Singapore-based World’s First Online Diamond Marketplace LUXIEE Secures Finance Facility of Up to SGD5 Million

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LUXIEE, a Singapore-based start-up, has secured a round of financing of up to SGD $5 million from a family office that is locally headquartered. The funds will enable the e-commerce platform capabilities to launch LUXIEEPAY, its interest-free installment facility, as well as procure diamonds for a curated inventory that will be “Immediately Available” for viewing and purchase.

Launched in 2019, LUXIEE 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. Customers have access to over 100,000 GIA certified natural diamonds, and can either select a preferred ring setting, craft a bespoke design, or purchase the piece on its own to be set separately later.

With LUXIEEPAY, customers will now pay only 50% of their purchase upfront with the remaining due upon collection for all bank transfer transactions. Before, full payment is required upon order confirmation. With the introduction of this service, LUXIEE hopes to further enhance consumer confidence in this disruptive business model, and more importantly, lower barriers for all customers to procure their dream diamond. With the ability to shop at supplier rates, the diamond prices listed on LUXIEE can already be up to 300% lower than traditional retail. The introduction of LUXIEEPAY will give more accessibility to consumers as they now have expanded diamond options as means of marking special occasions and milestones.

Based on LUXIEE’s customer feedback, about 15% are willing to pay a slight premium over supplier prices if the waiting time for the diamonds can be significantly reduced to be in time for their engagement plans. As such, this facility will also see LUXIEE introducing “Immediately Available” natural GIA certified diamonds to their onhand inventory, instead of customers having to wait six to eight weeks for delivery from suppliers. Based on market insights and consumer data analytics, LUXIEE will keep an exclusively curated selection of diamonds that will be available for in-person viewing and purchase. Without the typical supplier delivery times, this will enable LUXIEE to meet the needs of customers who need their diamonds quickly while still being able to enjoy savings off traditional retail price tags. Customers who wish to browse the “Immediately Available” diamonds can now do so on www.luxiee.com, or at the LUXIEE showroom, by appointment only.

“Driven by our mission of making diamonds more accessible to all, we are excited to introduce these two new features that will enable even more customers to share in the beauty and wonder of diamonds,” says Nicholas Lim, founder and CEO of LUXIEE. “As a business owner who personally oversees every customer interaction and transaction, I am excited for more people to experience this new way of shopping for diamonds, and for LUXIEE to be a part of even more magical moments and stories, be it romantic, celebratory, and even as family heirlooms and keepsakes.”

LUXIEE foresee these introductions to help increase its market share by 40% over the next 12 to 18 months, especially with increasing propensity to spend and rising disposable incomes, and with watches and jewellery leading the way for Singapore retail sales recovery by 60.2% year-on-year1.

1Source: Department of Statistics, Singapore