Greenland Ruby, which mines ruby and sapphire corundum from its home country, has received an $18 million working capital facility from the Nebari Natural Resources Credit Fund.

Financing agreements are still relatively uncommon for the colored gemstone industry, and this one is believed to be the largest of its kind.

The funding is spread over three tranches, with the first expected before May. Nebari is a private fund exclusively focused on the mining sector.

Greenland Ruby began mining ruby and pink sapphire in 2017 at Aappaluttoq, in southwest Greenland, after the government awarded the company its mining license. Aappaluttoq is the first colored gemstone mine in Greenland, and one of the first modern mining operations in the country.

The current mine site is estimated to have at least 10 years’ worth of gem-quality ruby and pink sapphire material. Two other licensed mining areas will be coming on stream, making it likely that the company will be able to supply the market beyond that time frame.

Greenland Ruby has the ability to trace its gems from mine to market through a customized inventory system that gives each parcel a number. Each gem is sold with an origin certificate.

A percentage of Greenland Ruby’s worldwide gem sales go to the company’s 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.

“With the new financing, we will not only continue mining at the current site, but also begin activity at our other licensed sites, where we have already recorded exciting exploration results,” said Magnus Kibsgaard, CEO of Greenland Ruby, in a statement. “This is not just a finance deal but a true partnership.”

Greenland Ruby’s vice president of sales and marketing, Hayley Henning, appeared on JCK’s podcast, The Jewelry District, along with husband Erik Jens in January 2020.