Sourcing

This Digital Gem Trading Platform Will Launch Early Next Year

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.

20201210_Gembridge-header.jpg
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

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.
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Benjamin Clymer and the Porsche Design x Hodinkee limited-edition watch
WatchesOct 04, 2024
Watches of Switzerland Clocks Another Acquisition—Hodinkee

The company said Benjamin Clymer will return to his role as head of the watch news website, which will maintain editorial independence.

Gabrielle Grazi
MajorsOct 04, 2024
Hearts On Fire Names Gabrielle Grazi VP of Sales, North America

The industry veteran is also the president-elect of the Women’s Jewelry Association.

Ray Griffiths Double Headed Snake Ring
CollectionsOct 04, 2024
Piece of the Week: Ray Griffiths’ ‘Double Headed Snake’ Ring

Slither into spooky season with this scary snake ring that boasts two heads with tsavorite eyes.

Article-Top-Image.jpg
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYC

This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.

 Hurricane Helene
Policies & IssuesOct 03, 2024
RJO, CERF+ Join Those Offering Hurricane Helene Relief to Affected Jewelers

Plus, how to apply for emergency funds and donate to recovery efforts.

Weekly QuizOct 03, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Stock image of police cars with lights on
CrimeOct 03, 2024
Man Who Shared Spoils of $2.7M Smash-and-Grab on Social Media Pleads Guilty to Robbery Charge

Ladell Tharpe, 39, took part in a 2022 jewelry store robbery and then posted pictures of cash on Instagram with the text “Robbery Gang.”

Sheryl Jones
MajorsOct 03, 2024
JA Appoints New Board Director

The trade organization welcomed Sheryl Jones to its board of directors for a three-year term.

1872x1052-Brought-to-you-By-Article-Image-Top (1).png
Brought to you by
Why You Can't Miss JA New York This Fall

Don't miss this one-stop-shop in October, curated with buyers’ needs in mind.

Pandora chief marketing officer Berta de Pablos-Barbier
MajorsOct 03, 2024
Pandora Names 3rd CMO in Past 5 Years

New Chief Marketing Officer Berta de Pablos-Barbier has worked for LVMH’s champagne brands and Kering-owned Boucheron.

Assael earrings
TrendsOct 03, 2024
Amanda’s Style File: October’s Arrival

Transition to fall with this month’s birthstones of opal and tourmaline.

Dame Shirley Bassey’s
AuctionsOct 03, 2024
Dame Shirley Bassey’s Diamonds Are Ready for Their Encore

Sotheby’s will auction jewelry belonging to the “Diamonds Are Forever” singer Oct. 10 in Paris.

New Lightbox campaign with Emma Breschi
Lab-GrownOct 02, 2024
Lightbox Continues as a Brand, While Supplies Last?

The De Beers-owned lab-grown diamond company is rebranding and creating new collections, though its long-term future remains unclear.

Jane Goodall Brilliant Earth Campaign
CollectionsOct 02, 2024
Brilliant Earth Debuts Jane Goodall Collection

The collection is part of the retailer’s new “Rethink Everything You Know About Diamonds” campaign.

Tom Brady and his diamond-set Audemars Piguet Royal Oak watch
AuctionsOct 02, 2024
The GOAT’s Stash: Watches Owned by Tom Brady Going Up for Auction

The sale includes the custom-made, diamond-set Audemars Piguet watch the QB wore for Netflix’s “The Roast of Tom Brady.”

Armenian Jewellers Association logo
Events & AwardsOct 02, 2024
AJA’s Design Competition Now Accepting Entries

The Armenian Jewellers Association is hosting its design competition for the second year, with winners showcasing at GemGenève in May 2025.

Retiring Signet Jewelers CEO Gina Drosos
MajorsOct 01, 2024
Signet Jewelers CEO Gina Drosos to Retire

The jewelry retailer has named her successor and also will expand the role of Chief Financial Officer Joan Hilson.

Woman wearing many rings
MajorsOct 01, 2024
Kay Jewelers to Revamp Brand

The Signet Jewelers-owned banner has a new campaign and plans for store redesigns.

JV Insardi Solar Campaign
CollectionsOct 01, 2024
JV Insardi Inspires Curiosity in New Collection

Creative Director Jen Insardi brings a new take on classic gold bead designs to her “Solar” collection.

Glenn Douglass Oklahoma Jewelers Association
IndependentsOct 01, 2024
Oklahoma Jewelers Association Grants Lifetime Achievement Award

The recipient, Glenn Douglass, also was inducted into the OJA Hall of Fame.

Stuller 2024 Milestone Anniversary Banquet
MajorsOct 01, 2024
Stuller Celebrates Long-Serving Employees

The manufacturer recognized several team members at its 2024 Milestone Anniversary Banquet.

Oscar Heyman emerald ring
AuctionsSep 30, 2024
Oscar Heyman Jewels, Paraíba Pieces Shine at Bonhams Auction

The single-owner collection sale, which took place in New York last week, achieved $4.8 million, with almost every lot finding a buyer.

Yvonne Leon Noeud Ring
TrendsSep 30, 2024
Amanda’s Style File: Dainty Delights

While statement pieces always shine, it’s time for everyday staples to be the star of the show.

Jewelers of America Fly-In
Policies & IssuesSep 30, 2024
JA Fly-In to DC Focuses on Russian Diamonds, Retail Crime

Jewelers of America leadership and members recently headed to D.C. to share the industry’s top concerns with lawmakers.

Graphic with headshots for My Next Question 2024 holiday season
Recorded WebinarsSep 27, 2024
Watch: Prepare to Shine This Holiday Season

Three members of JA's 2024 "20 Under 40" class join Amanda Gizzi and Lauren McLemore to share their tips for seasonal retail success.

Lalaounis Archaeological Revival Necklace
CollectionsSep 27, 2024
Piece of the Week: Lalaounis’ Necklace is an Archaeological Revival

The necklace, inspired by ancient artifacts, celebrates strength, endurance, and the natural world.

Woman wearing Rocksbox jewelry
MajorsSep 27, 2024
Signet-Owned E-Tailer Rocksbox to Launch on Amazon

Rocksbox is the first banner owned by Signet to sell its jewelry through the retail giant.

Black and white image of Bulova clock
EditorsSep 26, 2024
This New Bulova Documentary Is Perfect for History Buffs Like Me

“America Telling Time: 150 Years of Bulova” dives into the watchmaker’s storied past, from its ad campaigns to the first women’s wristwatch.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy