From classmates to co-founders
When Alice and Budoor started the Masters in Entrepreneurship at Cambridge Judge Business School, neither of them were expecting to meet their future business partner. But this collaboration has since grown into Gems with Origin, a venture bringing greater transparency to the global coloured gemstone trade, while creating more value for local communities in Madagascar.
“The most concrete outcome, of course, is that we met each other,” the founders say. “We teamed up after Alice pitched the concept as part of the programme. We came from completely different backgrounds, with no obvious reason to end up in the same business.”
Today, Gems with Origin sources unheated sapphires directly from mines in Madagascar. They cut the stones locally in Antananarivo to retain more value in-country, before supplying jewellers worldwide with fully traceable gemstones.
The business is driven by a mission to make one of the jewellery industry’s least transparent supply chains more accountable, while supporting economic development where the gemstones originate.
The added value of starting a business while studying
At Cambridge, Alice’s expertise in gemology and field experience in Madagascar complemented Budoor’s background in finance and design. Together, they developed a business that combines responsible sourcing with commercial opportunity.
The founders say the Masters in Entrepreneurship provided both the practical framework and the flexibility to launch the company while studying.
“We weren’t choosing between the MSt in Entrepreneurship and starting a company,” they explain. “The programme made both possible at the same time.”
The programme also encouraged them to think like leaders rather than operators and put structure and contingencies into the business rather than retrofitting them later.
Beyond the curriculum, the Cambridge community has remained one of the venture’s greatest assets. Their classmates and mentors provide an informal board they can lean on, challenging assumptions and sharing expertise across disciplines.
Building trust in a traditional industry, delivering impact in Madagascar
Building a business in the coloured gemstone sector has not been without challenges. Unlike many industries, reputation and trust are built over decades, making it difficult for new entrants to establish credibility. Alice and Budoor have focused on being deliberate about where they invest their credibility: their sourcing protocol, transparency around provenance and the consistency of what they put in front of clients.
“Trust in this industry is built slowly, and we have accepted that timeline rather than try to shortcut it.”
Looking ahead, Gems with Origin plans to deepen its impact in Madagascar by investing in lapidary training and cutting schools, helping retain more skills and economic value within the country. The company is also developing practical innovations for the jewellery industry, including gemstone colour reference tools that help jewellers better understand and communicate the natural spectrum of Malagasy sapphires. As the company grows, Gems with Origin aims to make responsibly sourced Malagasy gemstones more accessible to jewellers around the world, connecting a transparent supply chain with global markets.
Reflecting on the experience of building a business together after meeting on the MSt in Entrepreneurship, the founders say Cambridge’s greatest legacy is the confidence to pursue opportunities beyond their own disciplines.
Professionally, beyond meeting a co-founder, Cambridge gave us the tools and the confidence to seize opportunities. The culture is genuinely entrepreneurial. It pushes you to engage with people from completely different industries, and those conversations change how you think about your own work.
MSt in Entrepreneurship
A programme for nascent to experienced entrepreneurs, our part-time, 2-year Master in Entrepreneurship is designed to help you launch, scale or grow your business venture.
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Gems with Origin is a venture bringing greater transparency to the global coloured gemstone trade, while creating more value for local communities in Madagascar.
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