The company’s marketplace is designed to help couples find the perfect diamond ring for their engagement. The Joolez team has a combined 25 years of experience in the diamond industry and has interviewed hundreds of couples, gaining insight into what can help make the purchasing experience less fraught and more joyous.

The company’s AI algorithm is engineered to change the way consumers shop for diamond rings online, in a way make that is less overwhelming, more efficient, and as stress-free as possible.

Conversion Provisions: In connection with equity financing of at least $1 million, the Company has the option to convert the Crowd Note into non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 20% discount to the price per share for Preferred Stock by investors in the Qualified Equity Financing or (B) the price per share paid on a $3.4 million (or $4 million) valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

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Getting engaged and popping the question can be a wonderful experience but purchasing a diamond engagement ring can be quite nerve-wracking.

The need to buy a diamond ring doesn't come around often, and knowledge about the diamond buying process isn't common. Often, the fear of paying too much, or worse, choosing the wrong ring, can create a lot of unease. Joolez is a diamond ring marketplace powered by behavioral science and artificial intelligence to help couples find the perfect diamond ring.

Rings recommended by Joolez’s AI recommendation engine are handcrafted in-house at the company’s affiliated fulfilment shop in New York City’s Diamond District.

Joolez offers pre-designed ring settings in many styles to fit a variety of taste, fashion, and personality preferences. Its rings are curated from its vendor base and offered in a variety of precious metals such as white gold, yellow gold, and platinum.

All of Joolez’s listed diamonds are certified by major industry labs such as the Gemological Institute of America (GIA) from sources that have pledged to follow the Kimberley Process Certification Scheme (KPCS) as part of its commitment to help reduce the flow of conflict diamonds.

Creating a ring with Joolez starts with picking the right diamond. Customers pick their preferred shopping journey i.e. shop by price, size, or shape and move on to selecting what is important to them in a diamond such as Best Value, Biggest Size, or Best Quality. The system makes certain predictions to recommend a diamond to reflect your choices.

Customers can use levers within the featured category to toggle back and forth between the various levels of the diamond; Price, Size and Quality. With every click and change in feature preference, Joolez’s algorithm will make a deep-analysis of multiple unique properties of currently available diamonds on its worldwide network in real-time to recommend the best possible option and prompt bias-free advice on a good deal when one is available.

The Joolez platform also provides diamond education and explanations of the four Cs considered when grading a diamond: cut, color, clarity, and carat. Each topic provides descriptions of the category and provides visuals for reference.

Joolez’s next update to its product recommendation algorithm is intended to make advanced ring recommendations revolving around fashion preferences and personality.

As the vendor network grows, the AI recommendation engine leverages behavioral science to learn new shopping behaviors and create smarter product recommendations in real-time. The next phase of growth includes the addition of a social shopping feature, "Shop Together," to expand the diamond ring purchasing experience to couples instead of the traditional one-sided transaction. The social shopping experience would allow couples to shop for rings together via the platform. The company is currently building this feature.

According to MarketWatch, the global diamond jewelry market was valued at $89 billion in 2020 and is expected to reach $97 billion by the end of 2026, growing at a compound annual growth rate (CAGR) of 1.2% during 2021-2026.ii For the diamond engagement ring market, Verified Market Research reports that the U.S. and Canada markets were valued at $28.6 billion in 2019 and are projected to grow at a CAGR of 4.31% from 2020 to 2027.iii Although some analysts forecast a drop in global luxury sales due to COVID-19, the news is not all bad. The pandemic’s lasting effects are still to be seen, but one trend predicted to continue is the migration from brick-and-mortar shopping to e-commerce.

The online jewelry industry vertical has experienced slow adoption on the e-commerce front, with most sales conducted in local retail shops. However, market trends have begun to show improvement in e-commerce adoption for jewelry retailers. From 2017 to 2018, online jewelry sales increased over 14%,v and according to Research and Markets, is anticipated to reach $19.9 billion from 2020 to 2024, representing a CAGR of 15%.vi In 2020, a recent Global Diamond Report by Bain & Company found that Covid-19 had accelerated the convergence of online and offline channels, and up to 20% of diamond retail sales occurred online, up from 13% the previous year.

In 2019, Millennials and Gen Z represented 32% of all global luxury spending, but by 2025 this demographic group is expected to make up 50% of the total market, with 130% of forecasted market growth attributed to the age group. New studies show that coming of age millennials will vastly transform the luxury market by 2025, and according to Forbes, the demographic has radically different expectations from luxury brands and retailers. The trends anticipated to drive market demand include social media engagement, online sales, and influencers’ impact on consumer preferences.

In 2020, the e-commerce industry received over $25.7 billion in venture capital investment across 2,443 deals.