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
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