GEMBRIDGE OPENS ESCROW ACCOUNT TO DELIVER SAFE TRADING FOR HIGH END COLOURED STONES, PEARLS, AND JEWELLERY
Digital coloured gemstone trading platform Gembridge has opened a U.S. dollar-based escrow account with a respected leading Singaporean banking group to provide safe transactions for global buyers and sellers.
Singapore-based Gembridge is pioneering the digital transformation of the certified coloured gemstone, pearls and jewellery trade by providing a regulated marketplace for verified members to buy, sell and consign, via a secure and insured door-to-door service. Gembridge is a global digital marketplace where people can trade with trust.
Following the establishment of the bank account in January, a trading member’s escrowed funds will only be released following instructions from all parties.
“The significance of the escrow account is that it safeguards members’ funds,” says Gembridge CEO Nick Marrett.
“To set up this type of account in Singapore, you need to pass the strict Know Your Customer (KYC)/Anti-Money Laundering (AML) compliance demanded by both the highly regulated global financial sector of Singapore and its internationally respected legal industry.”
Central Chambers Law Corporation, one of Singapore’s foremost law firms, administers the bank account.
“They collect, hold and disburse funds according to the instructions from buyers and sellers,” Marrett said.
Gembridge Chairman Tony Brooke said, “The integrity of and trust in Gembridge is certainly bolstered by the establishment of an escrow account, which offers yet another level of security for members trading the highest value coloured gemstones, pearls and jewellery.”