Starlets wanted for emerald trade
Emerald producers are looking for a Halle Berry, Charlize Theron or Jennifer Aniston type that can help push more stones, according to a report by Bloomberg.
The industry doesn't appear to the need the help. Bloomberg says high-quality emerald prices are up 10-fold in the last three years.
But the CEO of Gemfields Plc (LSE:GEM), Ian Harebottle, sees more money to be made in launching a bigger marketing push:
Gemfields, which says it currently pays for about 70 percent of global emerald advertising, has less concern about taking the brunt. “If I spend $1 and it makes me $2 I’m going to do it. The fact that people free carry, I don’t mind, so long as it benefits us,” said Harebottle. His company plans to boost its marketing budget to as much as $4 million next year from about $1.5 million this year and $150,000 in 2009.