The Emerald Tzar of Colombia

Víctor Carranza (8 October 1935 – 4 April 2013) was a Colombian emerald dealer and the owner of emerald mines in the Boyacá mountains. Carranza was involved in the Muzo mining area outside Boyacá, Colombia from the 1980s until his death. Various forces clashed during the Green War, including Pablo Escobar and the Medellin Cartel, leftist guerrilla groups and right wing paramilitaries. Carranza remained in control of Colombia's emerald trade during this period. Carranza controlled at 40% of Colombia’s emerald business, which supplies about two thirds of the world’s stones.

Before the signing of a peace pact in 1991, an estimated 3,000 people were killed in fighting for control of the business. As cancer spread, his hold on power slipped, and the peace pact started to unravel. He survived at least two assassination attempts.

The emerald tsar brought a relative peace to the industry. Carranza claimed emeralds “called to him”.

Slipping production is likely the reason behind the rise in the price of Colombian emeralds, which spiked 30 per cent in 2017, according to industry experts.