Hoover & Strong announced February 14 a new partnership with Polygon to offer their Harmony Diamond Auctions to Polygon members directly through the Polygon platform. The auctions are ideal for retail jewelry and pawn brokers to sell secondary market/over the counter goods, or for any seller to move slower inventory, and is open only to members of the trade. Polygon members are pre-qualified for the service, and can start using it after a quick one-step registration.
“The auction feature offers complete visibility to the users and a quick turnaround, so it fits well with Polygon’s platform and services,” said Sean Lemire, Director of Sales & Operations of Polygon. “We have received great feedback and believe our members will find this an extremely beneficial, easy to use tool.”
Hoover & Strong launched its unique online diamond auction platform in January 2015, and has since gained momentum and growth as both buyers and sellers are excited by how quick, seamless and transparent the auction process is. The auctions are held twice a month and feature single diamonds larger than 0.40 ct or parcels of diamonds larger than 0.20 ct with a minimum carat weight of 1.00 ct.
“We are pleased with the success of the Harmony Diamond Auctions which benefit both diamond sellers and diamond buyers. Sellers can receive the most money for their diamonds and buyers can easily review and bid on an ever-changing and vast selection of expertly-graded, recycled diamonds,” said Torry Hoover, President of Hoover & Strong.
All diamonds are inspected, graded and cataloged by Hoover & Strong and all bidding is done online. Items are available for online bidding during a 48 hour auction, starting Monday 2:00 pm EST and ending Wednesday 2:00 pm EST. Auctions are currently held twice a month, but are planned to become weekly by Q3 of 2018, as volumes increase.
“Many of our current users as well as Hoover & Strong have been long time members of Polygon, and we believe it serves as the best trading platform in our industry today,” said Shelly Katzir, Diamond Project Manager at Hoover & Strong. “Bringing our auctions to Polygon made so much sense. We trust the auctions will serve as a great addition to Polygon and will truly create an action-packed live diamond marketplace.”