Mondiamo, an online pre-owned diamond jewellery buyer, has merged with CIRCA, a buyer of pre-owned luxury jewelry and watches.
The companies say the motivation behind the move is the $1 trillion of unworn luxury jewelry and watches owned by consumers, a figure published recently by Adama Partners, Mondiamo’s parent company.
Mondiamo and CIRCA went on to explain that the merger is hoped to revolutionise the way individuals can monetize their unworn watches and jewelry, either online or in person.
The move will combine digital capability, data, expertise and twelves locations across the US, Asia and Europe.
Oren Schneider, Adama Partners co-founder and CEO of the combined business, commented: “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.”
Adding: “We are excited about partnering with the CIRCA family. Our teams combine cutting edge digital technology with luxury jewelry and timepiece expertise”, says Adama Partners co-founder and CEO of the combined business, Oren Schneider.”
As part of the announcement, the firms detailed how they predict sales of pre-owned jewellery and watches, a market worth $8 billion in 2018, are expected to rise 6-9% in the coming years.
Richard Tilles, CIRCA’s founder, will become president of the combined business.
He said: “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. Our goal, to revolutionize the way people monetize their jewelry, will be met by providing world-class pricing with discrete and professional service, whether in-person or from the comfort of one’s own home.”