Shining SMBs: Our Investment in Gemist to Transform Jewelry Retail
The Artemis Fund believes technology has the opportunity to sustain prosperity for all, but it’s not possible without diverse perspectives. Artemis leads seed rounds for diverse tech founders with wild ambitions in fintech, commerce, and care building the economy of the future.
If you’ve ever shopped for an engagement ring or an anniversary present, you know it’s difficult to buy jewelry, especially custom jewelry, online. There are a myriad of options, but the experience for the consumer often leaves more questions than answers. From deciphering quality and authenticity to understanding the nuances of customization, the traditional online jewelry buying experience leaves a lot to be desired.
The global jewelry market was worth $300B in 2023, and independent jewelers drove 70% of this value.
Yet, independent jewelers lack the technology and industry-specific digital solutions to address complex inventory management, online customization, and customer engagement.
That’s where Gemist comes in. Madeline Fraser founded Gemist to make the online jewelry shopping experience more visual, engaging, and fun for consumers and to help independent jewelers stay competitive. Artemis is proud to announce our investment in Gemist’s $3M Priced Seed round alongside Entrada Ventures, 11 Tribes, Gaingels, and Interlock Capital.
The Opportunity: According to a report by McKinsey, the global fine jewelry category is predicted to be valued at $340 billion by 2025, with up to 21 percent coming from online channels.
The jewelry industry’s retail landscape is undergoing swift transformation. The modern jewelry consumer is craving better visualization tools and the ability to try before they buy. The conventional in-store model has transitioned towards omnichannel retail, mirroring shifts in consumer shopping habits and preferences.
Research conducted in 2023 reveals that although 62 percent of consumers have made online jewelry purchases in the past year, brick-and-mortar stores remain the favored choice for jewelry shopping. While shoppers prefer to make significant purchases in person, their journey begins well before they step foot into a physical store.
The Solution: Gemist is the vertical SaaS solution for the jewelry industry, licensing their unique technology to allow jewelry brands to engage consumers in a more personal buying experience.
Gemist’s Customize, Stack, and Try-On SaaS solutions have generated increased consumer engagement, conversion rates, average order values, and final mile sales. Its solutions allow jewelers to mix & match a la carte options to create the perfect experience for their customers, and can be seamlessly integrated into any company’s existing website and branding.
The Impact: Considering that 85% of jewelers are small and medium-sized businesses (SMBs), with many being diverse, multi-generational, and family-owned enterprises, their lack of access to technology that solves their unique needs is hindering their ability to compete effectively.
We’re proud to support Gemist’s mission to disrupt the jewelry industry and build more generational wealth.
Learn more about the companies in our portfolio on our website. If you’re a founder innovating in commerce enablement, fintech, or the care economy, pitch us here!
