People’s Champion finalist 2016: Rare Pink
This online platform specialises in customisable, affordable engagement rings. Like it? Put a People's Champion ring on it....
Start-up name: Rare Pink
Founder: David Sutton
Started in: 2011 (launched 2013)
Based in: London
Business description: Custom diamond engagement ring e-commerce site
The Rare Pink story:
Millennials (those aged 18-34) spent an estimated $26bn on diamond jewellery in 2015 – more than any other generational demographic – with many choosing to search and purchase luxury products such as engagement rings online.
David Sutton saw an opportunity to take advantage of this growing and tech-savvy market with a website that provided the personal service offered by physical retailers at an affordable price point.
In 2013 Sutton launched Rare Pink, an e-commerce platform that allows consumers to commission custom rings from a team of hand-selected global designers, with all diamonds ethically sourced and GIA certified.
Consultants work with the customer to find a suitable product, meet them in a virtual consultation to finalise the design and receive a 3D printed replica before they place a final order.
The last year has seen Rare Pink achieve seven-figure sales targets and ship more than 600 products worldwide.
At the start of the year the company raised £340,000 in an oversubscribed crowdfunding round on Seedrs, which it used to enter the US market and improve its mobile site. Its next funding round will see it roll out the full custom consultation experience across all major cities in the US and throughout Europe.
Why Rare Pink made our shortlist:
With the global diamond industry estimated to be worth $80bn, and 245,000 weddings taking place in the UK each year alone, Rare Pink’s digitally disruptive and customer-focused approach puts it in prime position to take a huge slice of the market.