Dev Shetty, the former Chief Operating Officer of Gemfields, has been appointed President and CEO of Toronto Stock Exchange-listed Fura Emeralds Inc. with immediate effect. Shetty has also become a member of the company’s board of directors.
Shetty, whose exit from Gemfields in October last year took the gemstone industry by surprise, succeeds Jaime Lalinde, who will remain a member of the company’s board of directors.
Fura Emeralds Inc. is a natural resource company engaged in the acquisition, exploration and evaluation of properties in Colombia and abroad. The company is currently exploring a grassroots emerald license, located in the Boyaca District in Colombia, approximately two kilometres south of the Muzo emerald mine.
In his role as President and CEO, Shetty will be responsible for identifying diamond and colour gemstone opportunities and formulating and implementing the long-term strategy for Fura. He will initially set up a base in Dubai, which will be a strategic location for Fura and will also operate from London and Toronto.
Prior to joining Fura, Shetty played a significant role in the turnaround of Gemfields, improving the cost structure and tax profile, implementing key strategic and operational decisions and was responsible for developing Gemfields’ mine and market strategy. During his tenure at Gemfields, he also played a vital role in developing the world’s largest producing emerald mine in Zambia and the Greenfield ruby project in Mozambique, which is believed to be the largest ruby deposit in the world. Shetty was also responsible for initiating Gemfields' entry into the Colombian and Ethiopian emerald markets and has also overseen the marketing, sales and finance division for Gemfields.
Shetty is a qualified chartered accountant from India with 18 years’ of diverse experience in the mining, private equity and manufacturing sectors which has included extensive experience with mergers and acquisitions, business start-ups, business turnarounds, operational management, strategic planning and treasury, tax and financial reporting.
Commenting on his appointment, Shetty stated, “I am delighted to be appointed as the President and CEO of the Company. I am confident that I can leverage my experience in the gemstone sector to identify and create opportunities for Fura and to create and unlock value for Fura’s shareholders.”
Fred Leigh, a director of Fura, commented: “On behalf of the board of directors of the company, we are pleased to have Dev Shetty, a well-respected name in the colour gemstone industry, on board as the President and CEO and as a director of the Company. With his extensive experience and knowledge in the gemstone sector, he will be well positioned to formulate and implement an effective strategy for the company.”