Blue Nile Launches Diamond Buy-Back Service

The new service pays for diamonds using an algorithm based on their price on Blue Nile

Blue Nile is rolling out a new service that will buy back consumers’ diamonds of 30 points or more using an algorithm based on their Blue Nile price.

Mondiamo, a new company, will run the service out of its New York City office, in conjunction with Blue Nile’s Seattle-based customer service team. The service first launched on Blue Nile’s site in June; based solely on word of mouth, it’s already done “thousands” of transactions, says Oren Schneider, co-founder and senior vice president of Adama Partners, Mondiamo’s parent.

The service works like this: Customers enter details of their stone’s grading report on the site and receive a minimum guaranteed cash offer. (For non-GIA reports, the price is adjusted based on a proprietary algorithm.) If there is no report, no offer is given.

The minimum guaranteed cash offer is typically 60 to 65 percent of that diamond’s lowest benchmarked retail price on Blue Nile. If the seller accepts the offer, he receives a shipping kit that instructs him on how to send in his diamond. After the diamond is evaluated, the company determines a final price, which includes any metal content; to date, all final prices have exceeded the minimum. The customer is generally paid within one business day after the stone is received. Mondiamo also takes a fee: 15 percent of the offer value, or $200, whichever is higher.

Schneider says that, before the service launched, Mondiamo mystery-shopped other services and feels it offers the best price out there.

The service is currently limited to customers in the United States and Canada.

“One of Blue Nile’s guiding principles is to provide transparency to consumers so they can make a diamond purchase that’s right for them, and this partnership with Mondiamo provides that transparency to those who wish to sell their diamond jewelry,” said Blue Nile chairman, CEO, and president Harvey Kanter in a statement.

 

JCK News Director


  • Angie Holcomb

    Why did you removing this comment? I am reposting. People deserve to know about another seller’s first-hand experience.
    For those looking to try this option through Blue Nile and Mondiamo, SELLER BEWARE. I had a very negative experience to say the least.
    My initial inquiry asked me to plug in my GIS info, etc. After input, the correspondence from Mondiamo included an incorrect description of my diamond. After correcting them and chalking it up to honest mistake, I proceeded. I received an offer and accepted. I then received the shipping package from Mondiamo which included an Offer Acceptance Form I was to sign and return to them along with my diamond. Once again, the description of my diamond was incorrect. All other information was correct – my offer number, my offer range etc. I became disillusioned and cautious as the erroneous information was for a lesser value diamond of completely different shape and quality. I contacted Mondiamo. Within hours I received a call from Ann B., Senior Staff Gemologist, saying there had been an error in the shipping department and that it should never have happened. She assured me the offer was correct and that she would send me a corrected form immediately, which she did. After our conversation, with some trepidation, I accepted her explanation and proceeded. I shipped my diamond, etc. in the return packaging. Today, I received a call from Ann, again. This time she tells me that my diamond has damage that makes it of lesser value and they will pay me (a fraction of the original offer) or ship the diamond back (the damaged diamond). My care of my diamond was impeccable as was the reputation of the jeweler from which it was purchased. I let her know I didn’t believe that the diamond was damaged prior to their receiving it and to return it, immediately as I absolutely would not accept their ridiculous offer of payment. Apparently, I am expected to believe that as a Mondiamo customer, I am just the very unlucky person that all these communication/shipping errors happened to – in addition to – being equally unlucky as to have damage occur mysteriously sometime while the diamond was in my possession not theirs. I don’t believe it, yet I have no way of proving the diamond was damaged after it left my hands. When I receive it back, I even still have to take it to my local jeweler to verify what they say. I have no recourse other than to tell readers here – if you get even ONE blip on your radar of something amiss or if there are ANY errors in your offer or communications of any kind with ANY company, not just Mondiamo… step away from the entire process. I SO wish I had. Do NOT part with your diamond. A COMPLETELY NEGATIVE experience with Mondiamo. Again, SELLERS BEWARE.

  • Angie Holcomb

    Comment Removed. I am reposting. People deserve to know about another seller’s first-hand experience.

    06/20/2017: For those looking to try this option through Blue Nile and Mondiamo, SELLER BEWARE. I had a very negative experience to say the least.

    My initial inquiry asked me to plug in my GIS info, etc. After input, the correspondence from Mondiamo included an incorrect description of my diamond. After correcting them and chalking it up to honest mistake, I proceeded. I received an offer and accepted. I then received the shipping package from Mondiamo which included an Offer Acceptance Form I was to sign and return to them along with my diamond. Once again, the description of my diamond was incorrect. All other information was correct – my offer number, my offer range etc. I became disillusioned and cautious as the erroneous information was for a lesser value diamond of completely different shape and quality. I contacted Mondiamo. Within hours I received a call from Ann B., Senior Staff Gemologist, saying there had been an error in the shipping department and that it should never have happened. She assured me the offer was correct and that she would send me a corrected form immediately, which she did. After our conversation, with some trepidation, I accepted her explanation and proceeded. I shipped my diamond, etc. in the return packaging. Today, I received a call from Ann, again. This time she tells me that my diamond has damage that makes it of lesser value and they will pay me (a fraction of the original offer) or ship the diamond back (the damaged diamond). My care of my diamond was impeccable as was the reputation of the jeweler from which it was purchased. I let her know I didn’t believe that the diamond was damaged prior to their receiving it and to return it, immediately as I absolutely would not accept their ridiculous offer of payment. Apparently, I am expected to believe that as a Mondiamo customer, I am just the very unlucky person that all these communication/shipping errors happened to – in addition to – being equally unlucky as to have damage occur mysteriously sometime while the diamond was in my possession not theirs. I don’t believe it, yet I have no way of proving the diamond was damaged after it left my hands. When I receive it back, I even still have to take it to my local jeweler to verify what they say. I have no recourse other than to tell readers here – if you get even ONE blip on your radar of something amiss or if there are ANY errors in your offer or communications of any kind with ANY company, not just Mondiamo… step away from the entire process. I SO wish I had. Do NOT part with your diamond. A COMPLETELY NEGATIVE experience with Mondiamo. Again, SELLERS BEWARE.

    UPDATE: As of 06/22/2017 I still do not have my diamond back. When they shipped to themselves it was priority overnight FedEx. Two days later and I still do not have my property back. Unacceptable.