JNA Awards 2020 - Jewellery Industry Best Practices

62 JNA AWARDS • 2020 GemCloud Software Limited GemCloud Software Limited is bringing the gemstone industry online through a simple-to-use software that reduces the workload of running gemstone businesses while streamlining what the company describes as a highly fragmented industry. “Sapphires sourced from 20 different dealers are likely to come in different shades of blue and with different levels of clarity and description. With our technology in place, large-scale buyers can be assured of consistent quality,” says Mariaveronica Favoroso, CEO of GemCloud. The coloured gemstone sector depends on hundreds of mining companies around the world. There is no common language because everyone has their own way of describing the stock. There is also uncertainty in the “journey” of the stone, with consequent difficulties in transparency also in the definition of all the dynamics, according to GemCloud. To jumpstart its journey, the company’s founders have created a “universal grading system” for coloured gemstones. Gemstone marketplace While universal grading served as the kick-off point, GemCloud pushed the limits to maximise its potential. “We had to be creative. We did not limit the team to look only at the problem we set out to solve. We explored creative ideas on how our business management systems might be helpful to our trading partners,” says Favoroso. The initial idea was born from the founders’ own need to have a more advanced and easily usable stock management system. They, therefore, decided to create one that could also incorporate functions such as interactive quotations that can be shared with Category: Industry Innovation of the Year – Digital Business Country / Region: Thailand 1 2