Singapore online diamond marketplace secures $3.7m finance facility

Singapore’s Luxiee, an online diamond marketplace, has secured a finance facility of up to S$5 million (US$3.7 million), underpinning the launch of its interest-free installment feature LuxieePay.

The funds, which were provided by a local family office, will also help Luxiee procure diamonds to create a curated inventory that will be “immediately available” for viewing and purchase, according to a statement.

Photo credit: Pxhere

Launched in 2019, the startup connects diamond buyers directly to established suppliers, removing the added costs associated with middlemen. According to the company, its platform gives customers access to over 100,000 natural diamonds that are certified by the Gemological Institute of America.

With LuxieePay, users who opt to settle their bill via bank transfers need only pay for half of their purchase upfront. The rest of the amount is then payable upon collecting the product.

In the statement, Luxiee also noted that the launch of its “immediately available” products come after it received customer feedback, which showed that 15% of its customers are willing to pay a slight premium if the waiting time for their diamonds can be reduced.

“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.

The company said it expects its market share to increase by 40% over the next 12 to 18 months with the additions of these two features.