Gemfields has announced the establishment of Gemdustry Limited as an industry-owned vehicle to back GemCloud, a technology gateway that the company said “has the potential to play a central role in shaping the future of the coloured gemstone sector”.
As a result of the establishment of Gemdustry, GemCloud Group gets one new (non-controlling) ‘anchor’ investor which is owned by a number of coloured gemstone industry participants, allowing GemCloud Group to retain its independence and neutrality while benefiting from
Gemfields said it 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”.
Algy Strutt, manager of new projects at Gemfields, said: “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.”
Veronica Favoroso, CEO and co-founder of GemCloud, added: “GemCloud believes that, in working closely with key industry participants, we will transform the way that coloured gemstones are bought and sold, spurring further growth for our industry.
“It is a natural evolution of innovation, and we strive to improve the industry and help businesses of all sizes to access and sell responsibly sourced coloured gemstones with competitive prices in a safe environment.”