Online Retailer Blue Nile Launches Diamond Buyback Service

20/01/2017 15:17

The Seattle-based online jeweler Blue Nile has partnered with online diamond buyback company Mondiamo to create what it calls a transparent process for those looking to sell their diamond jewelry, writes The Seattle Times. The service works like this: Customers enter details of their stone’s grading report on the site and receive a minimum guaranteed cash offer. (For non-GIA reports, the price is adjusted based on a proprietary algorithm.) If there is no report, no offer is given. The minimum guaranteed cash offer is typically 60 to 65 percent of that diamond’s lowest benchmarked retail price on Blue Nile. If the seller accepts the offer, he receives a shipping kit that instructs him on how to send in his diamond. After the diamond is evaluated, the company determines a final price, which includes any metal content; to date, all final prices have exceeded the minimum. The service first launched on Blue Nile’s site in June, and claims to have already done “thousands” of transactions, says Oren Schneider, co-founder and senior vice president of Adama Partners, Mondiamo’s parent.

The customer is generally paid within one business day after the stone is received. Mondiamo also takes a fee: 15 percent of the offer value, or $200, whichever is higher. Schneider says that, before the service launched, Mondiamo mystery-shopped other services and feels it offers the best price out there. The service is currently limited to customers in the United States and Canada. “One of Blue Nile’s guiding principles is to provide transparency to consumers so they can make a diamond purchase that’s right for them, and this partnership with Mondiamo provides that transparency to those who wish to sell their diamond jewelry,” said Blue Nile chairman, CEO, and president Harvey Kanter in a statement. Under the partnership, Blue Nile receives a certain amount for each transaction it refers to Mondiamo.