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Merger Creates ‘World’s Leading Buyer’ of Used Luxury Jewelry and Watches

Consumers own more than $1 trillion of fine jewelry and watches, according to Mondiamo.

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Mondiamo, an online buyer of pre-owned diamond jewelry, announced that it is merging with CIRCA, a global buyer of pre-owned fine jewelry and watches with 12 offices worldwide.

The combination will create “the world’s leading buyer of pre-owned luxury diamonds, jewelry and watches,” according to a press release from Mondiamo.

Financial terms of the deal were not disclosed.

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Consumers own more than $1 trillion of fine jewelry and watches, according to Mondiamo. The company estimates the global secondary market for consumer-owned luxury jewelry and watches at more than $8 billion per year and predicts annual growth in the high single digits.

“Sustained growth is fueled by consumer acceptance of ‘recommerce’ and increasingly efficient digital platforms that provide more transparent services and higher values for sellers than was previously available,” according to the release.

The merger “transforms the face of the pre-owned luxury jewelry industry by creating a global bricks-and-clicks platform offering consumers the opportunity to realize the true value of their assets,” according to the release.

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CIRCA, founded in 2000, has specialists in the U.S., Europe and Asia make immediate payments to sellers after an in-person evaluation of their jewelry and watches.

Mondiamo was founded in 2017 by Adama Partners, a New York based venture firm that partnered with Bain Capital and Bow Street to take Blue Nile private in 2017. The company has an exclusive referral arrangement with Blue Nile.

“By combining Mondiamo’s scalable business model, digital capabilities, data-driven processes and operational expertise with CIRCA’s jewelry knowledge, physical locations and brand equity, we plan to build the best global proposition for sellers of high-end jewelry and luxury watches,” said Oren Schneider, Adama Partners co-founder and CEO of the combined business. “We are excited about partnering with the CIRCA family. Our teams combine cutting edge digital technology with luxury jewelry and timepiece expertise.”

Ori Levy, Adama Partners co-founder and executive chairman of the combined businesses, said, “Together, Mondiamo and CIRCA empower clients through digital technology, education and world-class service by experienced specialists. Sellers can now choose between shipping their pieces for evaluation or scheduling face-to-face expert consultations in any of 12 physical locations.”

Richard Tilles, CIRCA’s founder, will become president of the combined business.

“Thanks to our deep industry knowledge and global distribution, we’re able to find the best buyer for each piece and pay the highest amount to our sellers,” Tilles said. “Our goal, to revolutionize the way people monetize their jewelry, will be met by providing world-class pricing with discreet and professional service, whether in-person or from the comfort of one’s own home.”

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4 Dead After Jewelry-Store Robbery Leads to Police Chase and Shootout (Video)

2 suspects were killed, along with a UPS driver and a bystander.

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A jewelry-story robbery in South Florida led to a police chase and shootout that left four people dead, The Associated Press reports.

Police responded to a silent alarm just after 4 p.m. at Regent Jewelers in Coral Gables. Officers arrived to find shots being fired, with two suspects still on site, according to AP.

The robbers took off in a truck and shortly afterward carjacked a UPS truck, authorities said. A harrowing police chase ensued, continuing for 20 miles and ending at a busy intersection in Miramar.

When police approached the UPS truck, a shootout erupted, leaving the two suspects dead, along with the UPS driver and a person described as an “innocent bystander” in a nearby vehicle, AP reports.

“We have just began to process the crime scene,” FBI Special Agent in Charge George Piro was quoted saying. “As you can imagine, this is going to be a very complicated crime scene.”

A jewelry-store employee was reportedly injured, but it’s unknown whether she was shot. It’s also unknown what, if anything, was taken from the store.

Read more at The Associated Press

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Truck Slams Jewelry Store in $200,000 Burglary — Watch the Video

The culprits left the vehicle at the scene.

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Burglars slammed a truck into a jewelry store in Los Altos, CA, and took $200,000 worth of merchandise, police say.

Marcel Jewelry Design was targeted early Monday morning, ABC 7 reports.

The stolen truck rammed the front window of the store three times, finally making it through. The burglars got out and broke jewelry cases with a hammer. They left after less than a minute.

The truck was left at the scene.

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Jewelers Report Bright Start to the 2019 Holiday Season

Thanks to higher average tickets and solid foot traffic.

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INDEPENDENT JEWELERS ACROSS the country reported a strong start to the 2019 holiday season with one in three saying they were ahead of last year’s numbers thanks to higher average tickets and solid foot traffic, especially on Small Business Saturday.

“Customers started shopping earlier, which is a blessing considering the shorter holiday this year,” said Rick Nichols, owner of Nassau Jewelry in Fernandina Beach, FL.

Dennis Petimezas, owner of Watchmakers Diamonds & Jewelry in Johnstown, PA, said he noticed some caution among early shoppers but they are “bringing in the big-ticket items when they do make a decision.”

More than a third of the jewelers who answered our first 2019 holiday season mini survey reported an average sale that was in excess of $600, while 37 percent said it was up from last year. Only 9 percent of jewelers said their average ticket was down. Diamond fashion jewelry, particularly diamond stud earrings, was selling well.

While only a small portion of jewelers described the start to the vital holiday period as “disappointing” (12%) or “dismal” (2%) few were getting ahead of themselves. Increased competition, especially from big online retailers such as Amazon, means most jewelers are expecting to put in some long shifts over the next four weeks, while offering extra personalized service. Then there are the vagaries of the weather.

“This is my 45th year and it’s always unpredictable,” said Larry W. Hall, owner of Baker & Baker Jewelers in Marietta, OH. “I have ‘jacked up’ my staff on the attention-to-detail factors, i.e., look into the customer’s eyes often and, anyone walking in is greeted in seconds. I am looking at the security camera to see if we I recognize the customer to possibly greet them by name … ‘Hello, Mary and Jim!’ Happy holidays…’ and I offer to clean their jewelry and now our sales staff has a captive audience to sell to.”

The first 2019 Holiday Season Mini survey was taken by more than 100 independent jewelers who are part of our Brain Squad readers group. We will send out more surveys over the course of the holiday season. Look out for the results each Tuesday.

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