Price Transparency Comes to Secondhand Jewelry Sales

products_photo

TrueFacet, an online marketplace for the sale of luxury jewelry, recently announced the expansion of its secondhand jewelry sales, raising $1.7 million to finance it. The secondhand jewelry market needed updating, as it was difficult for buyers and sellers to know what the market price of a specific piece would be. Counterfeit jewelry was also a problem, with no way to verify the authenticity of a piece when purchasing online. TrueFacet hopes to solve both of these problems.

Sellers who wish to list their pieces with TrueFacet can have the jewelry priced within six seconds, by entering photos and brand information into a form on the website. TrueFacet’s pricing tool may help people who aren’t sure if they want to list a piece immediately. Once information has been entered into the form, sellers have the option to list the piece or store it in their personalized jewelry box for later. From there, if the piece is purchased, the seller ships it to New York so that TrueFacet appraisers can verify its authenticity. After that, the piece is sent on for the buyer to enjoy.

The shopping experience on TrueFacet is highly customizable. Shoppers can choose from categories of jewelry type, such as rings, watches, bracelets or necklaces. Once in a category, they can narrow down their options and search by brand, color, condition, or metal. TrueFacet sells jewelry made from platinum, many colors of gold, silver, and sterling silver (an alloy that is 92.5% pure silver). Prices range from $47 for a vermeil and sapphire pendant to $62,000 for an Oyster Perpetual Cosmograph watch.

TrueFacet has many investors backing its new secondhand shop. Founders Coop, Social Leverage, Maveron, and Trilogy all support the development of standard, transparent pricing in the secondhand jewelry market. TrueFacet’s revenue grew by 20% monthly in 2014, and over 15% of its customers have made multiple purchases.

Leave a Reply

Your email address will not be published.