(c): Gemma by WP Diamonds
This article was first published in July 2018 and updated in February 2019.
by Aude
I am a true believer of circular economy (says the shopping addict). Of course, I don’t buy second-hand only (far from it) but I like to have the option. I am also in favour of reducing waste and like to have sustainable alternatives. Why would I throw things away if I can resell it or give it to friends or charity? Why would I keep something that I have no use of anymore? I just don’t have space for that in my teeny tiny flat. Plus, I’m quite OCD when it comes to have things clean and tidy-up at home.
Ok I know it’s easy to think circular economy when it comes to clothes or furniture. Not the same deal when it comes to more precious products. Precious because of their value or because of the memories they carry on. Would you ever think of selling your diamonds or designer jewels? Would never have! (Not that I own many diamonds …)
But after all, why not? But I’ll be very careful about finding a buyer I can trust. Selling a diamond isn’t exactly like selling a dress!
Found the topic quite interesting and decided to have a little chat with Andrew Brown, Founder of WP Diamonds, a world class online diamond purchaser with operations in Hong Kong.
by Aude
I am a true believer of circular economy (says the shopping addict). Of course, I don’t buy second-hand only (far from it) but I like to have the option. I am also in favour of reducing waste and like to have sustainable alternatives. Why would I throw things away if I can resell it or give it to friends or charity? Why would I keep something that I have no use of anymore? I just don’t have space for that in my teeny tiny flat. Plus, I’m quite OCD when it comes to have things clean and tidy-up at home.
Ok I know it’s easy to think circular economy when it comes to clothes or furniture. Not the same deal when it comes to more precious products. Precious because of their value or because of the memories they carry on. Would you ever think of selling your diamonds or designer jewels? Would never have! (Not that I own many diamonds …)
But after all, why not? But I’ll be very careful about finding a buyer I can trust. Selling a diamond isn’t exactly like selling a dress!
Found the topic quite interesting and decided to have a little chat with Andrew Brown, Founder of WP Diamonds, a world class online diamond purchaser with operations in Hong Kong.
How did you started WP Diamonds business?
WP Diamonds started as the consumer purchasing division of White Pine Trading (editor’s note: Global Diamond and jewellery Trader) in 2012. We recognized the need for a safe and professional way for members of the public to sell their diamonds, designer jewellery and luxury watches. Traditional options, such as pawnbrokers or cash for gold buyers, were not providing the best prices or best customer experience. Our goal was to make the experience of selling valuable pieces comparable to the experience enjoyed when purchasing them, and to change the reputation associated with selling pre-owned diamonds, jewellery and watches.
Diamonds, engagement rings ... those are pretty "sensitive" items because there is usually a story or some memories behind the pieces. How is it like to target those specific pieces? How's the market response to that?
Deciding to sell an engagement ring can often be a difficult decision, but in broken engagements or divorce, it can be a very easy decision! But we have found that the vast majority of people doing so are looking to move on from a past relationship and let go of the past. Selling the ring is an opportunity to start over and focus on a new beginning. Many of our customers have said to have found selling the ring cathartic and empowering. Our job is to make the process as easy and seamless as possible, while returning as much value as possible.
You are a US based company. Why choosing Hong Kong as your Asian headquarter?
We had experience working in Hong Kong over the last several years in our wholesale business and found it very easy to work there from many perspectives – opening bank accounts to language to the movement of goods in and out, etc. Hong Kong is also a big watch and jewellery market and obviously receives a huge number of visitors from the Mainland…all of whom are potential customers for us.
Who are the people selling diamonds? Any specific profile or is it more like a wide range of different people?
Average age group: 30-50 years
Selling engagement rings: 65% women, 35% men
Selling watches: 30% women, 70% men
The reality is that the majority of our customers selling an engagement ring are divorced or going through a divorce. Our goal is to make the process of selling their ring as quick, easy, discreet and painless as possible.
But we also have a sizable amount of customers selling designer jewellery or luxury watches that they simply no longer wear. Why leave valuable items to gather dust instead of selling them on? These customers either sell for cash or upgrade their pieces through our trade-in program. The fact is, something that you bought 10 years ago may no longer be your style. Selling these pieces will allow you to put money towards refreshing your jewellery collection or simply free up some cash.
Who are you competitors? What makes you different from them?
Auction houses and pawnbrokers. Simply put, our service is much faster than an auction house (and we often pay more than auction houses would and we guarantee a sale!) and we offer much stronger prices than a pawnbroker.
We are able to offer a discreet, fast and free service with no hidden costs. Our customers have the option of selling online or via appointment at our modern and professional offices in New York, Hong Kong, London and Birmingham (UK). We pride ourselves on offering an expert service with a team of GIA trained gemmologists with the required diamond knowledge to accurately price diamonds, designer jewellery and watches. There is no obligation to sell and our price quotes and final offers are all free of charge.
What do you do with those diamonds you buy?
As we buy all sorts of old and new diamonds, chipped and abraded diamonds, we end up re-cutting a lot of them to make them into modern and sealable cuts. We then use some of them to make jewellery, some to make engagement rings and sell the remainder to the public and to jewellery retailers.
WP Diamonds started as the consumer purchasing division of White Pine Trading (editor’s note: Global Diamond and jewellery Trader) in 2012. We recognized the need for a safe and professional way for members of the public to sell their diamonds, designer jewellery and luxury watches. Traditional options, such as pawnbrokers or cash for gold buyers, were not providing the best prices or best customer experience. Our goal was to make the experience of selling valuable pieces comparable to the experience enjoyed when purchasing them, and to change the reputation associated with selling pre-owned diamonds, jewellery and watches.
Diamonds, engagement rings ... those are pretty "sensitive" items because there is usually a story or some memories behind the pieces. How is it like to target those specific pieces? How's the market response to that?
Deciding to sell an engagement ring can often be a difficult decision, but in broken engagements or divorce, it can be a very easy decision! But we have found that the vast majority of people doing so are looking to move on from a past relationship and let go of the past. Selling the ring is an opportunity to start over and focus on a new beginning. Many of our customers have said to have found selling the ring cathartic and empowering. Our job is to make the process as easy and seamless as possible, while returning as much value as possible.
You are a US based company. Why choosing Hong Kong as your Asian headquarter?
We had experience working in Hong Kong over the last several years in our wholesale business and found it very easy to work there from many perspectives – opening bank accounts to language to the movement of goods in and out, etc. Hong Kong is also a big watch and jewellery market and obviously receives a huge number of visitors from the Mainland…all of whom are potential customers for us.
Who are the people selling diamonds? Any specific profile or is it more like a wide range of different people?
Average age group: 30-50 years
Selling engagement rings: 65% women, 35% men
Selling watches: 30% women, 70% men
The reality is that the majority of our customers selling an engagement ring are divorced or going through a divorce. Our goal is to make the process of selling their ring as quick, easy, discreet and painless as possible.
But we also have a sizable amount of customers selling designer jewellery or luxury watches that they simply no longer wear. Why leave valuable items to gather dust instead of selling them on? These customers either sell for cash or upgrade their pieces through our trade-in program. The fact is, something that you bought 10 years ago may no longer be your style. Selling these pieces will allow you to put money towards refreshing your jewellery collection or simply free up some cash.
Who are you competitors? What makes you different from them?
Auction houses and pawnbrokers. Simply put, our service is much faster than an auction house (and we often pay more than auction houses would and we guarantee a sale!) and we offer much stronger prices than a pawnbroker.
We are able to offer a discreet, fast and free service with no hidden costs. Our customers have the option of selling online or via appointment at our modern and professional offices in New York, Hong Kong, London and Birmingham (UK). We pride ourselves on offering an expert service with a team of GIA trained gemmologists with the required diamond knowledge to accurately price diamonds, designer jewellery and watches. There is no obligation to sell and our price quotes and final offers are all free of charge.
What do you do with those diamonds you buy?
As we buy all sorts of old and new diamonds, chipped and abraded diamonds, we end up re-cutting a lot of them to make them into modern and sealable cuts. We then use some of them to make jewellery, some to make engagement rings and sell the remainder to the public and to jewellery retailers.
February 2019 update
WP Diamonds recently launched Gemma by WP Diamonds, a one-stop shop for pre-owned designer jewellery, diamond jewellery and luxury watches at up to 80% off retails price. Gemma by WP Diamonds features pieces ranging from designer jewellery to standout pieces such as a recently sold Cartier Trinity pink, yellow and white diamond bracelet.
A few more affordable pieces we currently have our eyes on:
A Tiffany & Co. Return To Tiffany Tag Bracelet in sterling silver at USD 155 (approx HKD 1,220) instead of USD 310
A Hermès H Clic Bracelet in orange papaye and 18k rose gold plated at USD 450 (approx HKD 3,532) instead of USD 600
A Dior Oui Ring in 18K white gold at USD 600 (approx HKD 4,700) instead of USD 850
A Hermès H Clic Bracelet in orange papaye and 18k rose gold plated at USD 450 (approx HKD 3,532) instead of USD 600
A Dior Oui Ring in 18K white gold at USD 600 (approx HKD 4,700) instead of USD 850
Watch out: browsing at this website will have you longing for new jewels! But hey, can one girl ever have too much of those precious things?
Buyers can browse on the company’s newly launched e
-
commerce
website, Gemma by WP Diamonds (
www.gemmabywpd.com
) for a
selection of their exceptional offerings. Thr
ee standout pieces that were
recently sold online include a Cartier Trinity pink, yellow and white diamond
bracelet (MSRP$325,000), a Tiffany & Co 3.28ct Asscher
cut
diamond with
pink diamond surround (MSRP$155,000) and a Cartier 18K white gold
panther rin
g with black onyx and emeralds (MSRP$186,000). In addition to
these high ticket items, the website also offers products in other categories
such as colored diamonds, designer jewelry and
luxury watches
Buyers can browse on the company’s newly launched e
-
commerce
website, Gemma by WP Diamonds (
www.gemmabywpd.com
) for a
selection of their exceptional offerings. Thr
ee standout pieces that were
recently sold online include a Cartier Trinity pink, yellow and white diamond
bracelet (MSRP$325,000), a Tiffany & Co 3.28ct Asscher
cut
diamond with
pink diamond surround (MSRP$155,000) and a Cartier 18K white gold
panther rin
g with black onyx and emeralds (MSRP$186,000). In addition to
these high ticket items, the website also offers products in other categories
such as colored diamonds, designer jewelry and
luxury watches
