Fura, A Gemstone Mining and Marketing Company Launches in India

~Plans to acquire coloured gemstones and diamond mining projects~

~Will expand its global marketing division by promoting its portfolio in India~

Fura Gems Inc., a gemstone mining and marketing company plans to pursue various gemstone mining projects in India and will market its global coloured gemstone portfolio in India. Headquartered in Toronto, Canada and administrative headquarters in Almas Tower, Dubai, Fura Gems Inc. is engaged in the mining, exploration and marketing of gemstones. The company starts operating in India in Q4 2017.

Dev Shetty

President and CEO, Fura Gems Inc.

Dev Shetty, qualified chartered accountant with over 17 years of experience in senior management position. Dev started his career with chartered accountancy firm in India and moved on to take head of finance position with an Indian conglomerate, Essel Propack Ltd. Post-acquisition of two (2) UK based companies, Dev moved to United Kingdom in 2006. In 2007, Dev joined private equity firm headed by Brian Gilbertson, Pallinghurst Advisors LLP. To strengthen the management team, Pallinghurst moved Dev to Gemfields as Group CFO and executive director in Board. In 2012, Dev was promoted as Group COO and executive director and till October 2016, Dev was responsible for overall operation of Gemfields plc.

In January 2017, Dev partnered with Forbes and Manhattan a Canadian private merchant bank headed by Stan Bharti, to incorporate, Fura Gems Inc, Toronto listed (FUR.V) gemstone mining and marketing company. As a President and Chief Executive Officer of Fura, Dev developed strategy to develop mine and marketing strategy to organise the highly fragmented and unorganised coloured gemstone sector.  In less than 12 months of joining, Fura has not only acquired 4 Ruby Licenses in Mozambique but have also started the drilling programme to study the geology of the location. Fura have also announced acquisition of the Iconic Colombian emerald mine in the world, Coscuez.

Prior to joining Fura, Dev was the group chief operating officer and board member of Gemfields Plc. He was instrumental in leading Gemfields to become the world’s largest colour gemstone company. Mr Shetty played a vital role in developing the world’s largest producing emerald mine in Zambia and transforming a greenfield ruby project in Mozambique, into the largest ruby deposit in the world. During his tenure, Gemfields market cap achieved all-time high of US$500million (US$25million at the date of joining) with its revenue and profits both reported at record levels.

Prior to Gemfields, Dev has been involved in various mergers and acquisition transaction mainly with Pallinghurst.  During his tenure Dev worked in the acquisition of listed iron-ore assets in Australia, listed platinum asset in Toronto, manganese asset in south Africa.

Dev experience ranges from project and operational management, strategic formulation, business turnaround, mergers and acquisition, budget and business plan formulation including the setting up fund structures in different jurisdictions, team management and leadership skill and communication with Board of Directors and shareholders.