Jewelry Firms Merge to Tap Secondhand Market

RAPAPORT... Two companies dealing in pre-owned luxury jewelry and watches have merged, aiming to tap into what they claim is a $1 trillion market. Circa and Mondiamo will continue to operate under two separate names and logos, but will combine their resources, they said Monday."We are miners - we mine above ground," said OrenSchneider, CEO of Mondiamo parent company Adama Partners, which will own the newly combined business.  Mondiamo is an online diamond-jewelry buy-back service,while Circa, a global buyer of pre-owned jewelry and watches, has 12 locationsin the US, Asia and Europe. The merged operation aims to transform the way people monetize their unworn luxury watches andjewelry, enabling them to sell their items in person or online, it said. Adama believes consumers currently own a combined $1 trillion worth of jewelry that they are not wearing and would be willing to sell."By combining Mondiamo's scalable business model, digitalcapabilities, data-driven processes and operations expertise with Circa'sjewelry knowledge, physical locations and brand equity, we plan to build thebest global proposition for sellers of high-end jewelry and luxury watches,"Schneider noted. Schneider will be CEO of the combined company. Richard Tilles, the founder of Circa, will become president, while Ori Levy, cofounder of Adama Partners, willserve as executive chairman. Adama is also a part owner of online engagement-ring giant Blue Nile.Image: An appraiser evaluating jewelry. (Circa)