Technology

De Beers Ups Investment in ‘Try-and-Buy’ Jewelry Company

TechnologyFeb 03, 2022

De Beers Ups Investment in ‘Try-and-Buy’ Jewelry Company

Plus, Gemist CEO Madeline Fraser on what she plans to do with the $3 million in new funding.

20220203_Gemist header.jpg
De Beers Group Ventures has sunk more money into Gemist, which allows customers to test out a replica of a custom-made piece before completing the purchase.
Los Angeles—De Beers Group Ventures is investing more money in online jewelry retailer Gemist, which specializes in “try-and-buy” technology.

The diamond company’s venture capital arm participated in a $3 million round of seed funding led by Entrada Ventures.

De Beers first invested an undisclosed amount in the company in July 2020.

Julie Henley McNamara, managing partner of Entrada, will join the Gemist board alongside De Beers’ Stephen Lussier, who is set to retire this spring.

Gemist CEO Madeline Fraser sat down for a Zoom interview with National Jeweler Wednesday to talk about what she plans to do with this latest round of funding.

20220203_1-Gemist CEO.jpg
Madeline Fraser is the founder and CEO of Gemist.

On Gemist’s website, customers can create a custom jewelry design and then receive a free replica of the piece, letting them try it on and wear it before completing the purchase.

Fraser, who specializes in creating consumer-facing technology, is looking to bolster the platform’s tech to simplify the online jewelry buying process.

“We’ve already built a very dynamic design experience on our platform that’s mobile and web friendly,” she said.

“There’s going to be a lot more user experience and user interface development based on a ton of user testing we’re doing that’s going to make that even more exciting and easy to use.”


The company received feedback from customers that indicated when creating a piece, they’d like to be able to see multiple pieces at once, like stackable rings or how several earrings would look together on someone with multiple piercings.

“We’re going to be working on unique ways to allow consumers to really see that entire picture, not just one individual piece, but multiple pieces, as we grow and scale,” said Fraser.

Though customers are increasingly comfortable buying jewelry online, Gemist’s try-before-you-buy approach lowers the risk for the more cautious shopper.

Fraser describes it as “a nice middle ground” between technology and a personalized touch.

The founder also plans to expand the Gemist team, which now numbers fewer than five people.

“We’re very much a start-up. I run companies in a very scrappy and efficient way,” said Fraser.

And Gemist is not her first start-up. She previously launched Zoom Interiors, an interior design platform that was featured on ABC’s “Shark Tank,” and Hutch, a “try-before-you-buy” mobile app for furniture.

Business Insider named Fraser one of the Top Women Entrepreneurs Under 30 to Watch in 2021 and she made the Forbes Next 1000 2021 list.

As for her growing team, she’s looking to add people to the marketing, merchandising, and engineering departments.

Gemist will invest in its marketing department as it looks to set up more affiliate and brand partnerships and create more advertising.

20220203_4-Gemist.jpg
With its new funding, Gemist is looking to bolster its advertising.

When looking for a brand partner, said Fraser, Gemist values both diversity and sustainability.

“I really want women with different backgrounds and industry expertise because I think that’s what’s going to make it really fun, those different, eclectic, unique stories,” she said.

Sustainability is also important to the brand, she said, adding that it hopes to reframe the conversation around that topic.

“We’re working alongside De Beers. We’re very conscious about sustainability and the positive social and environmental impact that jewelry can have in the world. We want to shed more light on all of that stuff and cut out the BS.”

 Related stories will be right here … 

The point where sustainability and storytelling meet is Gemist’s sweet spot.

“What we’re trying to do is add storytelling and meaning back into jewelry and ditch this idea of fast fashion,” said Fraser.

People like to share the meaning behind their favorite jewels, like a gift from a friend or a piece that marks a special occasion, but brands aren’t as good at telling those stories, said Fraser.

“You can actually create jewelry that tells your story and is an extension of who you are. It can be done sustainably. It can be made with responsibly sourced materials. It can be handmade exactly for you.”

20220203_5-Gemist.jpg
The Moon and Stars necklace by Gemist

During the Zoom call, Fraser was wearing Gemist’s Moon and Stars necklace, which she designed herself in honor of her late mother, an ode to the power of storytelling.

“She always used to say she was the moon and we were her stars, meaning myself and my siblings,” explained Fraser.

The piece is customizable, letting users add gemstones and choose the number of stars.

One of the most important pieces Fraser ever created was her own customized morganite engagement ring, which is where her jewelry journey started.

She met with a jeweler in downtown Los Angeles, squished into a small room. And while the ring was lovely, the experience left something to be desired.

“I thought the experience was a bummer. It was hard and overwhelming, but what I was surprised by was by the end of it, the guy made the ring in two weeks,” she said.

“It was exactly what I wanted and affordable compared to other stuff that I had seen out there. That, for me, was the really beautiful ‘a-ha!’ moment.”

She realized then that custom jewelry could be made quickly and affordably, but the “backwards” process needed to be overhauled.

Though new to the jewelry world, Fraser prioritized learning and educating herself, with the help of her customers via consumer calls and user testing.

Customers share what they’d like to see, whether that’s different cuts, settings, or gemstones.

“The consumers lead, in a lot of ways, the merchandising path that Gemist ends up taking,” said Fraser.

Looking to the year ahead, which is expected to see a record number of engagements and weddings, the company is preparing for a substantial influx of customers.

Gemist is primarily a tech platform, explained Fraser, so it doesn’t have to hold as much inventory as a traditional jeweler, making scaling up an easier feat.

“It’s going to be really fun to create new and unique designs and learn from what this consumer base wants in the future,” she said.

Fraser added she feels lucky and privileged to be able to lead Gemist.

“There are not a lot of women doing what I’m doing and so I think that it’s good for me to represent the female energy in both of these industries [tech and jewelry]. It’s important to show other women that they can do this.”

For more information about Gemist, visit the company’s website.

The Latest

Lugano Diamonds store in Greenwich, Connecticut
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal Investigation

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Coeur Percé Scapular Necklace and Love Baby Locket
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s Day

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

Gemfields emeralds
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in Zambia

The miner announced plans to recommence open-pit mining at Kagem.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Stock image of a man’s hands in handcuffs
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss

Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.

Weekly QuizMay 08, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
2025 Met Gala jewelry
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry Moments

Associate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.

instappraise-1.png
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal Format

Sponsored by Instappraise

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Brilliant Earth three stone Sabine diamond engagement ring
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1

CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.

Exterior of Margot McKinney Beverly Hills Location
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New Boutique

The brand’s first independent location outside of Australia has opened in Beverly Hills, California.

Cathy Marsh
IndependentsMay 08, 2025
Verragio Announces New Regional Sales Manager

Cathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.

Pandora gold and silver charm bracelet
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for Tariffs

The company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.

Headshot of Smart Age Solutions CEO Emmanuel Raheb
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and Beyond

Connecting with your customers throughout the year is key to a successful holiday marketing push.

Gemfields rough emeralds
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest Auction

Its commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.

Harwell Godfrey Met Gala brooch with Mediterranean Blue diamond
AuctionsMay 06, 2025
Harwell Godfrey Reimagines 10-Carat Blue Diamond for Met Gala-Ready Brooch

Designer Lauren Harwell Godfrey made the piece as an homage to the 2025 gala’s theme, “Superfine: Tailoring Black Style.”

Jewelers of America 20 Under 40 for 2025
Events & AwardsMay 06, 2025
Here’s Who Made Jewelers of America’s New ‘20 Under 40’ List

Expanded this year to include suppliers, JA’s 2025 list honors 40 up-and-coming professionals in the jewelry industry.

Sissys Log Cabin Fort Smith Arkansas
IndependentsMay 06, 2025
Sissy's Log Cabin Opens New Store

Located in Fort Smith, it’s the Mid-South jeweler’s first store in Northwest Arkansas.

Gunderson’s Jewelers
IndependentsMay 06, 2025
Gunderson’s Jewelers to Be Featured on ‘World’s Greatest’ TV Series

The episode about the family-owned jeweler will premiere May 17.

Zadok Jewelers Austin store
IndependentsMay 05, 2025
Zadok Jewelers Opens Store in Austin

The Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.

Nancy Astor Cartier turquoise and diamond tiara
AuctionsMay 05, 2025
Nancy Astor’s Cartier Tiara Heads to Auction

The turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.

David DeCook Crater of Diamonds State Park 3.81-carat brown Duke Diamond
SourcingMay 05, 2025
Crater of Diamonds Yields 4-Carat Brown Diamond

“The Duke Diamond” is the largest diamond registered at the Arkansas park so far this year.

Kraft Mac & Cheese x Ring Concierge Forever Macaroni Necklace
TrendsMay 02, 2025
Ring Concierge, Kraft Partner on Mother’s Day Macaroni Necklace

The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.

Angely Martinez emerald Promise ring
CollectionsMay 02, 2025
Piece of the Week: Angely Martinez’s Emerald Promise Ring

Set with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.

Stuller 2025-2026 bridal catalog
MajorsMay 02, 2025
Stuller’s New Bridal Catalog Is Here

“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.

Americut Gems
SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple Effect

Though currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.

Exterior of new David Yurman store in the Miami Design District
MajorsMay 01, 2025
Peek Inside David Yurman’s New Miami Flagship Store

Located in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.

Oscar Heyman emerald and diamond necklace
TrendsMay 01, 2025
Amanda’s Style File: 20 Pieces of Emerald Jewelry for May

May babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy