(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.