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De Beers Invests in Gemist ‘Try-and-Buy’ Jewelry Brand

Gemist is backed by several well-known venture capital firms.

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LOS ANGELES — Gemist, a U.S. based digital jewelry brand, has received an investment from De Beers Group Ventures. Gemist uses a “try-and-buy” technology that lets consumers customize jewelry and accessories online and then receive no-cost replicas of the pieces offline before completing the purchase.

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

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The amount of the investment was not disclosed.

As part of the investment, Stephen Lussier, De Beers Group executive vice president, consumer and brands, will join the Gemist Board. De Beers Group will also work with Gemist on consumer engagement approaches, particularly with regard to responsible sourcing of natural diamonds.

“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,” says Neil Ventura, executive vice president, strategy and innovation, De Beers Group. “We look forward to working with Gemist to share mutual insights as the business continues to grow.”

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Gemist is backed by some of the most well recognized venture capital firms in the consumer space, including Legendary Ventures, Lightspeed Scout and Luma Launch.

“All of us are excited to work with the De Beers Group Ventures team to help grow the Gemist business and expand its innovative retail experience for jewelry shoppers around the world,” says Jayson Kim, general partner of Legendary Ventures and board member of Gemist.

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

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