LUXIEE, a Singapore-based online diamond marketplace, has raised “six-figures” in a private seed funding round.
The investment was led by Roadbull Logistics Vice Chairman and independent director of Courts Asia, Kewee Kho.
LUXIEE says it is the first online marketplace in the world to “connect consumers directly to established suppliers in a transparent matching model that removes the middle-man”.
By doing this, they want to disrupt the traditional model of the diamond industry, that usually includes many layers of middle-men and results in “high mark-ups and lack of understanding” of a diamond’s value.
Customers can choose from an array of GIA-certified loose diamonds, and then select a preferred ring setting or purchase the piece on its own to be set later.
According to LUXIEE, this direct connection to suppliers lets customers “enjoy up to 300% reduction” on diamond prices compared to when they buy at luxury retail outlets.
With their new funds, LUXIEE will hire more employees to build up their talent pool, as well as pump up their marketing, branding and public relations efforts.