Fura Gems Signs Ruby-Supply Deal with Manufacturer

November 8, 2023
Anthony DeMarco

Gemstone miner Fura Gems will supply rough rubies to manufacturer China Stone, the two companies announced last week.

Under the agreement, Fura will provide China Stone with 0.25- to 0.75-carat stones from its ruby mining operation in Mozambique’s Cabo Delgado province for an initial period of three years.

The partnership “guarantees a reliable source of ethically mined gemstones, supporting better production planning and forecasting” for watch and jewelry manufacturers and retailers, the firms said.

China Stone is a supplier of precision-cut and polished gemstones to the jewelry and watch industry. With this allocation, the Bangkok-based company can offer its clients mine-to-market traceability, it explained.

The agreement will also enable the two partners to collaborate on developing materials and activities for marketing Mozambique rubies.

“[As in] the diamond industry, the assurance of a consistent supply of colored gemstones will significantly boost demand from brands, large retailers and manufacturers,” said Fura Gems founder and CEO Dev Shetty.

The partnership is the beginning of Fura’s mission to establish “a robust, transparent and traceable gemstone supply chain,” he added.

Consistent colored-stone supply has been a “significant challenge” for China Stone, said its CEO, Li Chongjie. “We believe this collaboration will not only eliminate this challenge, but also assist our clients in planning their production well in advance to meet the demand.”

Dubai-based Fura Gems recently received certification from the Responsible Jewellery Council (RJC) and gained significant attention earlier this year for selling the 55.22-carat Estrela de Fura ruby at Sotheby’s. The stone went for $34.8 million at the June New York sale, a world auction record for any colored gemstone. The polished gem came from a 101-carat rough the company discovered at its Mozambique mine.