Structural overhaul follows recent closure of New York office.
The Tanzanite Foundation will undergo structural and operational changes to better align with global tanzanite markets and Sightholder expectations, according to the latest reports.
After an extensive consultation period with the global industry, the Foundation’s education, promotion and information distribution programmes have been overhauled to better meet the needs of markets at different stages of production.
Part of this reorganisation involved closing the Foundation’s New York office after 11 years, and merging its functions into existing global operations. The head office will now be in Hong Kong.
This decision was reportedly based on economic factors – tanzanite’s prices have been at an all-time low – as well as poor production and repeated issues with illegal mining activities, theft and undisclosed additional factors, according to a report in JCK.
Corporate Social Responsibility (CSR) projects in Tanzania will continue to be managed by TanzaniteOne Mining Limited, as they form an “important part of Richland Resources Ltd, TanzaniteOne Mining Ltd, and the Tanzanite Foundation corporate philosophy,” according to an official press release.
With the closure of the New York office, the Foundation has chosen to highlight the work of its director Hayley Henning, for promoting tanzanite in the US market.
Originally formed by miner TanzaniteOne, the non-profit foundation assists operators and partners in the tanzanite industry, while helping to implement standardised methods of practice and deliver ethically sources stones to market.
Last year TanzaniteOne expanded its operation through the creation of its first online boutique selling loose gemstones and finished tanzanite jewellery directly to consumers, followed by an agreement with Chinese jewellery manufacturer Chow Tai Seng to sell cut-to-order stones throughout the Asian market.