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Jewellery marketplace is riding high two years on

By North Devon Journal  |  Posted: May 15, 2014

BEACH LIFE: The founders of JewelStreet.

BEACH LIFE: The founders of JewelStreet.

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JEWELSTREET, the online jewellery marketplace based in North Devon, has not only smashed its crowdfunding target but also secured a place in the finals of the UK Watch and Jewellery Awards for the Etailer of the Year.

The business passed its funding target of £100,000 on Crowdcube.com, raising more than £160,000 in 30 days and is now "overfunding".

"We are thrilled with the investment community's reaction to JewelStreet and its proposition," said Rob Passmore of JewelStreet.

"We have set a cap of £200,000 on this round of investment which will enable us to develop the business further and create a stronger sales channel for our designers."

Commenting on reaching the finals of the UK Watch and Jewellery Awards, Rob added: "We are thrilled to be a finalist for the Etailer of the Year Award. It's a massive vote of confidence from the jewellery industry into the business and the approach that we have taken."

Asked why he thought JewelStreet had been nominated, Rob said "I think it's the marketplace model which gives our designers a much fairer percentage of the retail price combined with the initial reaction we have had from the public. People love to shop on trusted marketplaces and buy with confidence from smaller designers knowing that they are protected by our secure checkout and guarantees."

JewelStreet enables designers to sell their work direct to the public and receive 75% of the retail price.

It has attracted 250 jewellery designers and brands to open "web boutiques" on its website.

The site was launched in 2012 after three dads came up with the concept after meeting at the gates of Instow Primary School.

Mike Taylor, the last apprentice to be trained by the Queen's goldsmiths; ex-Saatchi's advertising expert, Rob Passmore; and Andy Jones, e-commerce expert from Disney and UBS, pooled their expertise to create a marketplace where customers can buy quality-vetted jewellery direct from the designer.

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