Gembridge has announced it has opened a U.S. dollar-based escrow account with a Singaporean banking group to provide safe transactions for global buyers and sellers.
Gembridge is a regulated marketplace for certified gemstones, pearls and jewellery for a verified community of buyers, sellers and consignees.
The company said it will be “pioneering the digital transformation” of the certified coloured gemstone, pearls and jewellery trade by providing a regulated marketplace for verified members to buy, sell and consign, via a secure and insured door-to-door service.
Following the establishment of the bank account in January, a trading member’s escrowed funds will only be released following instructions from all parties.
Nick Marrett, CEO for Gembridge, said: “The significance of the escrow account is that it safeguards members’ funds.
“To set up this type of account in Singapore, you need to pass the strict Know Your Customer (KYC)/Anti-Money Laundering (AML) compliance demanded by both the highly regulated global financial sector of Singapore and its internationally respected legal industry.”
One of Singapore’s foremost law firms, Central Chambers Law Corporation will be administering the bank account and will collect, hold and disburse funds according to the instructions from buyers and sellers.
Tony Brooke, chairman for Gembridge, said: “The integrity of and trust in Gembridge is certainly bolstered by the establishment of an escrow account, which offers yet another level of security for members trading the highest value coloured gemstones, pearls and jewellery.”