WatchesSep 11, 2024
These Are the Watches Women Want, Says Chrono24Its “Her-ology” report highlights trends in the women’s luxury watch market, from top brands to movement preferences.
SourcingDec 10, 2020
This Digital Gem Trading Platform Will Launch Early Next Year
Gembridge provides a secure business-to-business marketplace that verifies its members and stones from door to door.
The new Gembridge business-to-business trading platform is slated to launch in the first quarter of 2021.
Singapore—A new platform will launch early next year, aiming to provide a secure marketplace for gemstone trading.
The first quarter will see the official rollout of Gembridge, where verified members can buy, sell and consign stones via a secure and insured door-to-door service.
Behind the development of web-based Gembridge.com is industry veteran Tony Brooke, who has more than four decades of experience in the gemstone sector, as well as Nick Marrett and Mark Taylor, both of whom have more than 20 years of experience in the digital sector working with such companies as Google, Apple, eBay, Airbnb, American Express, Unilever and more.
It’s this combination of experience that the team believes sets them apart and will help make their product a success with trade members.
“We feel that we, more than pretty much anybody else, have got what it takes to really make this work,” Brooke told National Jeweler.
To register, new businesses are verified through an international KYC process, as well as a peer-review from existing Gembridge members.
After passing that process, industry companies can sell items with a listing on the platform, buy items through the showcase or list a requirement request for a specific item they’re looking for which other members can fulfill.
The items sold on the platform are shipped to members through Gembridge’s global hubs in Bangkok, Geneva, and Bahrain, where they are verified by a third party—the ICA GemLab in Bangkok, to start, but more labs are coming on board—to ensure the listing, initial gem report and stone all match.
ICA GemLab has even created a new verification report for the process with minimal turnaround time.
More hubs are also being added to Gembridge’s lineup as we speak; Brazil will be online next.
Interested parties also can opt for a secure viewing room at a hub through Brinks, where they can examine a stone, pay for it and walk away with it if they so choose.
Consignment is also an option as Gembridge provides an insurance policy allowing for that as well.
Gembridge takes a sales commission for each transaction—5 percent from the seller and 3 percent from the buyer.
In addition to partnering with Brinks for logistics, Anglo East Group for insurance, Ingenique Solutions for KYC/AML compliance and ICA GemLab for verification, Gembridge has also involved KPMG as corporate finance advisors, which put the business model together.
Gembridge is licensed to trade by
Editors' Picks
Sponsored by
Singapore’s Ministry of Law in cooperation with the Financial Action Task Force, which is leading regulatory reforms across 200 countries, making it what the founders believe is the first regulated trading platform in the world.
It’s because of this licensing and the access to information they receive that they can perform a “bank-level” verification of potential members, as Marrett referred to it.
It also means Gembridge can offer members more services that might have been hard to access up to now, such as financing, as banks and other institutions are more likely to sign on to partner with a platform in which its members have been vetted to such a degree.
The team launched its Minimum Viable Product in July, enlisting 25 top players of the global gem industry to test its trading platform, including KGK in India, Diamrusa and Sant Enterprises in Thailand, Crown Color in Hong Kong, RareSource in North America, Berr and Partners in Switzerland, and Jureidini Gems & Jewellery in the Middle East.
The full platform will launch in early 2021; interested trade members can pre-register now.
It will serve the wholesale business-to-business market to start, but eventually will expand to include business-to-consumer trading in the third quarter of 2021, the founders said.
They are also planning to add a consumer-to-consumer aspect eventually for those wanting to sell heirloom jewelry, for example, but are still working that part out.
It’s because of this licensing and the access to information they receive that they can perform a “bank-level” verification of potential members, as Marrett referred to it.
It also means Gembridge can offer members more services that might have been hard to access up to now, such as financing, as banks and other institutions are more likely to sign on to partner with a platform in which its members have been vetted to such a degree.
The team launched its Minimum Viable Product in July, enlisting 25 top players of the global gem industry to test its trading platform, including KGK in India, Diamrusa and Sant Enterprises in Thailand, Crown Color in Hong Kong, RareSource in North America, Berr and Partners in Switzerland, and Jureidini Gems & Jewellery in the Middle East.
The full platform will launch in early 2021; interested trade members can pre-register now.
It will serve the wholesale business-to-business market to start, but eventually will expand to include business-to-consumer trading in the third quarter of 2021, the founders said.
They are also planning to add a consumer-to-consumer aspect eventually for those wanting to sell heirloom jewelry, for example, but are still working that part out.
More on Sourcing
The Latest
IndependentsSep 11, 2024
Take a Sip of Marrow Fine x Adalina’s $13K MartiniThe smoked heirloom tomato mezcal martini, only available at Adalina in Chicago, is served with a 9-carat diamond tennis necklace.
Events & AwardsSep 11, 2024
Lab-Grown, Natural Diamonds to Be Focus of AGS Confluence Scheduled for Sept. 25, the online-only event will be open to non-AGS members this year, for a fee.
Brought to you by
How to Increase Instagram Followers Naturally in 2024Growing your Instagram following organically is more important than ever in today's technological environment.
MajorsSep 11, 2024
Brilliant Earth Expands International E-CommerceCustomers in more than 150 countries can now shop at the jewelry retailer’s online store.
Weekly QuizSep 05, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesSep 11, 2024
Gems Keep Giving Reorganizes, Taps Hayley Henning as Board ChairThe organization, which was started by the International Colored Gemstone Association, is now a 501(c)(3).
IndependentsSep 10, 2024
Industry Technology Visionary Jeff High Dies at 60The Gemvision founder is remembered as a passionate mentor with a deep love for God.
Brought to you by
Watch: Natural Diamonds: A Great (but Often Untold) Geology StorySupplier Spotlight Sponsored by GIA.
CollectionsSep 10, 2024
Foundrae’s Latest Collection Harnesses the Glow of the Golden HourThe “Golden Hour” collection was designed to “inspire and encourage reflection,” said the brand.
MajorsSep 10, 2024
Ludacris, Jessica Alba Star in New Movado CampaignMovado has named five new brand ambassadors, featuring them in its new “When I Move You Move” campaign.
TrendsSep 10, 2024
Carol Woolton To Release New BookThe jewelry historian discusses the history and cultural significance of jewelry throughout time and across the globe.
AuctionsSep 09, 2024
US Senator Dianne Feinstein's Jewels Going to AuctionBonhams will offer more than 70 pieces of the late dignitary’s jewelry next month.
CollectionsSep 09, 2024
Hearts On Fire Debuts New Campaign, DesignsThe “Love, Unleashed” campaign is an ode to love, featuring 16 new designs from Hearts On Fire’s “Vela” collection.
CollectionsSep 06, 2024
The ‘Fabergé x Beetlejuice Beetlejuice’ Collection is Scary ChicIt’s showtime for these jewels, inspired by the motifs and color palette of the new Tim Burton film.
FinancialsSep 06, 2024
Movado Lowers Guidance as Q2 Sales SlipCEO Efraim Grinberg pointed to a challenging consumer spending environment, particularly in the watch category.
CollectionsSep 06, 2024
Piece of the Week: Lizzie Mandler’s ‘Liquid Gold’ HoopsInspired by a 19th century sculpture, Mandler transformed gold into liquid for these earrings.
CollectionsSep 05, 2024
Bella Hadid Is Chopard’s New Brand AmbassadorThe model and entrepreneur stars in two new Chopard campaigns.
MajorsSep 05, 2024
Nordstrom Family Offers to Buy Namesake Retailer for $3.8BMembers of the founding family partnered with Mexican retail company El Puerto de Liverpool to possibly take Nordstrom private.
MajorsSep 05, 2024
Tiffany & Co. Celebrates Elsa Peretti’s Bone CuffThe iconic design has joined a lineup of notable pieces featured in the jeweler’s “With Love, Since 1837” campaign.
MajorsSep 05, 2024
Former Chopard, Frederique Constant Executive Tapped to Head CadarRalph Simons is now CEO of the jewelry brand started by fashion designer Michal Kadar and her husband, Avraham Kadar, in 2015.
ColumnistsSep 04, 2024
Creative Connecting: Why ‘Experience Content’ Matters Jen Cullen Williams and Duvall O’Steen say it’s all about giving your social media feeds a human touch.
TrendsSep 04, 2024
Taylor Hill, Soo Joo Park Star in New Messika CampaignThe models and friends of founder and artistic designer Valérie Messika showcase the brand’s jewelry in the “Back to Icons” campaign.
MajorsSep 04, 2024
Bloomingdale’s to Highlight Italian Jewelry in New Campaign“From Italy, With Love” will showcase Roberto Coin, Marco Bicego, and other Italian brands.
CollectionsSep 03, 2024
Zales, Prince Debut US Open-Inspired CollectionThe jewelry retailer will also have a diamond-set tennis racket on display at the tournament.
IndependentsSep 03, 2024
Ylang 23 Relocates, Expands Dallas FlagshipThe retailer has moved into a 3,200-square-foot space at The Shops of Highland Park.
TrendsSep 03, 2024
Amanda’s Style File: Sapphires for SeptemberThe month’s birthstone is vibrant in every color.
WatchesAug 30, 2024
Breitling Marks 140 Years With Special Editions of 3 Classic WatchesThe special editions of the Premier, Navitimer, and Chronomat are equipped with a new perpetual calendar movement from the brand.
