Gemstone specialist Gemfields has established Gemdustry Ltd to support GemCloud, a cloud-based inventory management platform aimed to revolutionise the coloured gems sector.

According to the company, GemCloud could play a crucial role in shaping the future of the coloured gems sector. As such, Gemfields is encouraging industry stakeholders to join as partners in Gemdustry, which it described as an industry-owned vehicle.

With the establishment of Gemdustry, tech start-up GemCloud Group – the developer of GemCloud – gets one new, non-controlling “anchor” investor, which is owned by several industry participants. This structure allows GemCloud Group to retain its independence and neutrality while benefitting from industry backing, experience and input in shaping GemCloud and Gemolith.com, an online marketplace for cut and polished coloured gems.

“An independent, trusted online marketplace for cut and polished coloured gems, supported by a cross-section of industry participants, is a logical step in the ongoing growth and development of the industry,” the company said. 

At present, the coloured gems sector is characterised by many vendors operating their own online sales platforms and offering their own inventory. 

“This structure complicates the process for buyers who are forced to scour multiple websites. As many other industries have experienced, this ‘early stage’ structure inevitably morphs over time toward an ‘aggregator’ or ‘comparison’ model, which offers far greater inventory in a single platform and facilitates a smoother, more efficient process for buyers and sellers, leading to further sector growth,” it added.