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Blue Nile Launches Used-Diamond Business

Jan 22, 2017 3:58 AM   By Rapaport News
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RAPAPORT... Blue Nile introduced a service that allows consumers to sell diamonds for cash, claiming to offer better prices and more transparency than the traditional buyback sector.

The service, developed in partnership with ecommerce specialist Mondiamo, is only available in the U.S. and Canada, but plans are afoot to expand the facility globally. “Thousands” of customers have already used the product, which has been in pilot since June, Blue Nile claimed.

The process behind the service involves Mondiamo deploying Blue Nile’s live pricing data for GIA-graded diamonds to create a guaranteed cash-price range. Then, customers are given a free, insured shipping kit to submit their diamond jewelry for inspection and evaluation. That’s followed by a final cash offer. In transactions done so far, every sale has exceeded the minimum offer value, according to Blue Nile.

The second-hand diamond industry deals in jewelry worth billions of dollars annually, Blue Nile claimed. In fact, the total estimated value of diamond jewelry owned by consumers globally exceeds $1 trillion, the retailer added. But, it pointed out, the pre-used market “has traditionally fostered a stressful and an opaque selling experience, with little to no transparency around the true value of the product.”

“One of Blue Nile's guiding principles is to provide transparency to consumers so they can make a diamond purchase that’s right for them,” said Blue Nile chairman and chief executive officer Harvey Kanter. “This partnership provides that transparency to those who wish to sell their diamond jewelry.”

The move follows De Beers introducing a diamond reselling business in March following an 18-month pilot, claiming to offer better prices and transparency.
Tags: Blue Nile, diamond buyback, Diamond reselling, Rapaport News, second-hand diamonds
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