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Liquid Diamonds Raises $1.1 Million to Expand its Offerings to Jewelry Retailers June 21, 2024 (0 comments)
New York, NY--Liquid Diamonds, a business-to-business diamond sourcing platform, says it is introducing price transparency and liquidity to buying diamonds. The company says it has evolved its offerings to include assisting jewelry retailers with their diamond buying practices, as well as mounted programs.
The company said it recently raised $1.1 million led by certain members of the New York Angels, a group of New York-based financiers who work to attract substantial financial capital into the trade.
Donna Redel, a member of New York Angels, as well as an early investor and mentor to Liquid Diamonds, serves as a new member of the company’s board of directors. She said in a statement that she “is 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.” She continued that 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.”
Liquid Diamonds says retailers who work with the company will be able to access “the best diamond prices, sourcing stones from the hundreds of small diamond manufacturers in India and Botswana, a previously unattainable opportunity.”
They can do this through the company’s “patented reverse auction system,” to gain access to a network of global suppliers “who compete with each other, yielding tremendous buying benefits.” Liquid Diamonds claims it has managed more than $50 million in diamond buying through its platform.
“Our vision is to democratize the diamond market, where buyers always get a fair market value regardless of whether they are buying five or 500 diamonds,” said Kashyap Mehta, CEO of Liquid Diamonds. “This enhanced focus on retailers is an exciting evolution not only for Liquid Diamonds, but for the industry. 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.”