Assertion Not checkable as stated
Blue Nile's online customization tool has not changed in 10 years
“Well, no, because they're, they already technically have a version and hasn't changed in 10 years.”
Disclosure
Gemist is raising a $3M seed round at a $15.5M post-money valuation
“We did convertible note for the pre-seed, I believe six million cap, and then seed round was 3,000,011 and a half post, and this one is 15 and a half post.”
Opinion
Madeline Fraser: Passing on Gemist over cap table concerns is short-sighted
“You know, I think that that's a little bit short-sighted in my mind, right? Not really talking through that or having enough time to sit down with them and sort of say, hey, let's, let's think about what this could look like in the future.”
Assertion Not checkable as stated
Fraser: Blue Nile's custom jewelry tech hasn't changed in 10 years
“They already technically have a version and hasn't changed in 10 years.”
Assertion Contradicted
The US has 60,000 jewelry retailers, but only 9,000 operate online
“Right now there are about 55 to 60,000 retailers just in the United States. So if I take that percentage of ones that are already online, that's about 9000 give or take brands.”
Assertion Not checkable as stated
Online conversion rates for diamond center stones are an abysmal 0.4%
“Carter Cast, who's the founding CMO of Blue Nile, and he was telling me that, like, conversion rates on diamond center stones are .4%. Bounce rates are abysmal in jewelry.”
Disclosure
Fraser: Gemist signed four brands for $500K+ ACV in Q1
“And so with zero dollars in marketing spend and me as our sales team, we've been able to sign four large jewelry brands just in Q one of this year at an annual contract value of over 500 K.”
Prediction Not checkable as stated
Fraser: Gemist targets $5M to $7M ARR before Series A
“Before Series A, we'd like to be somewhere between five and seven million in ARR.”
Assertion Supported
75% of the $300 billion global jewelry industry is offline
“In fact, 75% of the three hundred billion dollar global industry is not online.”
Assertion Not checkable as stated
Gemist signed four large jewelry brands for over $500K ACV in Q1
“And so with zero dollars in marketing spend and me as our sales team, we've been able to sign four large jewelry brands just in Q one of this year at an annual contract value of over 500 K.”
Assertion Not checkable as stated
Gemist has a 30-brand waitlist worth over $3M in contract value
“And we've built a 30 plus brand waitlist that has Contract value of over three million.”
Disclosure
Entrada Ventures leads Gemist's $3M seed round with $2M committed
“So right now it's being led by Entrada Ventures. We have two million committed and we're kind of looking to fill that last one million in the next few months here as we get this off the ground.”
Assertion Supported
Top brands like Tiffany and Cartier represent just 12% of the market
“The one thing to note also about the jewelry industry is if you think of like the top big brands in your brain that equal jewelries to beer is Tiffany Cartier. That's only about 12% of the entire industry. And so the industry is actually primarily made up of t…”
Disclosure
Gemist charges SMBs $1,000 monthly plus a 3% to 10% take rate
“And with them, we do a monthly licensing fee that's around a thousand dollars a month, and then we pair that with a transaction percentage on anything sold through the Gemist experiences, and that usually ranges between three and 10%, depending on how big the …”
Disclosure
Gemist targets $100K enterprise ACV with up to $75K implementation fees
“They are super down to throw down cash, right? So we start with implementation fees anywhere between 30 and 75 K, And then we do a higher licensing fee based off of SKUs. And right now we're looking at an average annual contract value around a hundred K.”
Disclosure
Gemist generates approximately $50,000 in monthly recurring revenue
“Yeah, so MRR is about 50 K a month just because we haven't, the brands are going live now, right? So I'm dealing with mainly implementation fees and some licensing. Transaction fees haven't hit yet.”
Assertion Not checkable as stated
Madeline Fraser clarifies she still owns over 50% equity in Gemist
“Well, I still have over 50%.”
Assertion Supported
Fraser: 75% of the $300B jewelry industry remains offline
“In fact, 75% of the three hundred billion dollar global industry is not online.”
Disclosure
Fraser: Gemist has a 30-brand waitlist worth over $3M
“And we've built a 30 plus brand waitlist that has Contract value of over three million.”
Disclosure
Fraser: Gemist has $2M committed led by Entrada Ventures
“So right now it's being led by Entrada Ventures. We have two million committed, and we're kind of looking to fill that last one million in the next few months here as we get this off the ground.”
Assertion Supported
Fraser: Top jewelry brands represent only 12% of the industry
“That's only about 12% of the entire industry. And so the industry is actually primarily made up of the SMB market.”
Assertion Not checkable as stated
Fraser: Gemist home try-on product has 50% to 70% margins
“No, no, it has margins. It's like a wholesale. So it has at least 50 to 70% margins.”
Assertion Not checkable as stated
Fraser: Online conversion rates on diamond center stones are 0.4%
“I was just talking with Carter Cast, who's the founding CMO of Blue Nile, and he was telling me that, like, conversion rates on diamond center stones are .4%.”
Disclosure
Fraser: Gemist raised a $1M pre-seed and $3M seed round
“We did a pre-seed and a seed round. So we did a million in our pre-seed and three million in our seed.”
