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RAPAPORT... Gemvara launched the Stone Reset by Gemvara service that enables its customers to request a prepaid shipping kit to send in a stone or jewelry, select and customize a new design and receive the restyled piece.
Matt Nichols, Gemvara's CEO, explained that 49 percent of U.S. consumers own fine jewelry that they never wear, so the new service provides a way to transform jewelry that is just collecting dust. "We have also seen an increase in demand for resetting heirloom stones, particularly for engagement rings. Recent survey data shows that 30 percent of engaged or married couples used or considered using a family stone. Stone Reset is the first platform of its kind that preserves a gemstone's legacy using a system built for the modern shopper," he said. Secondly, Nichols concluded that the millennial shoppers are the first generation with jewels from their grandparents, who would have been engaged in the post-1940s De Beers "Diamonds Are Forever" era, and demand for heirloom stone-set engagement rings is expected to rise. "Millennials often do not have the time, resources, or patience to take on the arduous task of creating a piece with a traditional local jeweler. Gemvara simplifies jewelry resetting by enabling a customer to do it from the comfort of their home," Nichols said.
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