Mondiamo, an online pre-owned diamond jewellery trader, has merged with CIRCA, a pre-owned luxury jewellery and watches business with operations in the United States, Asia and Europe.
The companies say the motivation behind the move is make more of a mark in the $1 trillion of unworn luxury jewellery 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 monetise their unworn watches and jewellery, 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 jewellery knowledge, physical locations and brand equity, we plan to build the best global proposition for sellers of high-end jewellery 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 revolutionise the way people monetise 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.”