One of the hardest parts of creating and maintaining an estate jewelry business is the constant need of cash flow for inventory. Sometimes what you’ve invested in just isn’t selling and it then becomes an issue of, “how long can I sit on these pieces before getting them to move?!” Whether you already have a jewelry store or just have a deep passion for antique and estate jewelry, memoGEMS may very well be the answer to all your prayers! Seemingly too good to be true, this program owns up to everything you think it is and more! So what is memoGEMS? And how did it start?
With over 100 years of experience in the jewelry business, Marcus Chait and his father Joseph, owners of 66mint in San Francisco, have a well-established business and a wealth of knowledge in the field of jewelry. With so many businesses riding the wave of technology and creating dynamic e-commerce websites, Marcus thought it was necessary to create their own, so 66mint.com was born. It became apparent that the world’s habits of consumption were changing–not only are we buying everyday products off the internet, but fine jewelry too. And not just any fine jewelry, items like a $32,000 diamond tennis bracelet or a signed piece from Cartier or Tiffany & Co. from reputable estate jewelry stores was now not such a “crazy” thing to purchase online.
This was when the idea of memoGEMS came to fruition. Why not take all of 66mint’s inventory, worth anywhere between $5-7 million depending on the day, and offer it to other stores or individuals to try and sell–kind of like a virtual catalog of the finest antique and estate jewelry, without having to invest any money into the pieces themselves?! Once you sign up for memoGEMS (all you need is a logo, an email, a phone number, and a target client list), the tech gurus at memoGEMS will create your own landing page where you can feature all the pieces from 66mint that you choose to be on your custom page, ready to be purchased by your patrons. This brilliant idea empowers those who sign up with the ability to sell jewelry and make a nice profit (average 30% on each sale). Features like a 10 day return policy, where the buyer gets a full refund, just as long it comes back in the same condition, are what drives customers to feeling confident when buying. It also allows you to offer your customers a curated selection, where you set your own prices. So although the inventory is quite large, with about 20 new pieces being added each week, you can pick and choose which you’d like to sell on your own page. And setting your own prices allows you to gage your own profit margins, with pricing comparables given so you can see what that piece is selling for on 66mint’s website. Chait believes this is a smart feature to allow memoGEMS retailers to set their own pricing. After all, you know your customers better than they do and it also allows for competitive, quick sales. There is also a handy “reserve” feature for those who may be interested but need 24 hours to think. This will update across all parties, so other people that have that same piece on their site will know it is on “hold.”
Launched late last year, memoGEMS has already created side businesses for many people, from boutique owners, to stylists, to trend setters–even women who started having “jewelry parties” using their own landing pages they curated with all the jewelry they think their friends and family would love. Do you own a business that sells high-end products, but never knew how to get into selling high-end jewelry?! This is perfect for you! Even if you don’t know how to tell the difference between a real and fake diamond, you have the experience, credibility, and guarantee of 66mint that everything you’re selling is authentic. If you are a retail jewelry store that only sells new designer pieces and always wondered what it would be like to venture into the antique and estate world, this is a great opportunity! Potential retailers invest a $900 deposit, which is fully refundable once you achieve $5,000 in sales in the first 6 months. Marcus says, “Our goal is not to build a bunch of sites that are going to sit around stagnant, but rather to engage with companies and individuals who take the opportunity seriously, and intend to genuinely utilize the platform. We have no interest in collecting numerous $900 security deposit fees, but prefer to empower people via the memoGEMS platform to sell tens of thousands of dollars worth of jewelry.”
For more information and to sign-up for memoGEMS, check out memogems.com