Where the Rich Dump their Jewelry – and How to Get It

From Filthy Rich Jewelry to Preloved Treasures.

For a long time, dealings in second hand jewelry have been a shady undertaking. Due to the allure of making quick cash, several dealers sell frauds to unsuspecting customers. Since it takes a professional to differentiate between an authentic piece of jewelry and a fake one, a large percentage of customers fall easy prey and end up paying an arm-and-a-leg for fakes. However, that is all about to change. Gleem $ Co is a startup company that begun in 2014. Founded by Nikki Lawrence, Casey Sullivan and Scott Friedman, Gleem is on the verge of revolutionizing selling and buying of gems online.

Curbing Risks

Imagine buying a $7,000 ruby necklace online? It sounds like a risky undertaking. How do you verify the authenticity of the necklace? Is the site you’re buying from a legit marketplace? Gleem & Co solves all of that. This is a consignment online jewelry marketplace that sells luxury pieces, including previously owned jewelry of the filthy rich and celebs. They have a wide range of gems ranging from $288 Hermès gold enamel bangle to a bracelet worth $124,000. It’s a one-stop shop that ensures the secondhand items it sells are appraised and insured.

In a statement, Gleem & Co CEO and co-founder Nikki Lawrence stated that the target market of Gleem are older millennials as they are the customers that are looking to trade and regularly change their assortment. Nikki Lawrence worked at Gilt Groupe & Soap.com where she was a leader in launching new businesses.

Customer Empowerment

When selling your jewelry at Gleem & Co, you can opt to sell it for 70% in cash or 90% in online credit. In the statement, Lawrence added that women deserve to get exceptional pieces and fair value and they are seeking to encourage women to personally pick their jewelry selections.

The male customer is not left out either; Gleem & Co offers to help men pick out engagement rings for free. The price range of engagement rings is ($1,900 to $109,000). Additionally, the site offers help to source rare timepieces.

According to Euromonitor statistics, E-commerce luxury jewelry sales increased by 11 percent in the year 2015, categorizing it among the fastest growing retail category. There was an increase in the number of younger customers purchasing luxury pieces and a boom in retailers of previously owned luxury pieces.

Scott Friedman appraises an Edwardian sapphire and diamond double-cluster ring. $2,570
Scott Friedman appraises an Edwardian sapphire and diamond double-cluster ring. $2,570. Source: Bloomberg.

Combatting Fraud

Fraud is by far the biggest stumbling block facing online jewelry dealings. Gleem $ Co has taken measures to combat any form of fraud through co-founder Friedman. He’s a gemologist (master) – a title owned by less than 50 people across the world. He personally inspects every gemstone in the company’s entire collection and later insures it via Lloyd’s of London.

EBay

It was only a matter of time before EBay noticed the great business model of Gleem & Co and started paying attention to their increasing popularity. In a statement, co-founder Sullivan said that, “EBay share their philosophy”. Both companies believe that anyone looking for jewelry should be able to access it easily and at a fair price. Gleem’s head of marketing added they have affiliated with EBay to promote Gleem baubles in an EBay Store design. You can find Gleem’s Store at EBay at, http://stores.ebay.co.uk/Gleem. Sullivan added that business is booming. Currently, Gleem is incubated in New York’s Chelsea neighborhood at the office space of Friends of EBay.