This content was first published on IGR – Italian Gemological Review no. 10 in 2020. The information provided here is therefore current as of the original publication date.
This period of uncertainty due to the unpredictability of economy in the COVID-19 era is driving lifestyle changes that are reflected in an increase in online gem and jewelry purchases. It is not a surprise that the more structured groups use gemological reports as a complement to their digital sales. China and India are experiencing new ways to meet the specific needs of their domestic industry and their markets. The agreement signed between IGI (International Gemological Institute) and eBay follows for India what was the trend highlighted in China by the partnership among WeChat, Alrosa, Tencent and Everledger which launched in 2019 a joint blockchain based e-commerce solution to support the retail sector. Chinese consumers want to know how much the diamonds they are buying are worth and how responsibly they are sourced.
While WeChat’s strategy is aimed at the Chinese domestic market, in massive expansion, the “Gems and Jewelry Certificate” (GJC) program is focused on the facilitation of Indian exports. It is supposed to help Indian sellers, even small and medium-sized ones, operating on that country’s eBay platform, introduce at more competitive conditions their gemstones and jewelry on international markets complemented by IGI’s lab reports. Consumers in a globalized market do not always have the opportunity to verify the reliability of remote producers, whose size is not comparable to those of large companies. In this perspective, gem reports actively contribute to the content enrichment process that will mark the future of jewelry products.
Gem News published on IGR – Italian Gemological Review #10, Autumn 2020
