Modern Mining April 2022

GEMSTONES

followed suit, which led to the consolidation of the sector and its subsequent exponential growth.” Fura Gems is already making headway in grow ing the coloured gemstone market “in a much more organised manner”, believing it “can easily take the sector to over $6-billion in the next five to eight years”, explains Shetty.

1970s took the diamond sector, which was then trading on par on a dollar-to-dollar basis with the gemstone market, to the next level by creating secu rity of rough diamond supply and promoting, through its marketing campaign, strong consumer demand for diamonds. A number of other diamond producers such as Alrosa, Gem Diamonds and Petra Diamonds

Fura Gems mines emeralds in Colombia.

The largest suppliers of gemstones remain the pockets of small-scale producers, including artisanal miners and family owned businesses.

34  MODERN MINING  April 2022