Merger Creates ‘World’s Leading Buyer’ of Used Luxury Jewelry and Watches
Mondiamo, an online buyer of pre-owned diamond jewelry, announced that it is merging with CIRCA, a global buyer of pre-owned fine jewelry and watches with 12 offices worldwide. The combination will create “the world’s leading buyer of pre-owned luxury diamonds, jewelry and watches,” according to a press release from Mondiamo. Financial terms of the deal were not disclosed. Consumers own more than $1 trillion of fine jewelry and watches, according to Mondiamo. The company estimates the global secondary market for consumer-owned luxury jewelry and watches at more than $8 billion per year and predicts 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,” according to the release. The merger “transforms the face of the pre-owned luxury jewelry industry by creating a