How can you benifit as a Buyer
Buyers all over the world can register on NGE and gain lots of advantages. The main benefit for the buyers is the ability to choose the best gemstone from them among a large number of gemstones. The majority of the gemstones from Sri Lanka are brought by intermediate buyers. However, there is a considerable amount of purchases from overseas jewellers and gem investors. However, when you use NGE to purchase gemstones, you don't have to travel from one country to another, spend time to build business relationships with foreign sellers, or participate in exhibitions and trade shows. Therefore, NGE or will bring more buyers to the trade who otherwise won't participate in the trade.
Also, if the buyers have access to an online gem inventory, there is no need to invest a huge amount of money to maintain an inventory themselves. They can use this capital to promote their businesses. Also, by converting their inventories to cash, they can increase the liquidity of their businesses.
NGE always present gemstones with better photographs and videos. Therefore, intermediate merchants can use the same media to communicate with their own clients. This will improve the efficiency of the gem trade.
The next big advantage for sellers is trust. Since the transaction amounts in gem trade are comparatively high and there are many possibilities of frauds, it is very important to establish trust between buyers and sellers. In the eye of an average buyer, it is very challenging to find a trustworthy business partner and maintain the relationship for the long term.
Gem certificates can be used to establish trust in the gem trade. However, there are instances where people trade gemstones with forged and fake certificates. Because of this, the buyer always needs to assume greater risk and need to be an expert in gemmology to avoid this risk. NGE gem exchange uses a consensus-based trust mechanism which does not depend on the seller or a single certificate authority. This is the first time in the world where consensus-based trust establishment is used in the gem trade. We discuss this in a separate blog post.
As we all know gem trade is has many complexities. Sellers need to take care of the import-export approvals, international money transfers and shipping. But NGE makes this very simple for buyers. When a buyer purchases a gemstone, we deliver the gemstone to the buyer's door without any of these hassles in a very transparent manner.