Singapore-based Luxiee, which claims to be the world’s first online diamond marketplace, has raised an undisclosed amount of investment in its seed funding round led by Roadbull Logistics vice-chairman Kewee Kho.
Luxiee did not specify the amount it raised but said it is a six-figure investment in private seed funding that it will use for marketing, branding, media placement, and public relations.
The startup also plans to beef up its talent pool as part of efforts to accelerate the online diamond marketplace, which is said to be the first of its kind.
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The platform seeks to disrupt the traditional manner of selling diamonds by offering Gemological Institute of America-certified diamonds by directly connecting buyers to suppliers.
It cuts the high mark-ups involved in the traditional model where several layers of middle-men are involved before a sale is made.
Through the website, buyers can select several loose diamonds from suppliers (not from Luxiee) and then pick a preferred ring setting or design where the diamond can be used or just purchase the piece as it is. Buyers are provided with information such as the supplier of the diamond as well as the tracking number for their orders.
Luxiee partners with a number of key players in the global diamond industry, such as Vaibhav Gems, Sangvi & Sons, Finestar, MiD, Shairu Gems Group, Vinay, Pleasure Diamonds, and Promising Gems.
The startup said potential buyers can easily browse through over 100,000 diamonds of every cut, colour, clarity and carat, and purchase immediately from suppliers.
Nicholas Lim, one of the three co-founders of Luxiee, has been a key to the operation of one of Singapore’s most distinguished jewellers.
A Bain & Company report showed that revenues of the global diamond industry grew again in 2018, with the overall profitability of the cutting and polishing segment improved on the back of the continued demand for diamond jewelry.