SINGAPORE, Aug. 30, 2019 /PRNewswire/ -- Singapore online diamond marketplace, LUXIEE, has raised a six-figure investment in private seed funding. The team secured financier Kewee Kho, also vice-chairman of Roadbull Logistics and independent director of Courts Asia, as the leading investor for this round.
LUXIEE (www.luxiee.com) is the world's first online diamond marketplace that connects consumers directly to established suppliers in a transparent matching model that removes the middle-man, resulting in better value for customers. The funds raised will be channeled towards marketing, branding, public relations and media placement, as well as build the business' talent pool.
"It's about time a traditional industry like diamonds experience a new way of delivering real value to customers. It is a disruption to an old school economy," said Kho. "The impressive background of LUXIEE's solid management team, with experts coming together from the creative, digital marketing, and precious gems industries, reinforces my belief in this new and current business model. Transformative growth awaits, and I look forward to an exciting and rewarding journey with the team."
Nicholas Lim, CEO of LUXIEE adds, "We are excited to have an experienced investor like Kewee on board, and look forward to his strategic direction and advice. His confidence in the business is added assurance to the formula of our business model, and we are driven by opportunities to accelerate our growth."
Officially launched in Jan 2019, the startup is releasing, for the first time, diamond search and browsing purchase of the Singapore market:
- Shoppers tend to search for diamonds between 0.40-1.49 carat
- However, it's not only about carat - buyers are generally discerning in pushing for the best clarity, colour and cut as well, though weight remains the primary criteria
- Round diamonds remain the most sought after, with cushion, oval and emerald shapes following in popularity
- There is a consistent trend in females browsing - almost 60% of site visits come from females - but males still form the almost 80% majority who ultimately purchase a diamond
LUXIEE is the world's first online diamond marketplace that connects consumers directly to suppliers, offering GIA (Gemological Institute of America)-certified diamonds. The online marketplace (www.luxiee.com) aims to disrupt the traditional model of selling diamonds, where each diamond goes through several layers of middle-men before reaching the consumer, thereby resulting in high mark-ups and lack of understanding of its true value.
Through www.luxiee.com, consumers can choose from an array of GIA-certified loose diamonds, after which they can either select a preferred ring setting, craft a bespoke design, or purchase the piece on its own to be set separately later. The entire process is based on transparency, where information about the supplier of the diamond is clearly specified and tracking of the order is immediately available.
Most importantly, the direct connection between supplier and consumer allows consumers to enjoy up to 300% reduction in the diamond price as compared to those sold at luxury retail outlets. An example would be a 1.0 Carat, F Color, VS2 Clarity, Excellent Cut, that can go for as low as SGD7,000.00.
Visit the website at www.luxiee.com and Instagram profile @luxiee.official