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Despite soft online jewelry sales (Online Sales Grow, But Luxury Items Suffer), Montreal-based Ice.com, which says its sales are still growing, will announce Monday a $47 million capital investment led by Polaris Ventures, the New York Times reports. Polaris' managing partner Alan Spoon, former president of the Washington Post Company (WPO), will be named to Ice's board. Polaris previously backed Akamai (NASDAQ:AKAM), among others.

Average order size at Ice.com has jumped to $285 from $220. “I talked to someone else in the industry who said sales were soft, but we’re bucking the trend,” said CEO Shmuel Gniwisch. He says holiday sales have been strong.

Publicly-traded jewelry retailers include Blue Nile (NASDAQ:NILE), Zale (NYSE:ZLC), Tiffany & Co. (NYSE:TIF), Bidz.com (NASDAQ:BIDZ) and Overstock.com (NASDAQ:OSTK).

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Source: Online Jewelry Competition Intensifies: Ice.com Gets Funding, Gains Market Share