Jewelers Mutual Acquires Jewelry E-Tailer
The jewelry insurance company acquired Gem + Jewel marketplace as it looks to bolster its own B2B Zing platform.
The jewelry insurance company acquired Gem + Jewel marketplace, an e-commerce site featuring a number of jewelry retailers and designers, including independent jewelers and family-owned businesses.
It carries jewels from larger brands like Mastoloni and John Hardy to designers like Julie Lamb and Freida Rothman.
Financial details of the acquisition were not disclosed.
Retailers within the Gem + Jewel network are provided with turnkey websites and hosting for their online inventory while vendors receive the opportunity to sell online in partnership with the retail partners.
The benefits include an expansion of a jeweler’s online product offerings and profit-sharing from online sales by their partner-vendors, said Jewelers Mutual.
Using the technology powering the Gem + Jewel marketplace, Jewelers Mutual will bolster its Zing Marketplace, a business-to-business site for retailers to source products directly.
The Zing platform, which is free to all jewelers even if they are not a Jewelers Mutual policyholder, offers shipping, appraisals, and a diamond marketplace courtesy of IDEX.
“The powerful combination of the Zing platform and Gem + Jewel will allow jewelers the ability to facilitate more sales and streamline their operations,” said Mike Alexander, Jewelers Mutual executive vice president, in a press release about the acquisition.
“Ultimately, our goal is to help jewelers more efficiently expand their customer base and effectively grow their e-commerce businesses.”
Gem + Jewel CEO Sheila Bayes said what drew her to Jewelers Mutual was its “work to help the industry holistically, from mine to market.”
“The Gem + Jewel platform similarly provides solutions to improve the businesses of jewelers and manufacturers, as well as generating increased online sales for all.”
Bayes is a jewelry industry veteran, opening her own store two decades ago.
She was named to Harper's Bazaar list of Top 100 Jewelers and has won the Readers' Choice Award for Best Jeweler in Lexington, Kentucky for the last 12 years, as per the Gem + Jewel website.
To register for the Zing platform or to receive news about the upcoming addition of the Gem + Jewel marketplace, visit the Jewelers Mutual website.
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