones. Its business concept centered on increasing the availability of ethically sourced emeralds, rubies, and sapphires while improving the ability of buyers to identify the mine origin of individual stones. The company’s name refers to Fura, a figure in a Colombian legend involving Fura and Tena and the Muisca god Are. Fura built its operating portfolio through a sequence of acquisitions and license agreements. In 2018, it acquired the Coscuez emerald mine in Colombia’s Boyacá region. The following year it secured seven ruby-mining licenses in Montepuez, Mozambique, giving it access to one of the world’s important modern ruby-producing areas. In 2020, the company expanded into Australia by acquiring the Great Northern Mining and Capricorn Sapphire mines in Queensland. These transactions established a three-continent operating model covering emeralds in South America, rubies in Africa, and sapphires in Oceania. The company’s activities extend beyond extraction. Fura sorts and markets rough stones and sells much of its production through auctions. During 2021, it held a first Colombian emerald auction in March, a Mozambique ruby auction in September, and an Australian sapphire auction in November. The Australian sale in Bangkok included approximately 900,000 carats of natural rough sapphire in uncommon colors. The auction model allows the company to reach international dealers and manufacturers while giving high-value stones access to specialized gemstone and jewelry markets. Fura’s most prominent discovery was Estrela de FURA, a 101-carat gem-quality ruby mined in Mozambique. The company announced the discovery in 2022. In June 2023, Sotheby’s sold the ruby in New York for $34.8 million. The auction house characterized it as the most valuable ruby ever offered for sale, making the stone a major public milestone for both Fura and Mozambique’s ruby industry. The company has also developed programs connected with local development, workforce training, gender inclusion, and provenance. In Mozambique, it supported the construction of a primary school in Napula. Its FURA Training Academy provides mining-community and employee training in areas such as geology, gemology, and engineering. At Coscuez in Colombia, it established an all-female wash plant, described as a first in the mining and gemstone sectors. For traceability, Fura has used blockchain-related systems developed with Gübelin Gem Lab and Everledger. It has additionally described water-management, recycling, reforestation, and post-mining land-reclamation measures as part of its environmental approach. By 2024, Fura was reported to hold nine ruby-mining licenses in Mozambique covering approximately 100 square kilometers. Its broader portfolio remained centered on Colombian emeralds, Mozambican rubies, and Australian sapphires, with the company headquartered in Dubai and employing more than 1,650 people across four continents. Publicly available reference material does not establish a stock-market listing, a parent company, or a current executive roster beyond the company’s founder.
- 2024
Mozambique license portfolio reaches nine licenses
[1]Fura is reported to hold nine ruby-mining licenses in Mozambique covering approximately 100 square kilometers.
- 2023
Estrela de FURA achieves a record auction result
[1]Sotheby’s sells the ruby for $34.8 million in New York and identifies it as the most valuable ruby ever offered at auction.
- 2022
Estrela de FURA ruby announced
[1]Fura announces the discovery of a 101-carat gem-quality ruby from Mozambique.
- 2021
First Colombian emerald auction
[1]Fura conducts its first Colombian emerald auction and subsequently expands its auction calendar to Mozambican rubies and Australian sapphires.
- 2020
Expansion into Australian sapphire mining
[1]Fura acquires the Great Northern Mining and Capricorn Sapphire mines in Queensland, Australia.
- 2019
Mozambique ruby licenses acquired
[1]The company obtains seven ruby-mining licenses in the Montepuez area of Mozambique.
- 2018
Acquisition of the Coscuez emerald mine
[1]Fura acquires the Coscuez emerald mine in Colombia, giving the company a major South American emerald asset.
- 2017
Fura Gems is founded
[1]Dev Shetty establishes Fura Gems as a private company focused on ethically sourced and traceable colored gemstones.
Products and positioning
A vertically oriented, internationally diversified colored-gemstone mining company positioned around ethical sourcing, mine-to-market traceability, consistent supply, and the production of exceptional emeralds, rubies, and sapphires.
Emeralds · 2018
Colombian emeralds
Rough emeralds produced through Fura’s Coscuez project in Boyacá, Colombia. The company markets these stones through its auction and international sales activities and emphasizes mine-origin traceability.
Rubies · 2019
Mozambican rubies
Rough rubies extracted from Fura’s licensed operations in the Montepuez region of Mozambique. This is the company’s most prominent gemstone category by public profile, including the exceptional Estrela de FURA ruby.
Sapphires · 2020
Australian sapphires
Natural rough sapphires produced from Fura’s Queensland mining assets, including the Great Northern Mining and Capricorn Sapphire operations. The stones are sold into international colored-gemstone markets, including through auctions in Bangkok.
Exceptional ruby · 2022
Estrela de FURA
A 101-carat gem-quality ruby recovered in Mozambique and announced by Fura in 2022. Sotheby’s sold it in 2023 for $34.8 million and described it as the most valuable ruby ever offered at auction.
Marketing campaigns
- FURA Training Academy
Colombia · Mozambique · Australia
A workforce and community-development initiative providing training related to geology, gemology, engineering, and mining.
Outcome. The initiative is intended to expand technical skills among employees and people in mining communities; a quantified outcome is not stated in the reference material.
- Napula primary school project
Mozambique
Fura supported construction of a primary school in Napula as part of its community activities around its Mozambican operations.
Outcome. The project was intended to support local education; enrollment or completion figures are not stated.
- Coscuez all-female wash plant
Colombia
Fura established an all-female wash plant at its Coscuez emerald project in Boyacá.
Outcome. The initiative was presented as a pioneering gender-inclusion effort in the mining and gemstone industries.
- Gemstone provenance and traceability program
International
Fura implemented blockchain-related traceability technology developed with Gübelin Gem Lab and Everledger to document the mine origins of gemstones.
Outcome. The program supports the company’s ethical-sourcing and provenance positioning; independent performance metrics are not stated.
Brand decisions
2022
Present Estrela de FURA as a signature rubyProduct launchBackground
The recovery of an unusually large gem-quality ruby created an opportunity to position Fura’s Mozambican production in the high-value auction market.
Action taken
Fura unveiled and named the 101-carat stone Estrela de FURA.
Aftermath
The ruby was subsequently consigned to Sotheby’s and achieved a $34.8 million sale in 2023.
Auction sale price. $34.8 million (June 8, 2023)
2021
Establish a recurring gemstone auction programStrategyBackground
Fura sought to commercialize rough stones through organized international sales rather than relying only on private transactions.
Action taken
It launched auctions for Colombian emeralds, Mozambican rubies, and Australian sapphires, with sales conducted primarily in Bogotá and Bangkok.
Aftermath
The auction program became a central route for presenting Fura’s rough colored gemstones to international buyers.
2020
Acquire Queensland sapphire assetsM&ABackground
Fura aimed to complete a portfolio spanning emeralds, rubies, and sapphires across three continents.
Action taken
The company acquired the Great Northern Mining and Capricorn Sapphire mines in Queensland, Australia.
Aftermath
The transaction added Australian sapphire production and completed the three-category, three-continent operating model described by the company.
2019
Expand into Mozambican ruby miningStrategyBackground
The company’s strategy called for exposure to multiple colored-gemstone categories and producing regions.
Action taken
Fura obtained seven ruby-mining licenses in Montepuez, Mozambique.
Aftermath
Mozambique became the company’s principal ruby-producing jurisdiction and later supplied the Estrela de FURA stone.
2018
Acquire the Coscuez emerald mineM&ABackground
Fura sought to build a multinational colored-gemstone portfolio beginning with a Colombian emerald asset.
Action taken
The company acquired the Coscuez emerald mine in Colombia.
Aftermath
The acquisition established Fura’s Colombian emerald business and its first major operating asset described in the reference material.
Recent events
Reported
FURA Gems partners with Cognecto on Australian mining operations[2]
FURA Gems announced a partnership with Cognecto to apply equipment monitoring and analytics technology to FURA’s Australian mining operation. The companies said the effort aims to improve operational efficiency, sustainability and productivity and decrease the operation’s carbon footprint.
Sources2 sources
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