The Fura Marketing Council will offer advertising materials, sales training, product promotion initiatives, business consulting, and more.
This is a screenshot of the website for the new Fura Marketing Council, which aims to boost consumer interest in colored gemstones. Austin—Fura Gems is launching a new program designed to help grow the colored stone market.
The new Fura Marketing Council comes in response to a recent survey MVI Marketing did on behalf of the colored stone miner.
Ninety-three percent of consumers surveyed said they love emeralds, rubies, and sapphires, and 46 percent said they’re likely to buy one of these colored stones in the next two years.
In addition, dealers, manufacturers, and retailers confirmed they make a higher profit margin from colored stones than they do from diamonds, yet they’re not investing in training, promotion, and inventory to grow the category.
“When we reviewed the research data, it became very clear that there is a tremendous, underserved consumer market for colored gemstone jewelry,” MVI President Liz Chatelain said.
To help in this area, Fura, which mines Colombian emeralds, Mozambiquan rubies, and Australian sapphires, partnered with MVI to create a member-based program to help connect the supply chain from rough to retail and harness the miner’s resources.
MVI took inspiration from trade programs it had worked on in the past that were successful, Chatelain said, such as the Argyle Diamond Council and consumer brand Champagne Diamonds, and then asked, how can we modernize these and create a program that benefits everyone?
The Fura Marketing Council is the result.
The council will offer several benefits to members: B2B and B2C co-op advertising funds and materials, sales training and access to gem education, product promotion initiatives, promotion and advertising to their customer base, customized product images and video, and access to a chain of custody procedure for responsible sourcing.
It also includes consulting support from MVI Marketing on product development, sales, and marketing.
The program aims to be flexible and creative, Chatelain said, to allow members to decide what they want their marketing to look like and then help bring it to life.
“We really want to elevate the entire industry,” she said, with the aim of increasing the use of color in other segments of jewelry to help infuse more life into retailer’s display cases.
FMC membership will comprise all levels of the supply chain: colored stone cutters and dealers, jewelry manufacturers and designers, and retailers. Both direct and indirect Fura customers can join.
Fura is putting forward $2 million in the first year to support the council, with the focus starting on the United States, India, and the Middle East and likely expanding to other markets next year, according to Fura Chief Marketing Officer Rupak Sen.
Fura and MVI will launch the council during Las Vegas market week, currently scheduled for late August.
At AGTA GemFair, they will host a press event and invite the trade to visit their booth in the event’s Gallery for more information.
Additionally, Fura and MVI will be at Booth #15039 at JCK Las Vegas also showcasing stones and member information.
Meanwhile, interested parties can apply for membership at FMCGems.com.
The membership fee for founding FMC members will be $25,000.