Press Releases

Hoover & Strong and Polygon Launch Online Diamond Auction Service

Published

5 years ago

February 19, 2018

INSTORE Staff

(PRESS RELEASE) Hoover & Strong and Polygon announced a partnership to offer Hoover & Strong’s Harmony Diamond Auctions to Polygon members directly through the Polygon platform. The auctions are ideal for retail jewelers and pawn brokers who wish to sell secondary market/OTC goods, or for any seller to move diamond inventory, and are only accessible to members of the trade. Polygon members are pre-qualified to participate, and can access the auctions to bid or list items 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 and 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 0.40ct or parcels of diamonds larger than 0.20ct with a minimum carat weight of 1.00ct. 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 at 2 p.m, EST and ending Wednesday at 2 p.m. EST. Auctions are currently held twice a month but are planned to become weekly by the third quarter 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, special projects 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.”

The first auctions available on Polygon will start Feb. 19, and the auction submission deadline is Feb. 15. All items can be entered into the auctions directly through Polygon, where the sellers will be able to print their packing list and shipping label and track their diamonds throughout the process. Bidding will start Feb. 19 at 2 p.m. EST.

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