Southeast Asia's oldest english-language trade journal on the international gems and jewellery community
GJPCT Launches Standard Colorstone Price Guide
In an effort to promote transparency and fairness in the gem and jewelry industry, the Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT), in collaboration with the Thai Gem and Jewelry Traders Association (TGJTA), the Gems & Jewelry Trade Association of China (GAC), and the National Gemstone Testing Center (NGTC) of China has recently launched a standard colorstone price guide.
The aim of this initiative is to establish a consistent and reliable system for pricing colorstones, or colored gemstones, which include rubies, sapphires, emeralds, and many other varieties. The lack of a standardized pricing system has created challenges in the industry, with discrepancies in pricing often leading to confusion and mistrust among buyers and sellers.
The standard colorstone price guide will provide a comprehensive and accurate reference for the pricing of different types, sizes, and qualities of colorstones. This will enable gem and jewelry traders to make informed decisions based on transparent and consistent pricing information. It will also enhance consumer confidence by ensuring fair pricing practices.
The development of this price guide involved extensive research, analysis, and collaboration between industry experts and associations from Thailand and China. It takes into account various factors that affect the value of colorstones, including their origin, clarity, cut, and carat weight.
“With the Coloured Gemstone Reference Price, we are creating a standardized benchmark, that will connect sellers, buyers, and most important the "potential new player" which will expand our industry. No longer will we have to rely on subjective valuations. This new system will provide a reliable guide, based on comprehensive data, empowering stakeholders to make decisions and fostering trust and integrity within the industry. Moreover, this initiative will have a ripple effect on the future of gemstone and its market which will transform gemstone to shine to its full potential, a potential that we've never Imagine. This infrastructure of trust and integrity will evolve gemstone from just a luxury collectible into a real investment grade asset. The same way we think of Gold. And the future of gemstone market will totally change to what we can't imagine”, said Mr.Somchai Phornchindarak President of Gems, Jewelry, and Precious Metal Confederation of Thailand (GJPCT)
The launch of the standard colorstone price guide is a significant step towards promoting professionalism, integrity, and trust in the gem and jewelry industry. It will provide a valuable tool for gem and jewelry traders, enabling them to conduct business more effectively and efficiently. Moreover, it will contribute to the overall growth and development of the industry by fostering a fair and transparent marketplace.
In conclusion, the Gems, Jewelry and Precious Metal Confederation of Thailand, together with the Thai Gem and Jewelry Traders Association, the National Gemstone Testing Center of China, and the Gems & Jewelry Trade Association of China, have collaborated to introduce a standard colorstone price guide. This initiative aims to promote transparency and fairness in the gem and jewelry industry, providing a reliable reference for pricing colorstones. With this guide, the industry is poised to make significant strides towards a more professional and trustworthy marketplace.
