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,” enabling sellers to choose between shipping their pieces for evaluation or scheduling face-to-face expert consultations, according to a press release from Mondiamo. The two companies will continue to operate separately under their brands while merging their resources.
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.
Preowned jewelry and watch buyer CIRCA, founded in 2000, is an online and brick-and-mortar brand with 12 buying offices worldwide, including the U.S., Europe and Asia. They immediately pay sellers after an in-person evaluation of their jewelry and watches. Mondiamo, an online service, 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. Mondiamo says it was the first company to provide sellers of diamond jewelry a guaranteed, sight-unseen cash offer using a transparent, customer friendly digital platform. 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. 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.”