For years, Coscuez evoked a glorious but dormant past — hand-dug tunnels, legendary emeralds, and an operation stuck in time. While Muzo dazzled in catalogs, Coscuez remained a well-kept secret among insiders. Yet its legacy is remarkable: the mine produced some of Colombia’s finest emeralds, including the 1,759-carat Guinness Crystal. That changed in 2018, when FURA Gems entered the scene. With a bold vision focused on innovation, transparency, and responsibility, the company set out to revive one of the world’s oldest emerald mines.
A forgotten legend - The history of the Coscuez mine
The history of the Coscuez mine is closely linked to that of Muzo, its famous neighbor. These two emblematic Boyacá deposits, located just a few kilometers apart, form the beating heart of Colombia’s emerald district. Long before the arrival of the Spanish, pre-Columbian peoples were already familiar with these lands rich in green gems. The Muzo, fearsome warriors of the region, exploited the emerald veins by hand and traded these stones through a vast commercial network. This ancient activity was interrupted by the Spanish conquest in the 16th century, which brought violent change and colonial control to the region.
In 1538, after conquering the Muiscas, Captain Luis Lanchero launched a punitive expedition into Muzo territory. It failed, as did those of 1545, 1550 and 1551, in the face of fierce resistance. It was not until 1558 that the Spaniards succeeded in subduing the Muzo, thanks to a strategy combining native allies and dogs of war. In 1559, the Crown settled definitively in the region, marking the beginning of structured colonial exploitation. The emeralds extracted, at the cost of brutal slavery, soon fed the royal coffers. Coscuez, already exploited by the natives, was included in the “Muzo mines”, without any specific recognition.
It wasn’t until 1646 that Coscuez was mentioned as a separate entity: Captain Francisco de Ovalle received a royal decree authorizing him to exploit the mountain. This was the first official concession. At the time, mining techniques were still rudimentary: seams were followed by candlelight in narrow, unstable galleries. Extraction was arduous, but the mine was already yielding exceptional gems. After Colombia’s independence in 1819, mining passed through various hands, often without any real planning. Coscuez’s potential attracted many guaqueros, independent miners who scavenged the rubble at random, perpetuating a marginal but persistent exploitation.
In the 20th century, despite a few attempts at regulation, Coscuez remained trapped in an artisanal model. In 1946, the Bank of the Republic took control of the emerald mines, but the lack of resources encouraged smuggling. In 1969, the government created Ecominas, and in 1977 handed over the Coscuez operation to the private company Esmeracol. However, the sector remained dominated by informal extraction, which was difficult to supervise. Coscuez, however, continues to deliver remarkable stones, in the shadow of Muzo.
In the 1970s, the mine reached an all-time production peak, producing up to 95% of Colombia’s emeralds. But this success gradually faded, undermined by political instability, lack of modernization and the violent territorial conflicts of the “green wars”
Until the 2000s, mining at Coscuez continued with traditional methods, lacking modern geological studies or proper infrastructure. The underground network is made up of complex, often improvised galleries developed over decades. Due to dangerous working conditions, including extreme underground temperatures, more than 80% of these tunnels are now inaccessible or closed. This long-term underinvestment significantly limited the mine’s potential: between 2012 and 2017, official production barely reached 34,000 carats. The mine, like others in the region, also felt the impact of the broader turmoil in Colombia’s emerald sector, particularly during the so-called ‘green wars’—a period marked by violent conflict and competing interests.
The Fura Gems vision
In January 2018, FURA Gems acquired 76% of Esmeracol, holder of the Coscuez mining license. Subsequently, FURA Gems acquired 96.1% of the company becoming the sole majority owner, the remaining 3.9% being hold by a community of 1189 local individuals. This acquisition marks the beginning of a new era for one of Colombia’s most iconic emerald deposits. Founded in Dubai in 2017 and initially listed in Canada, FURA Gems was created with the ambition of applying an innovative industrial vision to the color gemstones industry. Led by seasoned industry experts, the Company initiated an in-depth transformation: taking the mine from craft to modernity, with a focus on technology, transparency and social responsibility.
As soon as the acquisition was finalized, FURA launched a mining transformation at Coscuez. Geological studies are launched to map the deposit and plan a reasoned extraction. In March 2018, a diamond drilling and bulk sampling campaign begins, digging 25 km of new drifts and extracting 10,000 tonnes of rock in just a few months. The results were not long in coming: in May 2018, FURA’s geologists discovered an exceptional 25.97-carat emerald, named “Are” after a god of local mythology. This early discovery during the pilot phase confirms the enormous potential still hidden in Coscuez. Building on this success, a large-scale mining plan has been drawn up to extract the vein over the next 30 years.
FURA invests heavily to modernize Coscuez. The old makeshift laundromat is giving way to a state-of-the-art 60 ton/hour processing plant inaugurated in late 2021. Deep drilling is carried out to extend reserves beyond known levels. In October 2020, the Colombian government grants a 30-year extension to the mining title, praising the project and FURA Gems’ commitment. Then in 2021, FURA gets the environmental green light to move from a medium-scale artisanal underground operation to a large-scale industrial underground mine. Work on the heavy mining infrastructure – safe tunnels, ventilation, support – began immediately.
In commercial terms, FURA is also transforming the structure of the Colombian emerald market. Historically, the industry had suffered from a lack of organization – 90% of the world’s colored gems were still produced by small, informal operators, leading to opacity and volatility. In Coscuez, FURA is introducing the proven model of international auctions, with quality sorting and graded lots. In March 2021, the company held its first Coscuez emerald auction. This was the first major official sale where a record quantity of Colombian rough emeralds was presented. Around 115,000 carats of Coscuez rough emeralds were on display, the like of which had not been seen in decades. Among these, were 4 magnificent emeralds, the rarest of fine Colombian Emeralds, weighing 104 carats in total. At this sale, FURA introduced a new grading system for Colombian rough emeralds, facilitating the composition of homogeneous lots by color and clarity. The results exceeded all expectations and established Coscuez’s reputation on the international market.
At the same time, FURA emphasized it commitment to the full traceability and transparency of its emeralds – a first in Colombia. Each FURA Gems Emerald, from the most unique gemstones to pre-sorted lots of any size and quality, are sold by FURA Gems accompanied by the digital twin, that enables to establish a permanent, immutable record of the gem provenance, history of ownership and transfer on the blockchain. In this way, customers can verify the Coscuez origin of each emerald, a guarantee of authenticity. FURA Gems is the only company to supply Colombian raw emeralds via an organized platform, with a total guarantee of origin. This transparent approach contrasts with the sector’s legendary opacity. Thanks to these innovations, Coscuez is no longer an underestimated mine: it is poised to once again become a pillar of the global emerald market, with a regular, standardized and ethical supply.
A mine at the service of communities
If Coscuez’s industrial transformation is remarkable, the FURA vision is also social and environmental. Aware of the region’s tumultuous past, FURA Gems has emphasized local acceptance and community development from the outset. Even before the acquisition was finalized, the company dispatched a dedicated Corporate Social Responsibility (CSR) team to the area to establish a dialogue with local communities. In January 2018, FURA launched an extensive CSR program, initiating a socio-economic survey in the neighboring villages (San Pablo de Borbur, Otanche) and organizing consultation sessions attended by over 1,000 residents.
FURA priority has been to formalize local employment offering an alternative to the informal economy of the guaqueros (independent emerald miners). For the first time in the region’s history, a transparent recruitment process was put in place, offering local people salaried positions with contracts, insurance and benefits that complied with Colombian law. In less than a year, the company created 270 direct jobs at the mine, 90% of which were filled by local residents. It also integrated more than 70 local suppliers into its supply chain (transport, maintenance, food, etc.), indirectly supporting 340 families in western Boyacá. For the many local people who make their living from mining crafts, FURA strives to offer alternative livelihoods: the company has financed the creation of a sewing workshop, a carpentry workshop and local construction sites where former miners can find work. In partnership with institutions, it has also launched training courses in English and baking to diversify skills in the valley. These measures are designed to mitigate the impact of the gradual closure of illegal access to the mine. This cautious approach has so far borne fruit – no outbreaks of violence have marred the recovery, and most local residents recognize the company’s efforts to include them.
FURA has stood out for its strong commitment to gender equality and community development in Coscuez. In this rural region, where a third of households rely on women’s income, jobs for women were traditionally limited to low-paid roles like rubble sorting or cleaning. In 2018, FURA broke this pattern by creating the mining sector’s first all-female wash plant team — a groundbreaking initiative announced at the World Emerald Summit in Bogotá. Born from local women’s own proposals, the project began with training in emerald sorting and grading, in partnership with SENA. Following its success, FURA built a modern mechanized plant entirely operated by women, from equipment handling to maintenance and safety. Today, 20% of the site’s 490 employees are women, many in roles once reserved for men.
This inclusive strategy goes hand in hand with major investments in the region. FURA has already allocated over $2.2 million to social programs, including school support, health initiatives, and the future construction of a clinic. In 2021, it launched the FURA Academy, offering over 50 courses to young people in San Pablo and Otanche, with a goal of training 3,000 individuals. The company also grants scholarships to over 22 students and runs Goals for Hope, a sports program teaching values to 300 local youth through soccer.
To foster dialogue, an SMS platform allows residents to stay informed and share concerns. On the environmental side, FURA promotes responsible mining through reforestation workshops and a modern processing plant that prevents waste from polluting the Rio Minero.
The future of Coscuez emeralds
In just a few years, FURA Gems has radically transformed the Coscuez mine, marking the dawn of a new era for Colombian emeralds. Once under-exploited, the mine now operates at full capacity. By the end of 2023, FURA had already invested over $100 million in its Colombian operations and plans to double that by 2028, bringing total investment to $200 million over a decade.
The results are striking: the June 2023 auction in Bogotá offered 240,000 carats of rough emeralds — the largest in Colombia’s history — attracting over 80 international bidders. FURA estimates that its activities now benefit over 700 families, or around 10,000 people. In 2021, it published the first-ever emerald resource estimate in Colombia, confirming Coscuez’s long-term potential.
Beyond figures, FURA has put Coscuez back on the global map. Once little-known, the mine is now seen as a reliable, transparent source of high-quality emeralds. Luxury brands closely follow its production, drawn by traceable gems that reflect ethical and community-based values. Collaborations such as the “Mine to Market” traceability program with GRS Gemresearch reinforce buyer confidence.
Thanks to its structured approach, Coscuez now offers regular, secure supply — a rarity in the Colombian emerald sector — with several tenders scheduled each year. This model sets a new benchmark: other historic mines are looking to replicate its success, especially as demand for colored gems could grow from $2 billion to $10 billion over the next decade.
From a symbol of conflict, Colombian emeralds are now entering an era of transparency, regularity, and shared prosperity.
Looking ahead, Coscuez is poised to become a global reference. Will it match the legendary status of Muzo or serve as a model for responsible mining worldwide? Either way, its brilliance now shines both in fine jewelry and in the future it helps build for local communities.
