WP Diamonds Merges with myGemma, Providing a Singular Destination for Online Luxury Resale

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Oct 03, 2023, 09:00 ET

WP Diamonds will maintain their industry-leading diamond appraisal and resale business under the myGemma brand to provide an elevated experience for consumers' luxury resale needs

NEW YORK, Oct. 3, 2023 /PRNewswire/ -- myGemma, a luxury resale platform, today announces the integration of the WP Diamonds website into their e-commerce operations.

Originally founded in 2012, WP Diamonds is a leading online buyer of diamonds, luxury jewelry, bags and watches. myGemma was originally launched in 2018 by parent company WP Diamonds as their ecommerce platform, and has since established itself as a beloved and trusted brand in luxury retail, giving consumers a better and more seamless way to both buy and sell luxury accessories. WP Diamonds is being absorbed under the myGemma banner as the myGemma brand continues to grow its national awareness, influence, and loyal customer base.

WP Diamonds was founded to provide a modern and professional alternative to traditional luxury buyers like auction houses, consignment sites and marketplaces. With an emphasis on 5-star customer service, convenience, honest price quotes and most importantly, speed, the company's streamlined services allow customers to sell luxury goods in as little as 24 hours - unlike other online buyers. They specialize in buying the items directly, with no fees or commissions deducted.

Starting with diamonds and jewelry, the brand expanded to watches in 2014, followed by handbags and other accessories in 2020. To sell the growing luxury accessory categories purchased through WP Diamonds, myGemma was created in 2018.

"When we founded WP Diamonds over a decade ago, we wanted to provide consumers with a better way to sell their luxury items quickly and safely in a digitized world. As the market and consumer needs shifted, we expanded our sights onto more categories, soon encompassing watches, handbags, and other luxury accessories," said Andrew Brown, CEO of myGemma. "Bringing WP Diamonds under the myGemma brand creates a true circular economy for luxury goods, enabling consumers to buy and sell on one platform; all while applying the same, unique experience – a thorough, human-led authentication process, our high-touch customer hospitality, and our services like our Trade-in, Rejuvenate and Loyalty Programs, rolled into one convenient platform."

Individually, both the myGemma and WP Diamonds websites experience 40-50% of volume from repeat customers. Merging the two websites is designed to improve on this by offering a seamless, circular resale platform for consumers. The myGemma website will now serve as the singular destination for circular luxury retail, for collectors and eco-conscious consumers alike. All items presented to myGemma go through a rigorous authentication and valuation process before items are sold to the platform. Sellers can enjoy a fast and safe transaction: the entire selling process can take as little as 24 hours, from price quote to payment. Buyers are presented with expertly authenticated high-end pieces at an accessible price – all while being kinder on the environment by recycling used pieces back into the economy.

While luxury resale was not previously a consumer's first choice in owning highly coveted designer items, the category is experiencing a period of growth that shows no sign of slowing down. Currently, the luxury resale category is worth between $25-30 billion, though experts from McKinsey predict a 10-15% annual growth rate over the next decade. Accessories are a driver for the category, with jewelry and watches making up about half of resale trades and handbags and shoes comprising just over one-third of sales. The changing of the tides is largely driven by Gen Z and Millennials, as the younger cohort is 2x as likely to rent or purchase a used item as opposed to buying new.

As consumer preferences continue to trend in favor of a more sustainable economy, myGemma expects to see growth as the benefits of used luxury accessories are recognized.

For more information about myGemma, visit mygemma.com.

About myGemma
Founded in 2018, myGemma is a trusted luxury resale platform specializing in buying and selling a wide range of luxury accessories, including jewelry, watches, handbags, and diamonds. myGemma's world class team of in-house authentication experts and gemologists are leaders in their field, rigorously inspecting each item and giving consumers the confidence to buy and sell items online.

With a sustainability-first mindset, myGemma's mission is to promote a circular economy by giving luxury items a new life. Each luxury accessory is expertly authenticated by the brand itself and housed in myGemma's New York City headquarters, meaning that purchased products are shipped quickly with little lag time and allowing customers to sell their luxury items online in as little as 24 hours. For more information, please visit myGemma.com.

SOURCE myGemma