RAPAPORT… Insurance company Jewelers Mutual Group has acquired Gem + Jewel, an e-commerce specialist that aggregates products from independent jewelers and helps them sell to the public.
Gem + Jewel provides jewelers with websites for their own businesses, as well as online inventory hosting, and helps expand their e-commerce product offerings. The model allows retailers and suppliers to share profits from sales. Meanwhile, Jewelers Mutual will use Gem + Jewel’s technology to enhance Zing, its online sourcing marketplace.
“Our goal is to help jewelers more efficiently expand their customer base and effectively grow their e-commerce businesses,” said Mike Alexander, executive vice president at Jewelers Mutual, in a statement last week. The parties did not disclose financial details.
Image: Jewelry production. (Shutterstock)
Jewelers Mutual Snaps Up E-Commerce Group
The Bottom Line
- Jewelers Mutual Group acquired Gem + Jewel, an e-commerce platform serving independent jewelers.
- Gem + Jewel offers website creation, online inventory hosting, and profit-sharing sales models for jewelers and suppliers.
- Jewelers Mutual plans to integrate Gem + Jewel’s technology into its Zing online sourcing marketplace.
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