GoldMoney Founder Is Disrupting The Way We Think About Jewelry
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| Mene Founder Roy Sebag with Creative Director Diana Widmaier-Picasso |
(Kitco News) -As Uber was to the transport industry andAirbnb was to hospitality, Roy Sebag the brainchild behind GoldMoney is takingaim at the jewelry sector and looking to disrupt Western views on gold.
But being a disruptor in the jewelry andgold industry sometimes involves taking a step back to a time of once uponyonder - to a time when people purchased gold for its intrinsic value.
Sebag launched Mene,a company named after the ancient Aramaic word for a unit of money (which wasgold or silver at the time) - the company is selling what he calls, "investmentjewelry,"- pieces made of solid, 24-karat gold and platinum, all responsiblymined in the U.S. and Canada.
But unlike brand names such as Cartier orTiffany & Co., which charge a high premium, Mene has brought jewelry backto its elements and aligned prices with weight and the actual spot price.
Through mene.com, customers can buy, sellor exchange jewelry at prevailing daily prices for gold and platinum. Thatsaid, prices can fluctuate several times a day depending on the current marketprice.
"Incountries such as China and India, you buy the jewelry by weight, of highkaratage (close to pure) and you can sell the jewelry. I thought to myself it is pretty crazy thatthere is not one Western brand that has taken this approach,"Sebag said in aninterview with Kitco News. "The jewelry industry seems to have forgotten itsrole in crafting wearable investments, which should maintain their purchasingpower. "
So Sebag- a former Wall Street hedge fundmanager had a vision where an investor can log in to their account and can seethe value of their investment - their jewelry - in real-time.
However, he explained he did not want tocreate a "buy gold,' or "jewelry.com,"site - he wanted it to build a brandthat would resonate with millennials. "We want to democratize access to gold -tapping into a far wider market,"he said.
Sebag brought on Diana Widmaier Picasso,the granddaughter of famed artist Pablo Picasso to create modern jewelrydesigns for Mene. A close friend ofSebag's, she is now the brand's chief artistic officer. Mene Inc. the brand'sparent company plans to list on the TSX Venture exchange in October. Sebag'sother company, Goldmoney Inc. already trades on the TSX under the symbol: XAUand is valued at nearly $200 million.
"Mene is the most attractive investment youcan make. It is not a frivolous purchase. It's jewelry of precious value thatendures over time. Every piece is crafted from pure 24 karat gold and platinum,and sold by weight with a minimal design fee,"Sebag explained.
By Daniela CamboneFor Kitco News
Follow @DanielaCambone
dcambone@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.