De Beers Group Ventures invests in digital custom jewellery startup, Gemist
De Beers Group Ventures is pleased to announce it has acquired a minority stake in digital start-up Gemist, a US-based direct-to-consumer custom jewellery company targeting Millennial consumers through its innovative approach to jewellery design and retail.
Gemist, which launched in 2018, enables consumers to create custom designs via its digital platform incorporating natural diamonds and coloured gems for all occasions. Its innovative “try-and-buy” technology empowers consumers to receive no-cost replicas of their custom designs offline before completing the purchase. The platform is designed to appeal to younger, digitally native consumers, offering a range of unique services to facilitate exclusively online purchasing in a sector that has been historically focused on bricks and mortar outlets.
The investment complements De Beers Group Ventures’ innovation agenda, focused on making small investments in start-ups to further incubate ideas and technologies that have the potential to create value in the diamond industry of the future.
Neil Ventura, Executive Vice-President, Strategy and Innovation, De Beers Group said, “Gemist is a first-mover in offering Gen Z and Millennial consumers a unique shopping experience with fully customisable designs through a simple, engaging and fun platform – key features we know these consumers are looking for. We look forward to working with Gemist to share mutual insights as the business continues to grow.”
Gemist was founded by Madeline Fraser, an entrepreneur with a successful track record in growing tech start-ups. As part of the investment, De Beers Group Executive Vice-President, Consumer and Brands, Stephen Lussier will join the Gemist Board. De Beers Group will also work with Gemist on consumer engagement approaches, particularly with regards to responsible sourcing of natural diamonds.