A US internet startup now bypasses jewellery retailers completely and connects prospective engagement ring buyers directly with wholesalers. The Legemdary system allows consumers to create a ring by picking out a stone and a setting, and then wait for one of the 21 participating sellers to submit their bids for the piece.
Legemdary’s reverse auction process allows consumers to get the ring of their choice for the lowest possible price. The price differential between the highest and lowest bids is reportedly between 10 and 15 percent.
Wholesalers are also said to be enthusiastic about the system as it offers them a way to get somewhat static diamond inventory moving again. Five sightholders are also reportedly working with the Legemdary system.
Legemdary was founded in 2015 by 3BDreams, a company founded by the developers of Guidant Systems, a security app used by the US Department of Homeland Security and the Pentagon Force Protection Agency.
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