Connect with us

Press Releases

Hoover & Strong Introduces White Label Diamond Auction Services

mm

Published

on

 

(Press Release)
Hoover & Strong has announced a new white label auction service called myAuction. This service is offered to jewelry retailers nationwide, allowing them to offer their own online auction service through which their customers can sell their jewelry items to industry qualified buyers.

The service includes processing, grading and cataloging that is done at Hoover & Strong’s facility. The auction platform, accessed through the retailer’s website, allows the customer (the seller) to see their item at any given time, review the grading of the item, and see a 360-degree imaging of the item. Once the auction ends, the customer can accept or reject the highest offer. If accepted, payment is processed within 24 hours. The retailer gains a commission for every item sold.

"There is a high demand from consumers to sell their unwanted jewelry at a fair price to a local trusted business. Apprehensive retailers that are reluctant or unsuccessful in purchasing jewelry directly from their customers has led to the development of myAuction. Being able to promote recycled diamonds while providing retailers with a new way to generate revenue is the most exciting part about myAuction,” says Torry Hoover, president of Hoover & Strong. "During the last nine months we have been running a pilot program of myAuction with several select retailers, and the response has been phenomenal. We found that an average of only two items a month could bring the retailer an average of $10,000 in net commission.”

MyAuction aims to benefit both the retailers and the end consumers. Retailers get to offer a unique buying service to their customers at no risk or cost to them, without having to train staff in diamond valuation and grading and without investing their own funds in the items. Consumers get to maximize the value of their jewelry piece by having multiple industry qualified buyers compete for the item, while having the peace of mind of working with a local trusted jeweler through a quick and transparent process.

Auctions are held twice a month and feature loose diamonds and diamond jewelry items. To learn more about the Harmony Diamond Auctions and myAuction, visit www.hooverandstrong.com/diamond-auctions.

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

Promoted Headlines

Most Popular