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Jewelry Firms Merge to Tap Secondhand Market
Jul 30, 2019 7:20 AM
By Rapaport News
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RAPAPORT... Two companies dealing in pre-owned luxury jewelry and watches have merged, aiming to tap into what they claim is a $1 trillion market.
Circa and Mondiamo will continue to operate under two separate names and logos, but will combine their resources, they said Monday.
“We are miners — we mine above ground,” said Oren
Schneider, CEO of Mondiamo parent company Adama Partners, which will own the newly combined business.
Mondiamo is an online diamond-jewelry buy-back service,
while Circa, a global buyer of pre-owned jewelry and watches, has 12 locations
in the US, Asia and Europe. The merged operation aims to transform the way people monetize their unworn luxury watches and
jewelry, enabling them to sell their items in person or online, it said. Adama believes consumers currently own a combined $1 trillion worth of jewelry that they are not wearing and would be willing to sell.
“By combining Mondiamo’s scalable business model, digital
capabilities, data-driven processes and operations expertise with Circa’s
jewelry knowledge, physical locations and brand equity, we plan to build the
best global proposition for sellers of high-end jewelry and luxury watches,”
Schneider noted.
Schneider will be CEO of the combined company. Richard Tilles, the founder of Circa, will become president, while Ori Levy, cofounder of Adama Partners, will
serve as executive chairman.
Adama is also a part owner of online engagement-ring giant Blue Nile.
Image: An appraiser evaluating jewelry. (Circa)
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Tags:
Adama Partners, Blue Nile, CIRCA, Mondiamo, Oren Schneider, Ori Levy, Pre-Owned Jewelry, Rapaport News, Richard Tilles
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