Fura Gems CEO Dev Shetty Steps Down

Colored gemstone mining company Fura Gems Inc. DMCC has announced CEO Dev Shetty has stepped down to pursue other opportunities.  The board of directors will act as the primary decision-making body until a new CEO is named, the company said, while the current Fura management team will work with the board to manage day-to-day operations.  The members of the management team have been “instrumental in driving the company’s success and are well-positioned to ensure operational continuity and uphold Fura’s commitment to excellence.”  Fura said it is committed to achieving a seamless transition, keeping its focus on sustainable practices, innovation, and delivering value to its partners, customers, and stakeholders.  “The restructuring of our leadership team is a next step in driving forward our strategy, building on the progress made to create a world-class business that meets the evolving demands of the gemstone market,” said Gaurav Gupta, director of Fura Gems board and director of Fura’s majority shareholder.   “The board of directors extends its gratitude to Dev Shetty for his contribution to Fura Gems. Under his leadership, the company has laid a solid foundation for growth and innovation. Looking forward, we are confident in our ability to execute our long-term strategy and continue Fura Gems’ commitment to sustainability and excellence in the gemstone industry.”  He added, “The board is fully supporting the current management team of Fura Gems and is totally aligned on the strategic steps needed to continue the journey of Fura Gems; we will operate in conjunction to achieve the ambitious objectives set for the years to come. ”Fura Gems began as Fura Emeralds but when Shetty, formerly COO and executive director at Gemfields, took the reins in January 2017, he wanted to expand beyond just Colombian emeralds. Under his leadership, the company began mining rubies in Mozambique and sapphires in Australia.  Also during Shetty’s tenure was the record-breaking sale of the Fura-mined 55-carat “Estrela de Fura” ruby at Sotheby’s a year ago.  Fura said it remains poised for growth, citing an increasing demand for sustainably sourced colored gemstones.  The company said its strong partnerships with industry leaders and reliable supply of traceable, high-quality gemstones have solidified its position in the market.  Amid the restructuring, Fura said it remains committed to providing “the finest sustainably mined gemstones” to the global market.