Mumbai, Mar 25 (PTI) Canada-listed Fura Gems Inc, a new gemstone mining and marketing company, is eyeing 8-10 per cent share in the global USD 2-billion coloured stone market in three years, a top company executive said.Also Read - Rajasthan Political Crisis Highlights: Status Quo To Be Maintain Until Congress President Elections

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“We expect our first auction in the first quarter of next financial year,” Fura Gems Inc Vice President – Marketing and Sales, Rupak Sen told PTI here. Also Read - Breaking News Highlights: Indian Army Chief to Visit Ladakh on Saturday Amid Ongoing Disengagement Between India-China

The company is targeting 8-10 per cent share of the USD 2 billion global coloured stone market in three years, he added.

The coloured stone segment is mostly unorganised and Gemfields is the only organised player enjoying USD 200 million market share.

As India is the world’s largest cutting and polishing centre, with Surat in Gujarat for diamonds and Jaipur in Rajasthan for emeralds, Fura Gems has already started dialogue with major players in the Pink City, the coloured stones hub in the country, and by October-November will begin its auction, he said.

Sen said the company is also in talks with major laboratories globally as well as in India for certification as the company certifies its very high-end stones.

India is seeing a steady growth in demand for coloured gemstones driven by millennials, who are preferring a lot of colour in their jewellery.

“Besides a growing preference to add more colour in their jewellery, the millennials also are finding it affordable making coloured stones more attractive for them,” Sen added.

The company also plans to pursue various gemstone mining projects in India.

India has rich sources of gemstones and has favourable geological milieu, which is yet to be fully explored, assessed and exploited, he said, adding the company is exploring mining licences in the country.

He said the recent amendment of the Mines and Minerals (Development and Regulation Act), which governs the mineral sector, is a great step towards organising the industry and opening opportunities for many natural resource companies.

Fura is looking to acquire mining projects in India and work with respective central and state governments to reduce the reliance on import of the gemstones, Sen added.

This is published unedited from the PTI feed.