In a groundbreaking announcement that has sent ripples across the global gemstone market, Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA.V, OTC: FUGMF, and FRA: BJ43) has unveiled the discovery of a truly extraordinary 25.97-carat rough emerald. Unearthed at its renowned Coscuez Colombian Emerald Mine, nestled in the emerald-rich Boyacá region of Colombia, this magnificent gemstone stands out as a testament to the unparalleled beauty and rarity that Colombian soil continues to yield. The Company firmly believes this newly discovered emerald is exceptional, distinguishing itself through its remarkable size, vivid color saturation, and impeccable clarity—qualities that are highly sought after by connoisseurs and collectors worldwide.
This significant find is a direct result of Fura Gems’ diligent and ongoing bulk sampling program, which commenced in late March 2018. The program, a critical step in assessing the mine’s potential, has already begun to surpass initial expectations. To honor its heritage and the mystical origins of these precious stones, the 25.97-carat emerald has been christened the “ÄRE Emerald.” This name pays homage to an iconic figure from ancient Colombian mythology, credited with the creation of the primary emerald sources in Colombia’s Boyacá region: the majestic Fura and Tena mountains and the life-giving Rio Minero River. The ÄRE Emerald thus carries not just geological significance but also a rich cultural narrative, connecting it to the very essence of Colombian emerald lore.
The Undisputed Prestige of Colombian Emeralds
Colombia has long been synonymous with the world’s finest emeralds, a reputation earned through centuries of producing gemstones of unmatched quality. The Coscuez Mine, one of the three legendary emerald mines in the country, holds a special place in this history, known for yielding emeralds with a distinctive, vibrant green hue and remarkable transparency. These specific characteristics are attributed to the unique geological conditions and the presence of chromium and vanadium, which impart the signature color. What makes Colombian emeralds particularly coveted is their extraordinary brilliance and often superior clarity compared to those found in other parts of the world. This consistent excellence places them at the pinnacle of the global gemstone market, making them a prime target for high-end jewelry designers, investors, and private collectors.
The discovery of the ÄRE Emerald reinforces Colombia’s esteemed position and underscores the immense potential that still lies within its ancient geological formations. For Fura Gems, operating in such a historically significant region presents both an incredible opportunity and a responsibility to uphold the legacy of quality and ethical sourcing. The Company’s strategic focus on the Coscuez Mine is a clear indication of its commitment to harnessing this potential responsibly and bringing these natural treasures to a global audience.
Fura Gems’ Vision and Early Success
Dev Shetty, President & CEO of Fura Gems, expressed immense enthusiasm regarding the discovery, stating, “We are thrilled with the discovery of this exceptional emerald in these very early stages of our bulk sampling program. The results of this program so far have well exceeded the expectations of our highly qualified management team. The quality of the ÄRE Emerald truly represents the opportunity and prestige of the Colombian emerald, which are the most sought-after emeralds in the world.” Shetty’s comments reflect a palpable excitement within the Company, validating their strategic investments and meticulous approach to exploration and mining.
The CEO also provided an update on other crucial developments, noting, “Work has also already commenced on the maiden mineral resource at Coscuez, and we are hoping to have this completed by Q4 of this year. Fura is still a Company in its infancy but I am proud of the progress that we have made till date.” This statement highlights Fura’s rapid advancements and ambitious timelines, signaling a company that is not only discovering valuable assets but also systematically working towards formalizing its resource base and establishing long-term operational viability. The maiden mineral resource estimate is a critical milestone, offering a scientific and economic assessment of the mineral deposits, which is essential for future planning, investment, and transparent reporting.
Strategic Progress in Bulk Sampling and Infrastructure
Since the inception of the bulk sampling program, Fura Gems has demonstrated impressive operational efficiency. A total of 214 tons of material have been meticulously collected and processed, yielding a significant bounty of 1,831 carats of rough emeralds. Among these, an impressive 850 carats have been identified as high-quality gemstones, indicative of the Coscuez Mine’s rich potential. While these figures are promising, the Company rightly cautions that, given the early stage of the bulk sampling, these numbers should not be considered definitive indicators of the full mineral resource. The sampling process is designed for a much larger scale, with a projected total of 30,000 tons expected to be sampled throughout the year. This comprehensive approach ensures a more accurate and reliable understanding of the mine’s overall resource potential.
Beyond the initial discoveries, Fura Gems is also laying the groundwork for sustainable and efficient operations. A key initiative involves developing a standardized grading system for Colombian rough emeralds. The Company plans to meticulously inventory all emeralds recovered from the bulk sampling program, using this data to formulate a robust and transparent grading framework. Such a system is vital for bringing consistency and fairness to the emerald market, enabling buyers and sellers to have a clear understanding of a gemstone’s quality and value. This commitment to establishing industry standards underscores Fura’s dedication to not just mining, but also to enhancing the integrity and value perception of Colombian emeralds globally.
In parallel with its exploration and grading initiatives, Fura Gems has made significant strides in upgrading its operational infrastructure. The pilot wash-plant, designed to support the bulk sampling process, is nearing completion. This plant, with a substantial nameplate capacity of 30 tons per hour, will dramatically increase the efficiency and speed of processing excavated material, allowing for a faster and more effective recovery of emeralds. The design phase for this crucial facility has been successfully completed, and the Company anticipates its commissioning on or before the third quarter of 2018. The operational readiness of this plant is a testament to Fura’s proactive approach to building a modern, efficient, and high-capacity mining operation at Coscuez.
Future Market Entry and Economic Considerations
The culmination of Fura Gems’ extensive work will lead to its anticipated market entry with Colombian emeralds. The Company has outlined a clear pathway for its first auction: once the bulk sampling program is complete, the maiden mineral resource estimate has been formalized, and the Colombian emerald grading system is firmly established, the inaugural sale of its exquisite Colombian emeralds will take place. This strategic sequencing ensures that Fura can present its offerings with full transparency, backed by robust data and standardized quality assessments. The Company projects that the first sale of these highly anticipated rough emeralds will occur sometime during the second quarter of 2019, marking a pivotal moment for Fura Gems and potentially reshaping dynamics within the high-end gemstone market.
The prospect of a new, well-structured supply of high-quality Colombian emeralds from a responsible operator like Fura Gems is likely to generate considerable interest among international buyers, jewelers, and investors. With global demand for precious gemstones remaining strong, particularly for those with verifiable provenance and exceptional characteristics, Fura is strategically positioning itself to become a significant player. The Coscuez Mine’s historical reputation, combined with Fura’s modern exploration and processing techniques, creates a compelling narrative for its upcoming sales.
Navigating Mining Risks: A Transparent Approach
While the excitement surrounding the ÄRE Emerald and Fura’s progress is undeniable, the Company maintains a responsible and transparent approach to communicating the inherent risks associated with mining operations. Fura Gems issues a crucial “Cautionary Note Regarding Mining Operations,” emphasizing that its current production decisions are not predicated on a feasibility study of mineral reserves demonstrating definitive economic and technical viability. This is a standard and important disclosure in the mining industry, especially for companies in the exploration and early development stages.
The absence of a full feasibility study means there is an increased level of uncertainty and a spectrum of potential technical and economic risks that could affect the ultimate success of the production decision. These risks are multifaceted and typically encompass areas that would be rigorously analyzed in a comprehensive feasibility study. Such analyses include detailed economic assessments of resources and reserves, specialized studies on mining and recovery methodologies, thorough market analyses to understand demand and pricing, and comprehensive evaluations of environmental and community impacts. Fura Gems’ open acknowledgment of these risks underscores its commitment to regulatory compliance and shareholder transparency, allowing investors to make informed decisions based on a realistic understanding of the project’s stage and inherent challenges. As Fura progresses, the formalization of its mineral resource and subsequent studies will provide a more detailed de-risking framework for its operations.
Conclusion: A New Chapter for Colombian Emeralds
The discovery of the 25.97-carat ÄRE Emerald at the Coscuez Mine represents more than just a single find; it symbolizes a new chapter in the storied history of Colombian emeralds and a significant milestone for Fura Gems Inc. With its strategic bulk sampling program already yielding exceptional results and critical infrastructure like the pilot wash-plant on the horizon, Fura is systematically building a foundation for sustainable and high-value emerald production. The Company’s commitment to establishing a standardized grading system and formalizing its mineral resources demonstrates a forward-thinking approach that prioritizes transparency, efficiency, and market integrity.
As Fura Gems progresses towards its inaugural auction in 2019, the global gemstone community watches with keen interest. The blend of Coscuez Mine’s legendary heritage, Fura’s modern operational ethos, and the promise of ethically sourced, high-quality Colombian emeralds positions the Company as a compelling new force in the international precious stone market. This journey, though still in its early stages and subject to the inherent risks of mining, is poised to reaffirm Colombia’s status as the undisputed source of the world’s most magnificent emeralds, with Fura Gems leading the charge into a vibrant future.