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Jewelry Company Goes Public with Unusual Pricing Model

It calls its products “investment jewelry.”

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Pictured here are products from Menē Inc.

TORONTO — Menē Inc., which sells 24 karat gold and platinum jewelry by gram weight, has completed its separation from Goldmoney Inc. to become an independent public company.

“Menē has become one of the most successful jewelry brands to launch in recent years, having changed the way consumers around the world think about jewelry – shifting attitudes towards the purchase of jewelry from a discretionary item to a precious metal investment that retains most of its original purchase value,” said Roy Sebag, CEO and chairman of the company.

Since launching www.mene.com in January 2018, Menē has sold over 11,000 unique pieces of jewelry, worth $7 million, to customers in more than 53 countries, according to a press release from the company.

“These sales were achieved direct-to-consumer, building long-term global customer relationships with a superior business model that does not require a physical storefront,” according to the release.

The company stated that it “has consistently sold out of its top designs, has a waitlist that presently exceeds $1 million, and suspended 99% of its paid marketing activities after it achieved record sales exceeding $1 million in August 2018.”

Class B common shares of the company were set to begin trading on Canada’s TSX Venture Exchange on Nov. 6 under the symbol “MENE.”

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Sebag added: “We have built a brand that has rapidly become well known in the most important fashion and luxury circles, with the New York Times publishing a full feature and Vogue predicting we will revolutionize the jewelry industry. I am proud to have stewarded this venture from zero to one, having actualized in less than two years an idea into a fully operational direct-to-consumer e-commerce business which encompasses manufacturing, a proprietary vaulted pick pack facility, and in-house design, engineering, and marketing teams. Providing initial funding to Menē was carefully considered by Goldmoney Inc. and I am appreciative of the support the board of directors have shown in enabling a core group of employees within Goldmoney to develop this business. I am also extremely thankful to our investors who invested in our company in December 2017.”

The New York Times reported in May that the company’s jewelry prices fluctuate, sometimes several times a day, based on precious metal prices. At the time, its least expenses pieces were selling for under $200 and its highest-priced item was selling for $9,591.18.

Menē announced in December that it had raised as much as $21 million in growth capital.

Over the years, INSTORE has won 76 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

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Jewelry Company Wins Guinness World Records Title

The winning piece has 15,858 diamonds.

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BASEL, Switzerland – Coronet has been awarded a Guinness World Records title for “most diamonds set on a watch.”

The winning piece, called Mudan, is described on a press release as “an incredible art-piece featuring 15,858 diamonds.”

The title was awarded at the 2019 Baselworld watch and jewelry trade fair.

yet again exceeded expectations at the 2019 Baselworld watch and jewelry trade fair. The brand was awarded its 9th Guinness World Records with the ‘most diamonds set on a watch’. Coronet is already a proud title holder of previous 8 Guinness World Records for innovative diamond creations, including the most valuable Guitar featuring 1.6kg of 18K gold and 400 carats of diamonds.

The watch is set in 18-karat gold with artist Reena Ahluwalia’s diamond painting on the dial. The watch is inspired by Peonies, as they symbolize nobility, honor and wealth. Peony is known as the “king of the flowers” in Chinese culture.

Aaron Shum, founder of Coronet and president of Aaron Shum Jewelry Ltd., said, “Since 2015, CORONET is continuously surprising jewelers and fashion lovers at BaselWorld when we unveiled the dazzling Diamond Guitar.

“This is the ninth time that Coronet has been honored with a GUINNESS WORLD RECORDS title. We are proud to showcase our one-of-a-kind ‘Mudan’ watch with artist Reena Ahulwalia’s masterpiece on the watch’s dial – a hyper realistic painting of a diamond.”

The Mudan has a total of 50.01 carats of diamonds.

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5 Arrested in $10M Jewelry Heist

A mother and son were among those taken into custody.

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Five people have been charged in connection with an Atlanta burglary in which thieves made off with jewelry worth as much as $10 million, the Atlanta Journal-Constitution reports.

Burglars may have made off with the jewelry from Icebox Diamonds & Watches in Atlanta in February after tying up the store manager and his wife in their home, authorities say.

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Police took four people into custody: Jose Hernandez Pearson, Gregory Andrews, Tameka Lashon Croskey and Meisha Sims. A fifth person, Crysell Croskey, was already in jail on unrelated charges. Authorities said Tameka Croskey and Crysell Croskey are mother and son.

The suspects face a variety of felony counts, including burglary, theft, weapons and narcotics charges, the Journal-Constitution reports. Racketeering charges are also anticipated.

Before the burglary, two gunmen wearing ski masks entered the home and demanded codes to the store safes, according to earlier reports.

The couple were not injured, although the gunmen threatened to kill them, the Atlanta Journal-Constitution has reported. But media reports say they were bound with zip ties and duct tape.

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Two men broke into the Buckhead store at about 11:30 p.m. and spent about two hours there, police said. They emptied two safes, taking jewelry and watches.

Cash and jewelry were also reportedly stolen from the jeweler’s home.

Read more at the Atlanta Journal-Constitution

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Jewelry Insurance Startup Firm Raises $2M

The founder is a third-generation jeweler.

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BriteCo, a jewelry-insurance startup company, announced a $2 million seed round.

The round’s investors include Brian Spaly, the founder of Trunk Club; and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank.

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The firm provides verified appraisals and immediate replacement coverage by HDI global, an A-rated insurance carrier, according to a press release.

“As a third-generation jeweler, my family and I have a long history delighting customers and helping them celebrate moments of joy in their lives,” said Dustin Lemick, BriteCo founder and CEO.

“But the jewelry buyer is changing rapidly. Millennials now represent the largest jewelry buying demographic, and their expectations are different from those of prior generations. BriteCo helps jewelers by providing them with the optimal blend of online convenience and personal attention.”

Lemick and his family have owned and operated retail jewelry locations in the Chicagoland area for over 60 years.

BriteCo explains that its coverage has no deductible, automatically updates protection each year using advanced price analytics and predictive models, and offers a streamlined claims experience. It also “offers an easy to use, cloud-based Appraisal Management System (AMS) that is faster and more accurate than the jewelry industry’s traditional manual processes,” according to the release.

“What Dustin and his team have accomplished in such a short period of time is amazing,” said Jeff Taylor, one of the company’s investors. “Getting BriteCo licensed in virtually every state before officially launching is a testament to their hard work and the professionalism with which they’re approaching this big challenge.

“I’m excited to be a part of their push to modernize the jewelry insurance and appraisal process and to help millions of people across the US protect their most valuable possessions.”

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