SurveysApr 02, 2021
5 Ways Consumers Have Changed Since COVID-19SourcingMay 13, 2021
Fura Gems Launches Membership-Based Marketing Program
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, Mozambican 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.
Related stories will be right here …
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, Mozambican 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.
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.
More on Sourcing
The Latest
MajorsJul 26, 2024
Diamonds Direct Opens Store in AtlantaIt’s the Signet-owned banner’s first location in Georgia.
TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
FinancialsJul 25, 2024
Boucheron, Pomellato Post Double-Digit Growth in Q2 The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
MajorsJul 25, 2024
Shane Co. Partners With Kids In Need Foundation to Donate 7,200 BackpacksThe fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
ColumnistsJul 23, 2024
Peter Smith: The Case for Optimism in Sales In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
MajorsJul 18, 2024
New Etsy Campaign Prioritizes Creators Amid BacklashSellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.
MajorsJul 18, 2024
Swarovski Names Ariana Grande as Its New Brand AmbassadorThe celebrity will star in Swarovski’s holiday campaign.
