De Beers-Funded Jeweler Receives $3M Investment

RAPAPORT… De Beers has partnered on a seed-funding round for Gemist, an online jewelry brand that allows consumers to customize pieces and try them on at home.

Gemist will receive $3 million to help its expansion plans, the US company said Wednesday. The main funders are Entrada Ventures and De Beers Group Ventures, the diamond miner’s innovation division. The amount complements an initial investment De Beers made in Gemist in 2020.

Since 2018, Gemist has been using technology to let customers design their own jewelry and receive free replicas to help decide whether to complete a purchase. It makes the merchandise by hand in Los Angeles, California.

Julie Henley McNamara, managing partner at Entrada Ventures, will join Gemist’s board. Stephen Lussier, De Beers’ executive vice president for brands and consumer markets, already sits on that panel.

“As a business set out to innovate the fine-jewelry shopping experience, we have been fortunate to receive the continued support of De Beers and we stand to benefit enormously from our new partnership with Entrada Ventures,” said Gemist founder and CEO Madeline Fraser. “The combined vision and expertise of these two partners will guide Gemist as we continue our mission to disrupt the fine-jewelry industry through technology.”

Image: Gemist jewelry. (De Beers)