SourcingNov 19, 2018
The First Full Collection Using Greenland Gems Is Coming SourcingMay 04, 2021
Greenland Ruby Secures $18M in Financing
The first of three rounds of funds from the Nebari Natural Resources Credit Fund is expected by the end of the month.
Greenland Ruby has secured an $18 million working capital facility, which it will use to help continue mining at its current site as well as start activity at other licensed sites.
Nuuk, Greenland—Ruby and sapphire miner Greenland Ruby has secured an $18 million working capital facility from the Nebari Natural Resources Credit Fund.
Known as Project Aurora, the financing will be spread over three tranches, Greenland Ruby said. It expects to receive the first round of funding by the end of May.
Greenland Ruby CEO Magnus Kibsgaard said the money will be used to continue mining at the current site as well as to begin activity at the company’s other licensed sites, where it has begun exploration.
The company started mining rubies and pink sapphires at Aappaluttoq in southwest Greenland in 2017 after being awarded a mining license from the country’s government.
Aappaluttoq is the first colored gemstone mine in Greenland. The current mining site is expected to have 10 years’ worth of gem-quality ruby and pink sapphire, but two other licensed mining areas will also help continue to supply the industry in the future, according to Greenland Ruby.
The company can trace each gem from mine to market through a customized inventory system that assigns each parcel of rough with a number and then gives all gems within that parcel their own individual numbers to track them through treatment, cutting, and setting.
Related stories will be right here …
Known as Project Aurora, the financing will be spread over three tranches, Greenland Ruby said. It expects to receive the first round of funding by the end of May.
Greenland Ruby CEO Magnus Kibsgaard said the money will be used to continue mining at the current site as well as to begin activity at the company’s other licensed sites, where it has begun exploration.
The company started mining rubies and pink sapphires at Aappaluttoq in southwest Greenland in 2017 after being awarded a mining license from the country’s government.
Aappaluttoq is the first colored gemstone mine in Greenland. The current mining site is expected to have 10 years’ worth of gem-quality ruby and pink sapphire, but two other licensed mining areas will also help continue to supply the industry in the future, according to Greenland Ruby.
The company can trace each gem from mine to market through a customized inventory system that assigns each parcel of rough with a number and then gives all gems within that parcel their own individual numbers to track them through treatment, cutting, and setting.
A portion of Greenland Ruby’s global gem sales go to its PinkPolarBear Foundation, a nonprofit organization that supports education and research into the effects of climate change in the Arctic, with a particular focus on Greenland.
Nebari Natural Resources Credit Fund, meanwhile, is a financier in the mining sector.
“I want to thank the Greenland Ruby team, who are working extremely hard to make the company a great success,” Kibsgaard said.
“I also want to thank our shareholders who have been visionary in investing with us over the years. Greenland Ruby is dedicated to our project’s ongoing success. This financing is occurring at a pivotal moment when all eyes are on Greenland. Our responsible mining practices will pave the way for future sustainable investment and development in the sector.”
Nebari Natural Resources Credit Fund, meanwhile, is a financier in the mining sector.
“I want to thank the Greenland Ruby team, who are working extremely hard to make the company a great success,” Kibsgaard said.
“I also want to thank our shareholders who have been visionary in investing with us over the years. Greenland Ruby is dedicated to our project’s ongoing success. This financing is occurring at a pivotal moment when all eyes are on Greenland. Our responsible mining practices will pave the way for future sustainable investment and development in the sector.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Weekly QuizOct 03, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
PodcastsNov 27, 2025
Test Podcast With VideoTest Podcast With Video. New interview with Ada Lovelace.
PodcastsNov 25, 2025
Test New Podcast PostAbstract for tests. New Podcast interview with John Lennon, Jimi Hendrix and Jim Morison.
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling LuxuryAhead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for SaleThe GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.
MajorsOct 09, 2024
New Simon Campaign Invites Gen Z to ‘Meet Me At The Mall’The ads celebrate the mall culture of the ‘80s and ‘90s.
MajorsOct 09, 2024
PGI Launches New Virtual Sales TrainingRetail sales associates can access the video series on mobile to refresh their selling skills.
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian TsarThe November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday SeasonDeloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.
CollectionsOct 08, 2024
Sylvie Adds New Men’s BandsThe Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.
CollectionsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New CollectionA portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.
SurveysOct 07, 2024
Hill & Co.’s New ‘Business of Jewelry Report’ Is OutThe first in what is slated to be a series of in-depth reports from the consulting company, it focuses on shortening supply chains.
WatchesOct 04, 2024
Watches of Switzerland Clocks Another Acquisition—HodinkeeThe company said Benjamin Clymer will return to his role as head of the watch news website, which will maintain editorial independence.
