Tokyo-based Queue, the company behind online diamond jeweler that sells engagement and wedding rings, called Brilliance+, announced today that it has fundraised an undisclosed sum from Japanese investment firm Global Brain.
Queue was founded in 2006, followed by the launch of a jewelry-focused e-commerce site called Brilliance+ in 2008. On Brilliance+, users can custom order an engagement ring from a selection of over 7,000 kinds of diamonds and 2,000 ring designs, enabling the creation of over three million ring combinations. Wedding rings can be customized in six crafting categories such as material, width, and ring texture.
While they have showrooms in Tokyo’s Ginza shopping district and Yokohama to serve customers on a face-to-face basis, their system of cutting out inventory and optimizing distribution channels has allowed them to sell rings and jewelry at almost half of retail market prices.
Queue will use the funds to develop a mobile app and strengthen systems development in order to receive fully-customized orders online.
Blue Nile (NASDAQ:NILE) is the leading online jeweler in the US. Leveraging the e-commerce opportunity, they cut the cost of samples showcased at storefronts that conventional jewelers have been handling, and their revenue has exceeded that of the e-commerce sales of Tiffany (NASDAQ:TIF), one of the largest jewelers in the US.
Blue Nile has expanded to Japan, so they may be a rival to Billiance+. It will be interesting to see how Queue will be able to expand their e-commerce site on top of the business model derived from the US-based online jeweler giant.
Edited by Kurt Hanson and “Tex” Pomeroy