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Richland Resources re-aligns marketing arm

03 september 2014

Richland Resources is streamlining its subsidiary, the Tanzanite Foundation, which was responsible for tanzanite marketing and promotion, sightholder engagement and community and social relations (CSR).
It said in a statement that the operations were being re-aligned following the company's stakeholder review to support a coordinated strategy integrated across all regions, a sales and marketing model that can complement new gemstone product lines, such as sapphire.
Richland also said as part of the re-alignment, the dedicated Tanzanite Foundation New York representative office would be closed, as reported last month by Rapaport.
“Following a consultation period with key stakeholders, including sightholders, mining, and market stakeholders, it has been decided that tanzanite shall be represented through a centralised global body serving both mature markets, such as the US and Europe, and growth markets in Asia,” stated the company.
“The subsequent resource reallocation will best fit the requirements of Richland and sightholders alike.”
The company also said that it was expecting to save $300,000 annually from the operational restructuring of the Tanzanite Foundation.
“While cost savings are anticipated from this decision, we see the main future benefit as coming from the ability to develop and integrate multiple gemstone sales channels for Richland. We are extremely proud of our CSR projects in Tanzania and will be maintaining them, as well as fostering new projects,” said Richland Resources chief executive Bernard Olivier.
The company said it would scale operations, depending on the levels of economic tanzanite produced at the Merelani tanzanite mine, operated by TanzaniteOne, in Tanzania.
Increased production would allow the Tanzanite Foundation to continue to promote tanzanite as a leading luxury product in an increasingly competitive market place.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished