Mondiamo, a high-growth online buyer of pre-owned diamond jewelry, announced it is merging with CIRCA, the global buyer of pre-owned fine jewelry and watches with 12 offices worldwide, creating the world's leading buyer of pre-owned luxury diamonds, jewelry and watches.
Consumers own more than $1 trillion of fine jewelry and watches, according to Mondiamo, who estimate the global secondary market for consumer-owned luxury jewelry and watches exceeds $8 billion per year and predict 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. This 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.
CIRCA, founded in 2000, re-imagined the discreet world of pre-owned luxury jewelry and watches by offering consumers a tailored service and exceptional value at a time when pawn was the main option available. CIRCA's specialists in the US, Europe and Asia make immediate payments to sellers after an in-person evaluation of their jewelry and watches.
Mondiamo was the first company to provide sellers of diamond jewelry a guaranteed, sight-unseen cash offer using a transparent, customer friendly digital platform. Mondiamo has a strategic and exclusive referral agreement with Blue Nile, the world's largest online seller of engagement rings. Mondiamo was founded in 2017 by Adama Partners, a New York based venture firm that, among other activities, partnered with Bain Capital and Bow Street to take Blue Nile private in 2017.
"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. 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.
"Together, Mondiamo and CIRCA empower clients through digital technology, education and world-class service by experienced specialists. Sellers can now choose between shipping their pieces for evaluation or scheduling face-to-face expert consultations in any of 12 physical locations," says Adama Partners co-founder and executive chairman of the combined businesses, Ori Levy.
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. 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," says Tilles, widely regarded as one of the most prominent experts in fine antique jewelry, diamonds, and pre-owned luxury watches.