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TechnologyJul 31, 2019
Pre-Owned Jewelry Companies Mondiamo and Circa Merge
The newly-formed company will combine Mondiamo’s digital platform with Circa’s physical presence.
Mondiamo valued the global market for pre-owned fine jewelry and watches at $8 billion per year.
New York—Pre-owned jewelry buyers Mondiamo and Circa announced a merger Monday, joining forces to claim a bigger piece of the secondary luxury market.
The financial terms of the deal were not disclosed.
Each company will retain its name, a Mondiamo spokesperson confirmed to National Jeweler Tuesday.
Mondiamo valued the global market for pre-owned luxury jewelry and watches at $8 billion per year, projecting annual growth of 6 to 9 percent in the next few years.
The company said “sustained growth” in the market has been driven by consumers warming up to “recommerce” and the availability of digital platforms for buyers and sellers.
Circa’s specialty is in-person transactions through 12 physical locations, including offices in New York, Los Angeles, Madrid and Hong Kong.
Mondiamo, on the other hand, operates via a digital platform, offering customers cash for their jewelry sight-unseen and has an exclusive referral agreement with Blue Nile.
It was founded in 2017 by New York-based venture capital firm Adama Partners, which partnered with Bain Capital and Bow Street to take Blue Nile private in 2017.
Adama Partners co-founders Oren Schneider and Ori Levy will head the combined company, with Schneider as CEO and Levy as executive chairman. Circa founder Richard Tilles will serve as president.
“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,” Schneider said in a press release.
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