NEW YORK – The market for luxury goods is expanding in the U.S., and along with it consumer desire for rarity and distinction.
The three-year-old, London-based Tanzanite Foundation, which represents the stone that is 1,000 times rarer than a diamond, is banking on that trend, encouraging its entry here this year.
Tanzanite, which was discovered in the Merelani region of Tanzania in 1967, radiates three different colors – deep blue, violet and burgundy – from each of its axes.
Tiffany & Co. is credited with naming the stone and bringing it to the U.S. in 1968. The company has pushed tanzanite jewelry since.
Conceived at a meeting of industry leaders in Tucson, Ariz., in 2002, the foundation works on boosting awareness of tanzanite, as well as ensuring the provenance of the stones with a laser-engraved logo and maintaining the ethical mining of them. A Johannesburg office was opened in 2004, and the U.S. is the next logical step, said the foundation’s global operations director, Sarah Cort. She said $600 million of tanzanite jewelry was sold worldwide in 2005, 70 percent of that in the U.S.
“It’s an exotic stone,” Cort said. “It’s only found in six square kilometers of land in Africa, near Mount Kilimanjaro.”
Although rare, Cort said prices for the stone are significantly lower than diamonds because people are not educated on tanzanite. The supply is expected to diminish by 2026.
Since setting up offices in New York this month, the nonprofit foundation has begun an advertising campaign in trade journals – consumer publications will follow midyear – with the tag line, “Be born to tanzanite.” The tag line refers to the custom of the local Masai tribe who give the stone to a new mother to bestow good luck.
The foundation kicked off its U.S. move with lectures about the stone at last month’s JA New York Winter Show. It will also initiate a design competition in November and publish a book called the “The Definitive Story of Tanzanite” that will hit stores later this year.
Collaborations are also part of the push. The foundation is working with jewelers such as Francis, Shaun Leane, Andrea Lieberman and British designer Stephen Webster, who has used the stone for 25 years.
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“As a designer working with lots of color, a wide palette is essential,” said Webster. “For me, it is also very important to educate potential clients about a gem that can become very expensive. But when something is new, people need to be reassured.”