(AUSTIN, Tex.) – FURA Gems, the only company in the world to mine all three precious colored gemstones – emerald, ruby and sapphire – has announced the launch of the FURA Marketing Council, a coordinated effort to increase the size of the gemstone market.
FURA Marketing Council (FMC) plans to transform the precious colored gemstone market by connecting the supply chain from rough to retail and harnessing the combined power of a major mining company with cutters, dealers, jewelry manufacturers and retailers to promote responsibly mined gems.
This effort is in response to a major North American consumer and trade colored gemstone research survey conducted in the fall of 2020. The research found that 93% of jewelry shoppers love emerald, ruby and sapphire, with 46% saying they are likely to purchase precious colored gems in the next two years. Yet even though dealers, jewelry manufactures and retailers said they all make more margin from colored gemstones than diamonds, they were not investing in training, promotion and inventory to grow this category. The complete research report, Colored Gemstones Capture More Consumer and Trade Attention, can be found here.
“The entire jewelry wholesale and retail industry has a billion-dollar opportunity right in front of them and they need help to tap it,” explains Dev Shetty, FURA CEO.
FURA mines emeralds from an ancient mine hidden in the lush green mountains of Colombia, sapphires sourced from Australia’s rugged Outback, and rubies unearthed in Mozambique’s northern highlands. With its global prominence comes the opportunity to support gemstone sales from rough to retail and also to provide consumers with gems that are sourced responsibly and transparently.
FURA is proud to be a responsible supplier, an industry leader in benefiting both its employees and the communities in which it is located. The company is transforming the role of a mining company by championing transparency and principled operations for all its projects while bringing sustainable mining and sophisticated marketing to the global gemstone market.
FURA not only protects the environment surrounding its mines with enlightened water management and waste recycling, the company also reforests and reclaims the land after mining. With chain of custody tracing, consumers can know exactly where their emeralds, rubies, and sapphires come from and be sure that they have been responsibly sourced.
Dev Shetty added: “We’re creating the future of gemstones, opening the closed world of precious gems for the first time. We are funding trade support to the tune of over $2 million dollars in just the first year to launch FMC. If you are a precious gemstone professional, we welcome you to join the FURA Marketing Council and start benefiting right away.”
FMC members will be leading precious colored gemstone companies around the world: gem cutters and dealers, jewelry manufacturers and designers, and retail destinations.
“It is an unusual step for a colored gemstone mining company to support their rough all the way to retail, but helping the market grow in a healthy and sustainable manner has always been our goal,” stated Rupak Sen, Chief Marketing Officer.
Retailers, manufacturers and dealers can apply to become members of FMC at www.FMCgems.com. FMC will launch its marketing programs at the upcoming JCK Las Vegas trade show in August. Visitors to the show can meet with the FMC team at booth number 15039 to find out more about the benefits of FMC membership.
Membership support incudes, advertising funds, expansive sales training, and layers of promotion assets for all levels of the industry. Also, included in the membership is consulting support from the FMC managing group, MVI Marketing, who brought the trade the Indo Argyle Diamond Council and consumer brand Champagne Diamonds.
“When we reviewed the research data, it became very clear that there is a tremendous underserved consumer market for colored gemstone jewelry,” says MVI president Liz Chatelain. “We were very excited that FURA is standing up to support the industry and help grow the market for precious color.”