A first-order quantum cutting luminescence of ${\mathrm{Ho}}^{3+}/{\mathrm{Yb}}^{3+}$ couples, which are incorporated in the ${\mathrm{YF}}_3$ nanocrystals embedded in transparent glass ceramic, is reported for the first time, to our knowledge. When ${\mathrm{Ho}}^{3+}$ is excited with one blue photon, it was experimentally demonstrated that the resonant energy transfer from ${\mathrm{Ho}}^{3+}$ to ${\mathrm{Yb}}^{3+}$ occurs, leading to the near-infrared quantum cutting with one ${\mathrm{Ho}}^{3+}$ photon emitting at $1180\mathrm{nm}$ and one ${\mathrm{Yb}}^{3+}$ photon at $980\mathrm{nm}$ . The theoretical quantum efficiency is evaluated to be 159%.