Gems Origin Partners with Accredify to Pioneer New Industry Benchmark in Bespoke Fine Jewellery Using Blockchain Technology
- Written by Media Outreach
Gems Origin is Singapore's bespoke jeweller that customises high quality, one-of-a-kind jewellery.
Under this partnership, each gem sold and crafted into a fine jewellery by Gems Origin will receive a certificate of authenticity which will be placed on the blockchain to ensure integrity and security. This immutable ledger will ensure that data on the certificates remained unchanged, which in turn helps customers to preserve and trace the value of their fine jewellery pieces as they pass them to their future generations.Each time a piece of fine jewellery is made, information such as the size, type and number of gemstones used, the dimensions of the piece, accompanying certificates (eg. GIA certificate of diamonds) and picture of the final product are incorporated in the certificate. This same set of information is stored on the blockchain, allowing clients to verify the information about their pieces by simply scanning a QR code. The process is similar to how our vaccination certificates are being checked when we travel.
By making these verifiable information available on a public domain, it demonstrates the confidence Gems Origin has in every handpicked gemstone used to create bespoke jewellery. This in turn reassures its clients on the quality of gemstones used for their unique pieces.
This will also serve as the foundation for the resale market should there ever come a time when clients decide to sell their pieces. The immutable certification on blockchain will provide buyers with a peace of mind, with irrefutable certainty about the gem authenticity and quality.
The global jewellery market size was estimated to be valued at USD 249.02 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.5 percent from 2022 to 2030 [1]. Coupled with a rise in high net-worth individuals (HWI) in the Asia Pacific region to approximately 7.2 million[2], there is a corresponding surge in demand for fine jewellery, especially bespoke pieces that serve as investments, collectibles and heirlooms.
"Superior quality gemstones are investment-worthy assets and at Gems Origin, we believe that gem collection has the potential to be even more accessible to all, both for collection and personal enjoyment. It is an unique asset class that boasts the added option of developing bespoke fine jewellery pieces which further increase their value. These high jewellery pieces last forever and is a great way for collectors to preserve their legacy and family heritage as their future generations inherit these pieces," said Gems Origin founder, Venessa Lim.
Lim added, "For aspiring and existing gem collectors, fraud is a key pain point which undermines trust between gem sellers and customers, and we strive to mitigate that by embracing new technologies such as blockchain to give customers a greater peace of mind by offering an immutable document that validates authenticity without an inch of doubt. As professional gemologists, we are able to recognise if the gemstones have been swapped or changed from what is authenticated on the certificate."
"This partnership with Accredify is a key milestone for Gems Origins as we embark on this journey of establishing verifiable certificate of authentication to safeguard customers' interests. The team at Accredify is aligned with our mission and has also demonstrated exemplary professionalism, providing valuable inputs and technology know-how to ensure success. Their proven work in Singapore's verifiable COVID-19 vaccination speaks to their high level of technical expertise and problem solving capabilities," said Gems Origin Chief Operating Officer, Alvin Lin.
"The application of verification technology to luxury goods serves as a new way for brands to assure consumers of their high-value asset's authenticity," said Quah Zheng Wei, CEO and Co-founder, Accredify. "Accredify's mission has always been to create trusted interactions between individuals and corporations, which is why we're excited to be a part of this revolutionary collaboration with Gems Origin. This unique use case is going to be the stepping stone to the application of Accredify's TrustTech in the industry, and we're excited to explore more opportunities with brands like Gems Origin to enhance brand trust amongst their consumer base."
