De Beers Invests in Online Jewelry Brand

RAPAPORT… De Beers has invested in jewelry company Gemist, which enables customers to create customized jewelry online and try it at home prior to purchasing.

Shoppers can choose from a variety of stones, metal and settings to create a piece, then use the company’s “try-and-buy” system that provides them with a no-cost replica of the jewelry. If they decide they like it once they’ve tried it, they can then purchase the actual piece.

“Gemist is a first-mover in offering Gen Z and millennial consumers a unique shopping experience with fully customizable designs through a simple engaging and fun platform — key features we know these consumers are looking for,” Neil Ventura, De Beers’ executive vice president of strategy and innovation, said last week.

Stephen Lussier, executive vice president of consumer and brands for De Beers, will join Gemist’s board. De Beers will also advise Gemist on consumer engagement approaches, including responsible sourcing of natural diamonds.

Legendary Ventures, Lightspeed Scout and Luma Launch have also contributed funding to Gemist.

“De Beers has an extraordinary legacy of authenticity, quality and sustainability, which are also key features of the Gemist brand,” said Gemist CEO Madeline Fraser. “We look forward to working together to develop and grow the Gemist business.”


Image: A Gemist ring. (Gemist)