Liquid Diamonds, a B2B diamond sourcing platform with offices in New York and Mumbai, is excited to introduce a revolutionary new technology that ensures price transparency, cost savings, and real-time access for jewelry retailers across the globe through a patented reverse auction system. Previously only available to diamond wholesalers, this expansion was made possible by an outpouring of support from diamond industry veterans as well as certain members of the New York Angels, raising over Rs. 9 crores ($1.1M). Varun Alagh of Mamaearth, Aakrit Vaish of Haptik and Miten Sampat of CRED also participated in this round.
The investors believe the jewelry industry has been left behind compared to other sectors such as auto, finance, and pharmaceuticals. Their goal is to propel it into the modern age, attracting 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, now serves as a member of the company’s board of directors. She shared 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 at the forefront of this revolution and will continue to establish itself as a great asset to the jewelry industry at large.”
Liquid Diamonds is helping diamond cutting and polishing companies, based in Surat and Mumbai access global wholesale markets of diamonds and jewelry. Liquid Diamonds has already facilitated the export of over Rs. 400 crores ($50M) in diamonds from India to the United States, showcasing the power of the platform.
Powered by a patented universal continuous double auction technology, the platform ensures diamond buyers get the best price by putting suppliers into open competition with each other. On the supply side, they offer a SaaS-based Pricing Co-Pilot that helps diamond suppliers price their diamonds competitively using artificial intelligence (AI) and machine learning.
Founders of Liquid Diamonds, Kashyap Mehta, Mark Molloy and Chetan Gupta, combine their deep family connections in the diamond industry with their technology backgrounds to revolutionize the industry. With the cross-border nature of the business, they have product development and ops teams based in the Bharat Diamond Bourse in Mumbai while sales, delivery and customer service functions are based in the Diamond District in New York.
“Our vision is to democratize the diamond market, allowing buyers to receive fair market value regardless of whether they are buying 5 or 500 diamonds,” said Kashyap Mehta, CEO of Liquid Diamonds. “This enhanced focus on retailers is an exciting advancement for the whole industry, and we are happy to report an increase in both time spent on the platform and a strong buyer ROI. By opening new opportunities and providing price transparency, we believe this will revolutionize the way the jewelry market conducts business.”
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