GJPCT and TGJTA, in collaboration with GAC and NGTC has recently launched a 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) and Thai Gem and Jewelry Traders Association (TGJTA), in collaboration with the Gems & Jewelry Trade Association of China (GAC), and National Gemstone Testing Center (NGTC) of China, has recently launched a standard colorstone price guide in an effort to promote transparency and fairness in the gem and jewelry industry.
The aim of this initiative is to establish a standard and reliable pricing system for colorstones, or colored gemstones, such as rubies, sapphires, emeralds, and many other variations. The lack of a standardized pricing system has caused issues in the industry, with pricing variations frequently leading to buyer and seller confusion and mistrust.
The standard colorstone price guide will provide a comprehensive authoritative reference for pricing various colorstone types, sizes, and quality. This will enable gem and jewelry traders to make informed decisions based on consistent and transparent pricing data, it will also raise consumer confidence by ensuring fair pricing practices.
This price guide was developed through intensive research, analysis, and collaboration between industry experts and associations from Thailand and China. It considers a variety of factors that impact the value of colorstone, including its origin, clarity, cut, and carat weight.
“With the Colored Gemstone Reference Price, we are creating a standardized benchmark, that will connect sellers, buyers, and most importantly 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 gemstones and their market which will transform gemstones to shine to their full potential, a potential that we've never Imagine. This infrastructure of trust and integrity will evolve gemstones from just a luxury collectible into a real investment-grade asset. The same way we think of Gold. And the future of the gemstone market will totally change to what we can't imagine.” said Mr. Somchai Pornchindarak President of Gems, Jewelry, and Precious Metal Confederation of Thailand (GJPCT)
“The launch of the standard colorstone price guide is a significant step toward 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.“ said Mr. Chomphol Pornchindarak 1st Vice President of Thai Gem and Jewelry Traders Association
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 toward a more professional and trustworthy marketplace.
