LA-Based Startup Gemist Gets Backing from De Beers for Its DTC Jewelry App

Francesca Billington

Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.

Gemist

Online jewelry retailer Gemist announced it's received financial backing from De Beers Group Ventures, among other firms, to grow its "try-and-buy" model, which allows customers to design and test out pieces from home.

Founded in 2019 by CEO Madeline Fraser, the L.A.-based startup allows shoppers to customize rings and earrings on the website and wear them for up to two weeks before deciding to keep, tweak or send back their creations.


The recent seven-figure raise comes from both venture funds and strategic corporate partners like De Beers, a diamond company that shares Gemist's commitment to sustainability and ethically-sourced diamonds, Fraser said.

"We look at this as a corporate investment but really a partnership," she said. "We're going to be working together in more ways than just an investor-founder relationship as we grow."

Fraser got the idea for Gemist after designing her own engagement ring in 2018. At the time, jewelry seemed to her like one of the few industries that hadn't yet embraced customization options for online shoppers.

While the startup launched for bridal consumers, Fraser quickly realized the demand was broader. She introduced casual rings and earrings, and hinted to dot.LA that necklaces might be next.

The 29-year-old founder says her company will focus on scaling its digital platform and expanding the at-home try-on program. As COVID changes in-person shopping, Fraser hopes to bring customers a memorable retail experience from home. Retail isn't dead, she says. It just needs some reinvigorating.

"We're actually bringing the retail store to the consumer," Fraser said. "That's something I assume a ton of in-person retailers wish that they could do."

Since March, Gemist says they've seen an 80% jump in customers trying out their try-on plan.

"Retail isn't going to stay the same," Fraser said. "It's going to innovate, it's going to change. And that, I think, requires intimate connection with consumers — something people will actually come out of the house for."

With this deal, De Beers Group Executive Vice-President of Consumer and Brands Stephen Lussier will join the Gemist board.

Related Articles Around the Web
https://twitter.com/frosebillington
francesca@dot.la

Subscribe to our newsletter to catch every headline.

Colleen Wachob On Navigating Her Wellness Journey As An Entrepreneur

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Colleen Wachob On Navigating Her Wellness Journey As An Entrepreneur
Courtesy of Behind Her Empire

On this episode of Behind Her Empire, mindbodygreen co-founder and co-CEO Colleen Wachob shares her perspective on managing stress and navigating self-worth as an entrepreneur and the importance of celebrating the wins in your business.

Read moreShow less

Indji Systems Introduces Groundbreaking Hail Detection Technology to Protect Solar Panels and Prevent Millions in Damages

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Indji Systems Introduces Groundbreaking Hail Detection Technology to Protect Solar Panels and Prevent Millions in Damages

Last week, Indji Systems, a Los Angeles-based software and online services company added its new hail detection technology to its Indji Watch platform. The latest addition to its platform comes at a time when insurers are requiring these sites to demonstrate mitigation strategies and protocols to prevent significant damage to its assets and solar panels.

The cloud based software that was announced in 2008 aims to equip solar industry players with capabilities to anticipate hail events and implement effective defensive measures for its sites.

Read moreShow less

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

***

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending