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Hoover & Strong and Polygon Launch myAuction for Polygon Retail Jewelers

Service allows retailers to professionally auction goods from their customers.

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(PRESS RELEASE) Hoover & Strong and Polygon announced that the myAuction service will be available to all Polygon retail jewelers as part of their membership, accessible directly on the member platform (www.polygon.net).

The innovative myAuctionTM service allows retailers to take in goods directly from customers, and include them in a professional diamond auction. Customers have complete transparency, with the ability to follow their items and bids online in real-time. They also have final say when it comes to accepting or rejecting the final bid, which gives them not only total control, but also complete reassurance in the process.

“One of the biggest challenges in buying goods off the streets is developing a trust relationship and reassuring your customer that they’re getting the best value for their goods,” says Shelly Katzir, Diamond Auctions Manager at Hoover & Strong. “The myAuctionTM service allows customers to feel at ease, and that they’re getting the most for their jewelry.”

Better yet, retailers can brand the service as their own while taking advantage of Hoover & Strong’s end-to-end service. Customers leave their items with the retailer, who submits them to Hoover & Strong. Goods are inspected, photographed and graded at Hoover & Strong’s facilities, and entered in the auctions, accessible to hundreds of wholesale buyers. Moreover, because Hoover & Strong takes care of the grading and inspection, anyone on staff can take goods in – not only those who are experts in diamond valuation.

Once a bid is accepted by the customer, the sale is guaranteed and payment is processed within 24 hours. The retailer gains a happy customer, and a commission for every item sold! There are no fees if the customer rejects the final bid, and goods are simply shipped back.

“So far, we’ve had great response,” says Katzir. “We’ve been working with a select group of retailers, and have found that with an average of only 2 items per month entered at auction, retailers can earn over $10,000 in commission.”

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As part of the partnership, Polygon members are pre-approved to participate in myAuctionTM. Retailers can access the auction console directly via the Polygon member platform.

Earlier this year, Hoover & Strong and Polygon announced a partnership whereby all Polygon members could access Harmony Diamond Auctions through their Polygon accounts. Both buyers and sellers have been excited by how quick, seamless and transparent the process is. So far, over 4,300 diamonds have sold at auction. Harmony Diamond Auctions are held twice a month (Mondays-Wednesdays), and feature single diamonds larger than 0.40ct or parcels of diamonds larger than 0.20ct with a minimum carat weight of 1.00ct.

To learn more about the Harmony Diamond Auctions or myAuctionTM, call 1-800-759-9997, Ext. 164 or visit www.hooverandstrong.com/diamond-auctions

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