Gembridge has introduced new policies for listing coloured gemstones on its digital trading platform, covering disclosure, ethical practices and responsible sourcing, to support online purchasing and improve transparency in the trade.
“This commitment to professional standards and transparent communication helps our Members better understand one another, which leads to better business,” said Helen Molesworth, Gembridge’s Head of Business Development. “This will ensure more accurate information with regard to the sale of coloured gemstones listed on Gembridge – and the characteristics that make them unique. All our Members will be required to commit to these policies.”
TRADE WITH TRUST™ underpins every aspect of the Gembridge platform. The new standards ensure that the attributes of each stone are fully disclosed before transactions are made online between trusted and vetted parties. “Buying accurately catalogued stones via the internet opens up new opportunities for everyone, delivering global access to gem-quality stones at affordable prices,” Helen continued. “Ensuring that Members’ descriptions are honest, factual and accurate will give more people in our industry the confidence to embrace the trend of digitalisation. By setting and maintaining standards across our platform, we help Members make more informed decisions.”
Gembridge has also produced a Charter that sets out the highest possible ethical standards and best practice to support a responsibly managed supply chain. These clearly defined standards will support a marketplace that reflects both the needs of gemstone dealers, and the expectations of their customers.
“Our Members will be asked to fully embrace the responsible, ethical and sustainable trading principles of the Charter,” said Gembridge CEO Nick Marrett. “The Charter and our Disclosure & Listing Policy will help Gembridge and the coloured gemstone market grow by making us all work better together, while also attracting a host of new players, from more buyers and resellers through to lenders and investors. Digital transformation of this industry is still in its infancy.
By setting parameters for the digital trading of coloured gemstones, we set the foundation for the future.” Presently a B2B platform, Gembridge plans to expand to B2C soon. Gembridge welcomes trade members from 48 countries and is represented by 16 Ambassadors with Hubs in New York, Los Angeles, Chattanooga, Minas Gerais, Bogota, London, Geneva, Munich, Nairobi, Beirut, Jaipur, Colombo, Bangkok, Singapore, Shanghai and Sydney. Gembridge is a commercial member of CIBJO, and is a member of the International Colored Gemstone Association (ICA) and the Responsible Jewellery Council (RJC.) Gembridge is regulated by Singapore’s Ministry of Law for purposes of anti- money laundering and countering the financing of terrorism, in cooperation with the Financial Action Task Force (FATF).
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