Canada's Fura Gems eyes foray into Indian gems market

Dubai/New Delhi, Nov 6 (PTI) Toronto-headquartered gemstone mining and marketing firm Fura Gems has plans to foray into the domestic gems market, a top company official said.

"In India, Fura is actively looking for opportunities in diamonds and colour gemstones like emeralds, rubies and sapphires as a product category," Dev Shetty, President and CEO of Fura Gems, told PTI over phone.

After doing businesses in places like Dubai, Mozambique and Colombia, the company is keen to invest in India, which is very important market for the company, he said.

India is the third largest jewellery consuming country in the world and a hub for gemstones. Shetty said Indian gems and jewellery market is highly fragmented and is rapidly transforming into an organised sector due to the growing acceptance of branded jewellery.

"We will also try to invest in gem mines whenever anything is put on auction by the Indian government. If we are able to source the licence either via government auctions or joint ventures with existing players, we will expand the team for the next phase of exploration and mining. This team will be supported by the corporate offices coming up in India," he added.

Fura recently announced acquisition of an emerald mine in Colombia. PTI ABI ARD .

This is unedited, unformatted feed from the Press Trust of India wire.