The Real Real, a luxury consignment e-commerce site, is opening a watch and fine jewelry valuation office for consignors in Manhattan.
The office will be staffed by The Real Real’s team of graduate gemologists and watch experts, who will assess the value of clients’ items free of charge and provide them with a valuation document on the spot.
“We’re testing the watch and fine jewelry valuation office in New York City, and if the adoption is there, we will open them in other major cities as well,” said a spokeswoman. “Similar to our white-glove service, it’s another high-touch, personalized element that our clients want.”
The new concept addresses the gap that exists in the market for obtaining a reliable fine jewelry and watches appraisal, the company said.
The watch and fine jewelry valuation office follows The Real Real’s announcement in June that it has linked with Neiman Marcus to introduce a consignor gift-card program that will offer The Real Real’s consignors commission payment in Neiman Marcus gift cards with an additional 10 percent added to the value of the payout.
The fine jewelry and watch category has become The Real Real’s fastest-growing business. The company attributed the rapid growth to its focus on authentication and its objective of getting the maximum value for consignors. The company said its research shows that consignors earn twice as much consigning with The Real Real as they do consigning with other resellers.
“Jewelry sellers often treat pricing like a trade secret,” said Michael Groffenberger, senior director of fine jewelry and watches. “We’re sharing this information transparently so consumers know how much their fine jewelry and watches are truly worth. Even though we have four million members and are still growing, it remains extremely important for us to reach clients on a personal level.”