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GemCloud Revolutionizes the World of Colored Stones

In the colored stone supply chain, by using advanced business management software, GemCloud’s technologies reduce costs, eliminate inefficiencies and give stakeholders worldwide access to clients. We spoke to CEO Veronica Favoroso.

How did the GemCloud project come about?
 GemCloud is a unique and revolutionary project generated by the expertise of its founders which ranges from experience in the fields of luxury and business management for Gemfields and Fabergé, to technology, mining and the creation of a universally recognized grading system for raw rubies, to the development of cutting-edge software for jewelry manufacturing. The initial idea arose from our own need for a more advanced and user-friendly stock management system. We therefore decided to create one that would also incorporate functions such as interactive quotations that could be shared with international clients at a click. The situation in the colored stone world is a little more fragmented and therefore receives less attention than diamonds. Colored stones, unlike the diamond market which is in the hands of four big companies and has a highly simplified supply chain, depends on hundreds of mining companies dotted about the world. There is no common language because each one has its own way of reporting stock. Moreover, the ‘journey’ that stones undertake is uncertain, consequentially making transparency dynamics difficult to define. Transactions generated by business activities on the colored stone market are sealed by shaking hands. We wanted to find a way to replace that. Launching our project not only aimed at responding to those needs but also at a radical change in business after the last few months’ closure. 

How do you become pioneers of innovation in a market like colored stones?
 First of all, I should point out that thinking that digital starts from activating an e-commerce service is a little like starting from the end of the supply chain. Digital only works if it is inserted in an industry’s entire chain of values, otherwise, if the cogwheels are missing, it will only stay on the surface. GemCloud was a pioneer in this respect with its user-friendly and intuitive software, created using modern technology, through which the stone can be managed from its raw state in the mine to its release onto the market, thus favoring traceability. 

How does GemCloud software work?
GemCloud Group has a stock management system that the stone dealer can also organize remotely. Using a barcode system, the stock is loaded onto the gem dealers’ database and each stone is given its own unique digital identity. 

Each operation, which usually takes hours and hours of work, can be done in a few clicks and automated in terms of stock taking, import/export, invoicing and automatic payment reminders. Some of the key functions assist dealers in managing part of their business administration to reduce errors and create instant quotations. 

You have been active for about two months. Have you had any feedback from the market yet?
Yes, and it is extremely encouraging. The technology can eliminate most of the sector’s inefficiencies, reduce operational costs and give those involved global access to clients. Furthermore, we are creating a community of traders in order to help them face this difficult global moment by establishing a new normality. At a time like this when there are no flights, trade shows and handshakes, GemCloud is the safest solution for managing precious stone trading with groundbreaking efficiency through its ERP as well as for being effortlessly connected to the main e-tailers and markets. GemCloud is a stock management system through which stones can be sold even while you are sleeping.

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