MENE Set For TSX DEBUT On November 6
(Kitco News) - Roy Sebag the visionarybehind GoldMoney is taking aim at the jewelry sector and looking to disruptWestern views on gold with his latest venture, Mene, set to make its TSX debuton November 6.
A spinoff of Goldmoney, Mene will make its TSXdebut under the symbol "MENE."The company, named after the ancientAramaic word for a unit of money,is selling what Sebag calls,"investment jewelry,"- pieces made of solid, 24-karat gold andplatinum, all responsibly mined in the U.S. and Canada.
"By combining innovative technology,timeless design, and radical transparency, we arerestoring the linkbetween jewelry and savings," Sebag saidin an exclusive interview withKitco News' Daniela Cambone ahead of the listing.
Cambone and Sebag sat down together in ColoradoSprings to talk about the vision for what many analysts are calling a"revolutionary" jewelry model.
"Mene is guided by three principles. The first is that our jewelry is crafted from pure 24 karat gold and platinum withno diamonds or gemstones. Thismeans our jewelry is a timeless physicalobject that will never tarnish. Oursecond principle is that Mene jewelryis sold by the gold and platinum weight value, pursuant to the ancient formula we discovered in the east, plus a transparent design and manufacturingpremium. This premium isroughly 20% of the precious metal's daily value.The result is that a $500 Mene ring will have at least $400 ingold orplatinum value at the time of purchase while $100 is the revenue earned byMene. Our third and finalprinciple is that Mene provides a lifetimeguarantee to buy back or exchange any authentic Mene jewelry at the prevailing gold and platinum prices minus a 10% fee," Sebag explained.
Unlike brand names such as Cartier or Tiffany& Co., which charge a high premium, Mene has brought jewelry back to itselements and aligned prices with weight and the actual spot price.
Through mene.com, customers can buy, sell or exchange jewelry atprevailing daily prices for gold and platinum. That said, prices can fluctuateseveral times a day depending on the current market price.
"In countries such as China andIndia, you buy the jewelry by weight, of high karatage (close to pure) and youcan sell the jewelry.I thought to myself it is pretty crazy that thereis not one Western brand that has taken this approach," Sebag said. "Thejewelry industry seems to have forgotten its role in crafting wearable investments,which should maintain their purchasing power."
However, Sebag explained he did not want tocreate a "buy gold,' or "jewelry.com,"site - he wanted it tobuild a brand that would resonate with millennials. "We want todemocratize access to gold - tapping into a far wider market," he said.
By Kitco NewsFor Kitco News
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