Emerald trade requires fixed pricing standards to sustain in the longer run

The emerald trade has been facing dwindling consumer confidence due to lack of fix pricing standards for a while now. Unlike diamonds, emerald buying and selling does not involve any pricing benchmarks, which leads to mistrust, and uncertainty amongst the lovers of the green stone. Following which they divert to the substitutes resulting in diminishing emerald business.

In order to fight this issue, a Bangkok based firm ‘Emerald Mines Co. Ltd’ has introduced Fix pricing policy. “To retain consumer confidence we have introduced fixed pricing and buy back policies. We are confident that these schemes will alleviate the trade to a great extent,” says Anil Tambi- Director, Emerald Mines Co. LTD. The process once in place needs to be followed with immense diligence and transparency should be maintained at every level to ensure increased sales and greater consumer trust in the precious color gemstone. Hopefully, others in the trade will take the example and follow the suit.