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Gem Factor Emeralds
Adrian Banks, Managing Director - Product & Sales - Gemfields
FINE CO., LTD
The supply chain for gemstones and jewellery is typically very complex and involves multiple intermediaries, from miners and traders to cutters, polishers, and wholesalers. This complexity makes it difficult to trace the origin and authenticity of gemstones and jewellery, which in turn makes it easier for unscrupulous actors to introduce counterfeit or conflict gems into the supply chain.
The gem and jewellery industry is largely unregulated in many parts of the world, which means that there are few requirements for transparency and traceability. This lack of regulation makes it easier for bad actors to operate without fear of repercussions, and it also means that there are few incentives for businesses to adopt more transparent practices.
The gem and jewellery industry has historically been a very secretive and closed-off industry, with little sharing of information or collaboration between businesses. This culture of secrecy has made it difficult for businesses to collaborate on transparency initiatives or share information about their supply chains.
Transparency builds trust and confidence among stakeholders, including customers, retailers, and investors.
By providing clear documentation and verifiable information about the origin and characteristics of each piece, stakeholders can authenticate the products and mitigate the risk of counterfeit or fraudulent items entering the market.
By providing detailed information about their gem products' sourcing, manufacturing and certification, stakeholders can stand out as trustworthy and responsible businesses, converting their transparency claims into sales.
Transparent practices can empower consumers by providing them with accurate and comprehensive information and help them in making informed choices that align with their values.
When end consumers have access to transparent information about the products they buy, they can trust the claims made by businesses and feel more confident in their purchases.
End consumers can actively support businesses that prioritize transparency, ethical practices, and sustainable development, aligning their purchases with their values and contributing to positive change in the industry.
Access to information about grading standards, industry stakeholders involved in the supply chain gemstone properties, and craftsmanship, enabling them to assess the value and quality of the products before making a purchase.
With access to additional information about the gem products they purchase, including the cutting process, treatments or enhancements applied to the gems. The end consumer can make educated decisions based on their preferences and understanding of the products.