This is how FURA Gems transforms the precious colored gemstone market

The colored gemstone market has long been fragmented, with little coordination between miners, dealers, and retailers. FURA Gems is attempting something different: connecting the supply chain from rough to retail and funding market growth directly. Whether that ambition holds up is worth examining.

FURA Gems is the only company in the world to mine all three precious colored gemstones: sapphires, emeralds, and rubies. The company recently announced the launch of the FURA Marketing Council, a coordinated effort to increase the size of the gemstone market.

Connecting the dots from rough to retail

The FURA Marketing Council (FMC) aims to transform the precious colored gemstone market by connecting the supply chain from rough to retail. The initiative brings together the combined power of a major mining company with cutters, dealers, jewelry manufacturers, and retailers to promote responsibly mined gems.

This effort is a response to a significant North American consumer and trade research survey on colored gemstones conducted in the fall of 2020. The research found that 93% of jewelry shoppers love jewelry that includes 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 manufacturers, 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.

If you want to read more on this topic: Colored Gemstones Capture More Consumer and Trade Attention.

"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 in the mountains of Colombia, sapphires from Australia's Outback, and rubies from Mozambique's northern highlands. This global reach creates the opportunity to support gemstone sales from rough to retail and provide consumers with gems sourced responsibly and transparently.

FURA is proud to be a responsible supplier and an industry leader in supporting both its employees and the communities where it operates. The company is transforming the role of a mining company by championing transparency for all its projects while bringing sustainable mining and sophisticated marketing to the global gemstone market.

Sustainability and giving back to nature

FURA not only protects the environment surrounding its mines through water management and waste recycling, but also reforests and reclaims the land after mining. With chain-of-custody tracking, consumers can know exactly where their emeralds, rubies, and sapphires come from and be confident they have been responsibly sourced.

Dev Shetty, CEO of FURA Gems, 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 include leading precious colored gemstone companies worldwide: the best gem cutters and dealers, talented jewelry manufacturers and designers, and inspiring retail destinations.

"It is an unusual step for a colored gemstone mining company to support their rough to retail, but helping the market grow in a healthy and sustainable way has always been our goal," stated Rupak Sen, Chief Marketing Officer of FURA Gems.

Benefits and how to apply

Retailers, manufacturers, and dealers can apply to become members of FMC at www.FMCgems.com. FMC launched its marketing programs at JCK Las Vegas.

Membership support includes advertising funds, extensive sales training, and promotion assets for all levels of the industry. Also included is consulting support from FMC managing group VMI Marketing, which previously worked with the Indo Argyle Diamond Council and the Champagne Diamonds consumer brand.

"When we reviewed the research data, it became evident that there is a tremendous underserved consumer market for colored gemstone jewelry," says VMI president Liz Chatelain. "We were very excited that FURA is standing up to support the industry and help grow the market for precious color."

There are many remarkable initiatives right now from industry leaders showing a better, more sustainable way. Not embracing the shift toward a more open, transparent business world is no longer an option. For those who cannot lead, joining those who do is worth considering. FURA is offering that opportunity.