B2B diamond sourcing platform Liquid Diamonds has raised over $1.1 million to expand its services to jewelry retailers.
The investment was led by the New York Angels, a group of New York-based financiers who are focused on modernizing the diamond industry.
Platform Enhancement
Liquid Diamonds aims to enhance the process of wholesale diamond buying by promoting price transparency and liquidity. The recent investment will enable Liquid Diamonds to expand its support to jewelry retailers by streamlining diamond purchasing and introducing mounted programs.
Influential Perspectives
Donna Redel, an investor and new board member, commented on the industry’s adaptation to new technologies: “I am optimistic about the future of the diamond industry, as modern technology is slowly being accepted by a dated industry that is not currently data rich,” Redel said. She believes, “The application of technology and access to data can benefit every part of the value chain. Liquid Diamonds is on the forefront of this revolution and will continue to establish themselves as a great asset to the jewelry industry at large.”
Enhanced Retailer Access
Through Liquid Diamonds, retailers now have access to competitive sourcing opportunities from manufacturers in India and Botswana. This is facilitated by the company’s patented reverse auction system, which enables global suppliers to compete, offering better purchasing conditions. Liquid Diamonds has facilitated over $50 million in diamond transactions, indicating the platform’s capability.
“Our vision is to democratize the diamond market, where buyers always get a fair market value regardless of whether they are buying 5 or 500 diamonds,” stated Kashyap Mehta, CEO of Liquid Diamonds. “This enhanced focus on retailers is an exciting evolution not only for Liquid Diamonds, but for the industry as a whole. Our team worked to streamline the platform for greater usability, and we are happy to report we are already seeing an increase in both time spent on the platform as well as a strong ROI in terms of new retailer clients taking advantage of our diamond buying services.”
Ongoing Commitment to Quality
As well as self-serve sourcing, Liquid Diamonds also offers additional service through its White Glove Service, which includes quality control and streamlined logistics.
The recent capital injection and technological improvements by Liquid Diamonds are another move towards more efficient and data-driven practices with diamond sourcing, potentially altering traditional procurement and pricing strategies within the diamond industry.
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