Fura Gems expands in Saif Zone, opens new grading facility

Global supplier of gemstones rents three warehouses covering total area of 12,000sqft



Saud Salim Al Mazrouei, director of Sharjah Airport International Free Zone Authority; and Dev Shetty, founder and CEO of Fura Gems, at the inaugration of the new facility. — Supplied photo
Saud Salim Al Mazrouei, director of Sharjah Airport International Free Zone Authority; and Dev Shetty, founder and CEO of Fura Gems, at the inaugration of the new facility. — Supplied photo
by

A Staff Reporter

Published: Sun 2 Oct 2022, 5:36 PM

Last updated: Sun 2 Oct 2022, 5:37 PM

Fura Gems, a leading global mining company of coloured gemstones, has officially inaugurated its new facility at the Sharjah Airport International Free Zone (Saif Zone)’s gold, diamonds and commodities Park, a full-fledged and highly specialised jewellery manufacturing unit.

The global mining company announced it is expanding its operations in three warehouses, comprising a 12,000sqft area, with the new facility seen as the cornerstone of Fura's regional and global expansion plans and a base for growth from the Sharjah Airport International Free Zone.

The new facility, which hires a highly qualified team with extensive experience in sorting and grading gemstones according to colour, clarity, and size, was opened by Saud Salim Al Mazrouei, director of Sharjah Airport International Free Zone Authority, and Dev Shetty, founder and CEO of Fura Gems, in the presence of senior officials from both sides.

Accompanied by a number of Saif Zone officials, Al Mazrouei toured the newly inaugurated grading plant and was briefed on the process of mining precious gemstones, emeralds, rubies, and sapphires from Colombia, Mozambique, and Australia, in addition to the grading process of rough gemstones before being offered for sale to prospective customers.

Global hub for gemstones

Commenting on the occasion, Al Mazrouei said: "Having a leading company like Fura Gems joining Saif Zone is yet another testament to the success of our strategy aiming to make the Emirate of Sharjah a global centre for gemstones, diamonds, and gold through the Gold, Diamonds and Commodities Park, which offers world-class infrastructure that perfectly meets the needs of businesses looking forward to expanding their operations into one of the most important markets in the world."

He went on to say that the UAE is the largest and fastest growing hub in the jewellery industry, with its trade in polished diamonds expanding by 52.5 per cent, and its overall trade reaching $19.8 billion in the first half of 2022, an increase of 24.7 per cent annually.

Economic diversification

"Since day one, the Gold, Diamonds and Commodities Park has aimed to support Sharjah’s strategic objectives of diversifying the economy and creating new sectors that will cement the national economy and fuel the development process. Therefore, we are committed to strengthening the park’s position and enriching its conducive environment with new facilities, logistical services, and a smooth and fast licensing system.

The park is not only unique for its world-class infrastructure and 24/7 security services, but also for its proximity to the most important diamond and gold manufacturing and production centers in various continents of the world, in addition to its state-of-the-art transportation network that connects the complex with major global markets. All these advantages made it a favoured destination for companies looking to expand and thrive in the gold and jewellery industry,” Al Mazrouei stated.

Global hub for jewellery

For his part, Dev Shetty noted that the decision to open the group’s grading facility in Saif Zone was based on several considerations, including the free zone’s strategic location and its leading reputation as a global hub for gold, diamonds, and gemstone trade, in addition to the fact that it offers advanced facilities and adopts a distinguished set of regulatory mechanisms and international best practices.

"Fura’s business involves a significant volume of imports and exports from mining locations to grading units and from grading units to respective international customers. Fura needed to be in a free zone that is designed to offer such facilities. Saif Zone meets the criteria and also offers quality warehouses with ample natural light and enhanced electricity provision," Shetty said.

He clarified that the new facility will provide Fura’s clients with an integrated package of customized services, adding that the company employs several experts with extensive experience in the gemstone markets of Thailand, Sri Lanka, and other international markets, and they are qualified as gemmologists from reputed institutions such as the Gemological Institute of America (GIA), Asian Institute of Gemological Sciences (AIGS).

Fura is today a leading global supplier of all the three precious-colored gemstones, emeralds, rubies, and sapphires. Within 6 years of operations, Fura built 3 mining operations in 3 countries and a world-class grading facility in Sharjah, UAE. Recently, Fura announced the largest gem-quality ruby ‘Estrela De Fura’, a whopping 101 carats in rough mined from its mining operations in Mozambique.

In addition to offering unlimited facilities and services to investors, Saif Zone’s gold, diamonds and commodities park also offers fast-business license issuance procedures (within one hour), provides better value for money, various banking services, and a wide range of spaces to suit all needs at affordable prices, in addition to enormous logistical and administrative services that include security, telecommunication, and visa services, on-site accommodation, in addition to 100 per cent corporate or personal income tax exemptions, and 100 per cent import and export tax exemptions.

— muzaffarrizvi@khaleejtimes.com


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