Modernizing the Jewelry Industry: Bridging Technology and Tradition with Gemist
The Artemis Fund believes technology can create 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.
The jewelry industry is rich with diverse, multi-generational, family-owned enterprises. However, these businesses often struggle to keep up with today’s tech-savvy consumers.
A 2024 research report conducted by Retail Systems Research (RSR) found that retail stores must embrace technology. The report, “Why the Retail Store Won’t Survive as a ‘Tech-Free Zone’,” is based on a survey of more than 100 U.S.-based retailers and more than 1,100 U.S. shoppers. Some of the key findings:
- 87% of consumers want the same access to product information in the store that they get in the digital world, and 70% like how retailers blend the online and store experiences into a consistent shopping journey.
- 36% of fashion and specialty retailers say their existing technology is not up to the challenge of today’s tech-savvy customers and employees.
The jewelry industry is no exception. Some of the key challenges facing jewelers include:
- Balancing the need to minimize inventory with the ability to meet the customer’s expectation of exponential options including custom, one-of-a-kind, pieces.
- The need for a seamless experience across physical and digital storefronts to maximize sales.
- The lack of payment solutions that meet the complexity of the jewelry industry’s business model of deposits, payment plans, customization, maintenance, and repairs.
How can the jewelry industry rise to meet these tech challenges? Meet Gemist.
The Gemist Journey: From D2C to B2B
Before licensing its software to the industry, Gemist started as a D2C jewelry brand, facing these very struggles. Gemist decided to build a tech platform to solve their problems, and the results were stellar. The Gemist DTC brand saw a 5x increase in engagement, 3x higher average order values, and doubled the units sold per transaction compared to industry standards. Realizing the potential for their platform to revolutionize the way the jewelry industry runs, they pivoted from D2C to a B2B SaaS model.
Gemist’s provides jewelry brands with tools to bridge the gap between online and in-store experiences, optimizing customer engagement and conversion rates. Gemist’s current solution includes:
- A custom online jewelry builder that brings in a retailer’s branded, wholesale, and custom inventory
- Stone market place with digital inventory data
- Complete back office CRM integrations, inventory management, and payments for in-store and online associates
Customizing The Vision: A Founder’s Story
The company’s ability to spot a large industry problem and capitalize is a testament to their innovative spirit and dedication to the industry’s evolution.
Madeline Fraser, Gemist’s CEO and Founder, is no stranger to entrepreneurship. She’s built furniture and interior design businesses, which like jewelry involve high-value, hard-to-visualize products. She was also featured on Shark Tank!
Madeline’s inspiration for Gemist came when she tried to design a custom engagement ring for herself. She ended up at a family jeweler with a drawing of her dream ring on paper, a cash deposit, and fingers crossed that the vision would become reality. She realized an opportunity to solve this common, stressful, consumer experience with technology.
You deserve gems as unique as you are, and Gemist is here to deliver.
Madeline believes that one size does not fit all in jewelry design. She founded Gemist to ensure consumers can create custom, high-quality pieces without breaking the bank and jewelers can deliver with technology.
To bring Gemist’s innovative new technology to life, Madeline partnered with Anup Muraka, Co-Founder & CTO of Gemist. Anup brings deep expertise in technology and entrepreneurship. He has previously held leadership roles at App Press, Adobe, and Proper, and founded his own startup, Automation Works IO.
Shaping the Future: Gemist’s Impact on the Jewelry Industry
Gemist’s platform is now helping jewelry brands optimize their omnichannel strategies, ensuring they can compete in a rapidly changing market.
We believe our customer’s success is our success. Our goal is to make the right impact, learn from the data, and grow together. We want to be a trusted partner for the next 20 years and beyond.
A Glimmer of What’s to Come: The Future of Gemist
With a proven product-market fit and growing demand, Gemist is poised to scale its platform and continue disrupting the jewelry industry. The Artemis Fund is excited to support Gemist as they redefine what’s possible in the jewelry market, building a future where technology empowers small businesses to thrive.
Notable Press Mentions
- Try Before You Buy: Inside Gemist’s Unique Model Disrupting Online Jewelry Shopping
- The 16 Best Places to Buy Engagement Rings Online
- Gemist Is the Future of Custom Jewelry — Our Shopping Editors Are Betting on It
- Custom design and home try-on: How 1 woman is changing the jewelry industry
- Q&A: Gemist CEO Madeline Fraser on Jewelry Visualization Technology
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!
