Brings Together the Most Sophisticated Digital Leaders in the Industry and Two Highly Complementary Platforms with Significantly Accelerated and Expanded Growth Opportunities

NEW YORK, Oct. 26, 2023 /PRNewswire/ -- Worthy and CIRCA Jewels, two leading platforms that bring together sellers and buyers of pre-owned fine jewelry and luxury watches online and in-person, today announced that the companies will combine to form the most trusted and sophisticated specialty jewelry re-commerce platform in the market. The transaction values the combined company at over $100 million.

Steven Schneider, Chief Executive Officer of Worthy, said, "Today marks an important milestone for our company. We will take the best from both businesses to create the global, premier pre-owned luxury jewelry platform with significant scale, reach, and choices for our wholesale buyers and sellers."

"Importantly, this combination positions us to capture the large addressable market opportunity in the high-end hard luxury segment," he continued. "Today, the global value of diamonds, watches, and jewelry owned by consumers exceeds $5 trillion¹ – yet the secondary market for those categories only reflects a small fraction of that. As we grow our supply base, seller relationships, product categories, and seller options, we will attract more customers and drive the significant expansion of this market. We look forward to embarking on this next chapter as we accelerate the company's growth."

Oren Schneider, Chief Executive Officer of CIRCA Inc., said, "Combining with Worthy creates an even larger, more powerful platform with greater scaling opportunities. Consumers are embracing luxury jewelry and watch resale now more than ever, and our combined platform is ideally positioned to capture this demand. Together, we will empower sellers by offering greater flexibility, either through in-office purchases or online auctions. Our category expertise and deep product knowledge creates a significant advantage over generalist resale platforms and will allow us to continue expanding the market, while bolstering our leadership position in the space."

The combined company will deliver greater scale and accelerated growth for investors, with expectations of achieving annual gross merchandise value well above $100 million, an improved cost structure through integration synergies, and profitability in 2024. In addition, the combination will result in:

• Expanded and more loyal wholesale buyer and seller bases with greater lifetime customer value, driven by the company's more comprehensive product portfolio, as well as its best-in-class expertise in hard luxury compared to competitors, allowing users to receive the maximum value for their jewelry.
  
  

• Improved client conversion, with greater optionality and efficiency for sellers, as they are able to use any transaction process they prefer – in terms of channel (online or in-person) and transaction type (direct offer or auction) – to generate a quick, efficient, and profit-maximizing sale for their jewelry assets.
  
  

• Increased sales by leveraging Worthy's proprietary technology and machine learning that enable data-driven solutions that optimize personalization, segmentation and marketing effectiveness.
  
  

• Shifted product mix to substantially increase the penetration of high demand, luxury brands including signed jewelry (e.g., Cartier, Van Cleef & Arpels, Bulgari, and Tiffany & Co.) and high-end watches (e.g., Rolex, Audemars Piguet, and Patek Philippe).
  
  

• Expanded geographic scale with physical locations in North America, Europe, and Asia – and a vision to continue expanding its footprint. This positions the company to capture market share in the secondhand hard luxury segment globally, particularly in countries with aging populations and a high concentration of hard luxury goods.

The combined company will continue to operate the Worthy and CIRCA banners independently. Steven Schneider will continue to serve as Chief Executive Officer and Oren Schneider will become General Manager of CIRCA.

Media Contact

Simone Leung
Kekst CNC
simone.leung@kekstcnc.com
(917) 842-6257

About Worthy

Worthy is the premier online auction house for diamonds, diamond jewelry, and luxury timepieces.  We are disrupting a traditional industry through technology by bringing together supply-side consumers and demand-side wholesalers to facilitate frictionless trading at fair value via auction. Worthy offers sellers a safe, fast way of auctioning high-value items to a market of committed buyers, ultimately selling at the best market value. At the same time, by providing easily accessible and guaranteed item descriptions, buyers enjoy a steady influx of deals suited to their business needs. Worthy continues to expand its leadership in the sector with support and funding from Viola Ventures, The Phoenix, Alejandro Weinstein and Eddy Shalev, among other investors.

About CIRCA

With 20 offices worldwide, CIRCA is a specialist in the pre-owned hard luxury space. The company acquires high-end jewelry and watches from consumers through physical appointments and mail-in submissions. Our products are sold through our tender and e-commerce platforms, as well as the Hampton Estate Auction (HEA) division, both to consumers and the trade. Our mission is to provide the best service and best price to the owners of important diamonds, jewelry, and watches. To successfully execute our mission, we systematically capture and automate product market data, including pricing, demand, and digital marketing metrics.  In addition to data science, we master the art of jewelry. We employ world-class experts in fine jewelry and watches with hundreds of years of combined experience.

¹ Source: Circa, Inc.

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SOURCE Worthy; CIRCA