This year, the color experts at Pantone took a hint from the wonderful world of Oz and named emerald the 2013 Color of the Year.

Pantone chose Emerald, Pantone 17-5641, as this year’s “it” color because it “enhances our sense of well-being further by inspiring insight, as well as promoting balance and harmony,” the company said in a press release.

The rich, dark green is said to be a color of healing, unity and new life. What better way to say “hello” to a new year and new beginnings than donning a new emerald ensemble? Pair this lively hue with an equally-as-vibrant orange or a metallic gold.

Emerald is not only 2013’s fashion color of the year, but will also be the hottest color trend in beauty and interiors.

Sephora is partnering with Pantone to bring the Sephora + Pantone Universe 2013 Color of the Year beauty collection, which will be available at Sephora in March 2013. The limited edition collection will feature a variety of emerald products including nail polishes, eye shadows and other various beauty accessories.

JCPenney will be offering bedding, pillows and bath towels in this jewel-tone beginning Feb. 1. “The cheerful array of on-trend pieces will make it easy for customers to infuse the perfect color into any home decor,” said Paul Rutenis, JCPenney general merchandise manager, in a press release.

Pantone is the leading authority on color. Each year’s color choice influences the development, marketing and sales of many products in the chosen year.

For over a decade, Pantone has looked to fashion influencers, art, film, travel destinations and cultural trends for inspiration for the Color of the Year. Last year’s color of the year was Tangerine Tango, picked to provide a much-needed energy boost. Past colors have included 2011’s Honeysuckle, 2008’s Blue Iris, and 2004’s Tigerlily.

Emerald has most notably been seen on the Spring 2013 runways of Zac Posen, Vera Wang and Lela Rose.