London Jewelers has become a second primary watch retailer to channel trade-ins to pre-owned specialist Crown & Caliber.
The deal follows news in November that Troverie had formed a similar partnership with Crown & Caliber.
Customers of London Jewelers, which has six prestige jewelers and is an authorized dealer for almost 40 brands in and around New York and Long Island, can trade-in their watches using Crown & Caliber’s online valuation system and, once their watch is accepted, receive payment in cash or credit to be spent in one of jeweler’s stores.
Those electing a London Jewelers credit will receive an amount 20% higher than the cash quote, which is applicable to all in-store or online purchases.
“Our trade-in program is designed for the customer,” says Jason Allen, CMO of Crown & Caliber. “Within a 20-mile radius of New York City, there are likely hundreds of millions in pre-owned watch inventory sitting on people’s dressers or wrists. Our partnership with London Jewelers gives customers an easy and enjoyable avenue to gain real value for what they own, whether that be in compensation, a new watch or a piece of jewelry after trading in.”
A seller survey conducted earlier this year by Crown & Caliber indicated that most shoppers would welcome a credit or certificate to a reputable retailer if it amounted to more than the cash offer. The survey findings and this first-of-its-kind program signal the beginning of a trend, in which brick-and-mortar businesses collaborate with online platforms to increase foot traffic and add new revenue streams.
“We’re excited to partner with Crown & Caliber to reach our current customers and attract new ones, offering them a greater trade-in value than they’d otherwise receive and giving them the opportunity to trade up to one of our 35-plus luxury timepiece brands,” says London Jewelers vice president Scott Udell.
With the secondary market for prime models from the likes of Rolex, Patek Philippe and Audemars Piguet on fire this year, a slew of businesses are cropping up looking to own a piece of it. A range of business models are jostling for space. Some are global platforms that provide a marketplace for buying and selling, others like Crown & Caliber, Watchbox and Bob’s Watches focus on buying inventory that can be authenticated, serviced, cleaned and put back on sale for a profit.