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$3 Million Investment in a De Beers-funded Jeweler

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Gemist, an online jewelry brand that allows customers to customize pieces and try them on at home, has partnered with De Beers on a seed funding round.

On Wednesday, Gemist announced that it will receive $3 million from the US company to aid in its expansion plans. Among the backers are Entrada Ventures and the innovation division of the diamond miner, De Beers Group. De Beers made an initial investment in Gemist in 2020, and this sum adds to that.

Using technology, Gemist has been offering free jewelry replicas to customers since last year to help them decide whether or not to make a purchase. In Los Angeles, California, it crafts the goods one by one by hand.

Entrada Ventures managing partner Julie Henley McNamara will join Gemist's board of directors. President of De Beers' brands and consumer markets Stephen Lussier is already a member of that group.

“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.”

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