Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Colombia's emeralds set to sparkle in Chinese market  Join our daily free Newsletter

MENAFN - AFP - 06/03/2013

No. of Ratings : 0
Digg This Article: http%3a%2f%2fwww.menafn.com%2fmenafn%2fqn_news_story_s.aspx%3fstoryid%3d1093615999%26title%3dColombias-emeralds-set-to-sparkle-Chinese-market Share This Article: http%3a%2f%2fwww.menafn.com%2fmenafn%2fqn_news_story_s.aspx%3fstoryid%3d1093615999%26title%3dColombias-emeralds-set-to-sparkle-Chinese-market Add to Delicious Seed this article Buzz this article Add to Reddit Add to furl Add to stumbleupon Add to Mixx!


 


(MENAFN - AFP) Colombia produces more than half the world's emeralds; it is excruciatingly hard work, and in Muzo, entire families sweat it out in extreme conditions hoping to find the stone that will change their lives.At 19, Adrian is a veteran, having been brought to work by his parents for years already, he said."This is something you do from the time you are a little kid. Then when you are about 15, you start doing the really hard physical work," he said, smiling, caked in dirt head to toe, outside the La Espanola mine in Boyaca department.Workers -- including lots of father-son teams -- swelter in tunnels where the temperature hovers around 40 degrees C (104 F), for eight-hour shifts, with a breathing piece on their mouths and a light on their helmets.The tough slog and safety gamble is not for the minimum wage (320 a month) they earn. These people are mining dreams, just as they are mining gems."You see, that is what we are really after when we come down the mine. You don't come for the salary. You come because you are hoping you find an emerald that will be your ticket to retirement. If you find a really significant one, you might not have to keep working," explained Adrian."I have seen a lot of accidents. It is usually when somebody is overconfident," he added, explaining that while he has not been seriously hurt, he did get dizzy spells in the long shafts when he was starting out."In the end, you have to be careful. But you also have to remember that life is short, and you have to make the most of it," added the young man, who has lost at least one close friend in mining accidents.Mining accidents have not been the only cause of fatalities in the industry.For decades, fighting for control over, and access to, what are believed the most lucrative emerald mining areas has fueled what is locally known as "The Emerald Wars".About 3,500 people were killed in fighting between 1984 and 1990, alone, according to government estimates, and it took a peace agreement to quiet the region down.Colombia currently produces about 55 percent of the world's emeralds -- about 3.4 million karats. Exports of Colombian emeralds have been worth around 130 million a year for the past five years, with India the leading buyer, followed by the United States and Thailand, the National Emerald Federation says.Miners all know that the real business is in exports. And that has been the guiding light for emerald-mad Alberto Sepulveda, who owns several Colombian mines.At the 2010 Expo Shanghai jewel and gemstone fair, Sepulveda was the only man standing to represent Colombia and open a vast potential new market for the stones.Even with trade challenged by tough economic conditions, China's taste for a quality product is set to make it a big buyer, he said, and Colombia is poised to take advantage."Colombian mines are really still at the near-virgin stage, not even 10 percent of known reserves have been mined. So we have the opportunity to sell a lot," Sepulveda, who has been in the business for four decades, said."And we are going to need them, because China is starting to buy them, and is shaping up as a very interesting market."As he sets his sights on Asian markets, Sepulveda is also working to cement Colombia's spot as the world leader on emeralds, opening the world's first museum dedicated to the dazzling green gems.His museum, which opened earlier this year and boasts more than 3,000 exhibits, aims to highlight the best and brightest gems in this South American nation. They are often lighter or almost milky green when uncut and take on deeper tones after getting their glinty facets.The exhibits here in Bogota demonstrate Colombia's best gemstones from Muzo, Coscuez, Chivor and Gachala, which Sepulveda said were coveted by buyers in China, the United States and Italy."Colombian emeralds are the best in the world," he said. "So these are top-quality stones, in larger sizes. They really cannot be matched anywhere else."

 






  MENA News Headlines
May 20 2013Dubai's DEWA launches USD29m substation ,MENAFN
(MENAFN) Dubai Electricity and Water Authority (DEWA) MD and CEO, HE Saeed Al Tayer, announced that the utility has opened a substation in Dubai Marina valued at USD29 million, reported Arabian ...

May 20 2013Strong foundation for a thriving 'Medical Tourism' industry in UAE ,MENAFN Press
(MENAFN Press) Dubai, UAE: The UAE is currently witnessing progress in the global medical tourism industry today. Being a melting pot of cultures and located only a few hours away from one third ...

May 20 2013Saudia to start flights to LA, Toronto ,MENAFN
(MENAFN) Saudia's deputy director general, Abdul Aziz Al-Hazmi, announced that the Kingdom's national carrier will add Los Angeles and Toronto to its North American network, reported Arabian ...

May 20 2013Indonesia names new finance minister ,AFP
(MENAFN - AFP) Indonesia's president on Monday named the country's investment chief as the new finance minister, putting him in charge of Southeast Asia's top economy at a time of major ...

May 20 2013EU, China have 'much to lose' in case of trade war ,AFP
(MENAFN - AFP) The latest tit-for-tat EU-China trade disputes could signal worse to come but both sides have a lot to lose if things get out of hand and harm the much-needed economic growth they ...

May 20 2013Yahoo! to buy blog-maker Tumblr for $1.1 bn ,AFP
(MENAFN - AFP) Yahoo!'s board has approved a deal to purchase the popular blogging platform Tumblr for $1.1 billion in cash, The Wall Street Journal reported. The deal, if confirmed, would be the ...

May 20 2013Britain's Cameron makes personal plea to tax havens ,AFP
(MENAFN - AFP) British Prime Minister David Cameron on Monday wrote to leaders of oversees tax havens, urging them to help the country's efforts to combat tax evasion and avoidance. Cameron sent a ...

May 20 2013Danone strikes deals to meet China's taste for yogurt ,AFP
(MENAFN - AFP) French food industry group Danone is ramping up its presence in the growing Chinese market for dairy products with two deals on Monday to tap sales of yogurt and health foods, the ...

May 20 2013H&M mulling production in S. America, Africa: CEO ,AFP
(MENAFN - AFP) Swedish fashion giant H&M is considering starting production in South America and Africa, chief executive Karl-Johan Persson told the Financial Times in an interview published on ...

May 20 2013Alzheimer's leaves bilingual victims stranded in Canada ,AFP
(MENAFN - AFP) The devastating effect of Alzheimer's disease on bilingual people has been thrown into focus in Canada, where the sudden loss of a second language can leave sufferers feeling like ...

more...


 
MENAFN






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help