Belgian Online Jeweler Raises $3.5 Million in Fresh Capital

Retail and Consumer Confidence
07/12/2015 16:31

Belgian online diamond jewelry company Baunat has raised $3.5 million (EUR 3.3 million) in fresh capital from investors and staff through a private placement. It also rejected a takeover bid by an Asian investor, according to a statement. The Antwerp-based company said it intends to use the extra funding to accelerate its growth and “become the point of reference on the international online diamond jewelry market.” Some 60% of sales are through the company's e-boutique, with the remainder through eponymous showrooms in Antwerp, Paris, Geneva, Mumbai and Hong Kong. The company plans to open new showrooms in Germany and China in 2016 and 2017, followed by Tokyo and New York in 2017 and 2018. This year, Baunat exported approximately 85% of its diamond jewelry to over 45 countries, with Western Europe and China being the biggest markets. The company states that every piece of jewelry is hand crafted in Belgium.