Online marketplace eBay is expanding its authenticity guarantee to fine jewelry as the luxury sector continues to gain momentum with double-digit growth.
The company has teamed up with the Gemological Institute of America (GIA) to offer an authentication service to eligible new and pre-owned fine jewelry that is priced at $500 or more. The offering will soon expand to include luxury labels such as Bvlgari, Van Cleef & Arpels, David Yurman, Cartier and Tiffany & Co.
“Jewelry has always been a popular category on the marketplace, and its growth shows how consumer demand is only increasing,” said Tirath Kamdar, general manager of luxury at eBay.
“As we continue to listen to our community of luxury enthusiasts in order to foster an even more trusted shopping and selling environment, expanding Authenticity Guarantee to jewelry was a crucial next step for our luxury business.”
The company’s partnership with GIA is aimed at positioning its platform as a trusted source for fine jewelry, especially as more consumers turn to its platform to acquire and sell high-value products.
According to eBay, sales of Bvlgari, David Yurman and Van Cleef & Arpels products were all up double-digits month-over-month in May 2022. Some of the other prominent brands that stood out include Chopard, Harry Winston and Hermes, which observed a 38%+ year-over-year (YoY) growth in sales in the past six months.
Overall, the company sold eight pieces of fine jewelry every minute, on average, last year, resulting in a total sale of 4.2 million pieces. In addition, it maintains some 7.8 million fine jewelry listings on its platform every day.
“GIA is the trusted independent source of knowledge, standards, and education in gems and jewelry; our mission is to protect consumers,” said Pritesh Patel, GIA’s chief operating officer. “Collaborating with eBay on its Authentication Guarantee extends our mission, helping to protect the millions of eBay fine jewelry buyers and sellers.”
The expanded authenticity guarantee service builds upon the company’s existing service, which offers authentication for sneakers, watches, handbags, and trading cards.