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Finematter creates an online jewelry shopping experience, as if consumers have physically walked into a physical store, met the designer in person, and seen the jewelry made first-hand.
Fine material
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Throughout the pandemic, the fine jewelry industry has seen surprising growth in demand, while most other sectors have seen at least some downturn. It was an equally surprising time to start a business as many others have closed, but two Danish entrepreneurs, Mie Ejdrup and Caroline Chalmer, saw this unprecedented moment in the industry as an opportunity. In November 2020, Fine material was born.
“We both saw how there was an opportunity to rethink the distribution in the jewelry market and create an alternative to the broken wholesale model for independent brands,” says Ejdrup of the early days of the brand. new online marketplace for independent creators of fine jewelry.
With an approach often compared to mega-retailers like Farfetch, Ejdrup explains how they constantly look to successful start-ups and business models for ideas on how they can improve the jewelry space, but specifies that this list of sources is not limited to Farfetch. “On the retail side, Farfetch has certainly been an inspiration, but the list goes much longer than that. Netflix, Spotify, Treatwell are all examples of companies that have revolutionized their respective categories, and from which we have drawn ideas, ”she says. “We want to do the same for the jewelry industry.
But more so, says Ejdrup, “Covid-19 has underscored this need for online distribution in an industry otherwise characterized by incremental change and brick and mortar. With Finematter, we want to help independent jewelry designers digitize and evolve beyond physical distribution. “
THE PRODUCT
Finematter creates an online jewelry shopping experience, as if consumers have physically walked into a physical store, met the designer in person, and seen the jewelry made first-hand.
The platform includes a page dedicated to the brand for each of the designers with in-depth interviews, images and editorials on model photos and jewelry packshots. “We want people to know who they are buying from and what they are buying.”
Additionally, Finematter presents each piece of jewelry with a digital “certificate”, listing provenance markers, specific characteristics of metals and gemstones, techniques used to make the piece, what this means for the piece, and more. “This is the first step towards technology-based certification, and we are also starting to explore the possibilities of blockchain. ”
The company’s ambition is to change the way people perceive and buy jewelry. Jewelry is often presented online as a fashion accessory, a simple item of consumption. However, unlike typical fashion items, jewelry has inherent value and can be viewed as an asset or an investment.
“We want customers to be able to buy jewelry as lasting and meaningful purchases that will retain or even gain value over time, elevating them to a status similar to works of art and watches,” Ejdrup said.
THE PRICE
Prices for fine jewelry, of course, vary widely depending on the piece. Currently, prices on the site start at around US $ 120 and exceed US $ 20,000. Ejdrup and Chalmer, who are currently not interested in including any styles of costume jewelry, keep the market focused on fine jewelry pieces only.
WHAT IS THE GOOD?
Fashion has long come under scrutiny for sustainability issues, but the jewelry industry is often overlooked. The challenges, however, are just as real in the fine jewelry industry as they are in any other. “As a central platform for individual designers, we see Finematter as being in a unique position to bring real change and impact across the industry,” says Ejdrup. “We were born from this state of mind and seek to think durable in everything we do.
As consumers move towards conscious consumption and demand traceability of what they buy, Finematter aims to help brands meet those needs. For consumers, the company has developed a sustainability method to rate each piece of jewelry based on seven sustainability labels offering the ability to purchase according to specifications, including materials and production practices, Ejdrup explains, noting that this type of transparency is new to the jewelry industry. . The brand also offers sustainable packaging and CO2 shipping offsets.
Finematter applies best sustainable practices such as paying attention to the clear provenance of materials (knowing exactly how materials are obtained, mined and refined); precious materials from fair trade, fair trade or recycled; diamonds and precious stones mined, recycled or cultivated in the laboratory; local production (the pieces are made in the designer’s workshop and no facet of production is outsourced); direct and carbon neutral shipping; and recycled and compostable packaging.
“We want to set and influence industry standards. And as we grow we hope to become a place for open discussion, ”says Ejdrup.
AND AFTER
As for the next pipeline task, the aftermarket is a priority for Finematter. “The aftermarket is very much linked to our strong focus on sustainability and technology jewelry certifications,” said Ejdrup.
And always: “Our ambition is for Finematter to become the leading online platform for fine jewelry and haute couture in the world.
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