Gemfields announced the establishment of Gemdustry Limited as an industry-owned vehicle to back GemCloud, a technology gateway that has the potential to play a central role in shaping the future of the coloured gemstone sector. Gemfields has invited “forward-thinking coloured gemstone industry participants of good standing to join Gemfields as partners in Gemdustry.”
With the establishment of Gemdustry, GemCloud Group gets one new (non-controlling) ‘anchor’ investor which is owned by a number of coloured gemstone industry participants. This structure allows GemCloud Group to retain its independence and neutrality while benefitting from industry backing, experience, and input in shaping this online coloured gemstone platform (theGemCloud.com) and marketplace for cut-and-polished coloured gemstones (Gemolith.com).
Gemfields believes that an independent, trusted online marketplace for cut and polished coloured gemstones, supported by a cross-section of coloured gemstone industry participants, is a logical step in the ongoing growth and development of the industry. At present, the coloured gemstone sector is still characterised by many vendors operating their own online sales platforms and offering their own inventory, Gemfields said. This structure complicates the process for buyers who are forced to scour multiple websites.
GemCloud Group, founded in 2019, is a tech start-up in the coloured gemstone digitisation space that has developed an impressive cloud-based inventory management platform (theGemCloud.com) and an online B2B marketplace (Gemolith.com) transforming access for and to buyers and sellers, and vastly improving the speed and convenience with which they can transact, all in a reliable and vetted environment. On the Gemolith.com B2B marketplace, GemCloud acts as the counterparty to facilitate transactions and mitigate credit risk, allowing jewellers to buy in a vetted, secure environment, Gemfields noted.
For jewellery brands, designers, and manufacturers, Gemolith.com offers a curated B2B marketplace, including for responsibly sourced coloured gemstones. Multiple gemstone laboratory certificates can be uploaded for each gemstone. “Gemfields is delighted to support GemCloud, an exciting platform for the coloured gemstone industry, boosting access to and for buyers and sellers. Parties interested in joining Gemdustry can play a role in shaping and contributing to what we hope will become the pivotal marketplace for coloured gemstones,” said Algy Strutt, Manager of New Projects at Gemfields.