Diamond marketplace LUXIEE bags $5m in latest financing round

The funds will help launch its interest-free instalment facility, LUXIEEPAY.

Singapore-based diamond marketplace startup, LUXIEE, has secured $5m financings from an undisclosed locally headquartered family office.

LUXIEE plans to use the fresh funds to enable the e-commerce platform capabilities to launch LUXIEEPAY, its interest-free instalment 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. 

LUXIEE said it hopes to further enhance consumer confidence in this disruptive business model with LUXIEEPAY, and help customers to procure their dream diamond. 

“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. 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,” Nicholas Lim, founder and CEO of LUXIEE, said.