eBay Launches Authentication for Fine Jewelry

Rhea-AI Summary

eBay expands its Authenticity Guarantee service to include fine jewelry, collaborating with the Gemological Institute of America (GIA). Starting from July 20, 2022, eligible jewelry items priced at $500 or more will be authenticated. This marks the service's fifth category, enhancing luxury shopping experiences. GIA experts will perform multi-point inspections to verify quality and condition. eBay aims to authenticate over five million items in two years, tapping into a growing market with significant sales growth in top brands like Bvlgari and Cartier.

Positive

• Expansion of Authenticity Guarantee to fine jewelry enhances eBay's luxury market offerings.
• Collaboration with GIA ensures expert authentication, boosting consumer confidence.
• Sales of luxury jewelry from brands like Bvlgari and Van Cleef & Arpels are experiencing double-digit growth.

Negative

• None.

In collaboration GIA, the Gemological Institute of America, eBay's 'Authenticity Guarantee' service expands to include fine jewelry from brands like Bvlgari, Van Cleef & Arpels and Cartier

SAN JOSE, Calif., July 20, 2022 /PRNewswire/ -- As the marketplace's luxury categories continue to gain momentum with double digit growth, eBay announces the expansion of its Authenticity Guarantee to fine jewelry. Beginning today, in collaboration with GIA, the Gemological Institute of America, eligible new and pre-owned fine jewelry sold for $500+ will be available for the service. The offering will soon expand to include top designer brands like Bvlgari, Van Cleef & Arpels, David Yurman, Cartier and Tiffany & Co. This marks the expansion of eBay's authentication service to its fifth category, which currently includes sneakers, watches, handbags, and trading cards.

"Jewelry has always been a popular category on the marketplace, and its growth shows how consumer demand is only increasing," said Tirath Kamdar, GM 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."

eBay's collaboration with GIA – preeminent experts in gems and jewelry – will power the marketplace's authentication in this category, which has grown significantly over the past year: sales of Bvlgari, David Yurman and Van Cleef & Arpels were all up double-digits month-over-month in May of this year, while eight pieces of fine jewelry were bought every minute on eBay in 2021. With 90 years of expertise, GIA's unparalleled category knowledge will help ensure that buyers can shop and sellers can sell with total confidence.  As part of the collaboration, GIA experts, including gemologists, will perform a multi-point inspection, verifying metal type, purity, and gemstone quality, to confirm the authenticity of every eligible item.

"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 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."

eBay has authenticated more than two million items across authenticated categories since introducing Authenticity Guarantee in 2020, and in the next two years, the program is expected to surpass five million items. The addition of fine jewelry to eBay's Authenticity Guarantee service builds upon the existing assortment of luxury goods available on the marketplace backed by the authentication service, underpinning its growth as a top luxury destination. By the end of 2022, jewelry authentication will roll out to all eligible listings and identified brands on the platform, making it easier and more trusted than ever to browse and buy fine jewelry on the marketplace.

How eBay's Authenticity Guarantee for Jewelry works

GIA experts use best in class techniques to verify the condition and quality of the jewelry, ensuring the authenticity and accuracy as compared to the listing.  Every piece of jewelry that goes through eBay's Authenticity Guarantee service is examined by GIA experts who inspect the item to verify it is as described in the listing. They also confirm that its condition and quality are as described in the listing. Our Authenticity Guarantee service collaborates with GIA,  the preeminent experts in gems and jewelry, so you can shop with confidence. Details on the jewelry authentication process are as follows:

• Multi-point inspection by experts: Jewelry is examined for authenticity by GIA experts with years of industry experience and knowledge. GIA then performs a multi-point inspection, so you know your jewelry is authentic. Once verified, GIA will ship your item to you safely and discreetly, with signature confirmation required.
• Unique Authentication Card: Verified jewelry will receive a unique authentication card with a QR code. Scan the code to access your item's documentation, and learn more about your jewelry and its authentication journey.
• Verified Returns: In the event of a return, every item is inspected by GIA experts before it's sent back to the seller. Returns are shipped back directly to the authentication collaborators, verifying its authenticity.

Shoppers can visit eBay.com/authenticjewelry to browse and buy from a selection of new and pre-owned fine jewelry marked with an Authenticity Guarantee badge.

eBay Jewelry By the Numbers

• On average, there are 7.8 million fine jewelry listings on eBay every day
• eBay sold 8 fine jewelry items every minute in 2021
• In 2021, eBay sold over 4.2 million fine jewelry items
• Purchases of fine jewelry from brands like Chopard, Harry Winston and Hermes are +38% YoY in the past six months
• Sales of poplar herringbone style bracelets and necklaces are up 48% and 26% respectively YoY

About eBay

eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2021, eBay enabled over $87 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.

About GIA

An independent nonprofit organization, GIA (Gemological Institute of America), established in 1931, is recognized as the world's foremost authority in gemology. GIA invented the famous 4Cs of Color, Clarity, Cut and Carat Weight and, in 1953, created the International Diamond Grading System™ which is recognized around the world as the standard for diamond quality.

Through research, education, gemological laboratory services and instrument development, the Institute is dedicated to ensuring the public trust in gems and jewelry by upholding the highest standards of integrity, academics, science and professionalism. Visit GIA.edu.

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SOURCE eBay Inc.

FAQ

What is eBay's new Authenticity Guarantee for fine jewelry?

eBay's Authenticity Guarantee for fine jewelry verifies eligible items priced at $500 or more, ensuring authenticity through GIA's multi-point inspection.

When did eBay launch the Authenticity Guarantee for fine jewelry?

eBay launched its Authenticity Guarantee for fine jewelry on July 20, 2022.

Which brands are included in eBay's fine jewelry authentication?

Brands include Bvlgari, Van Cleef & Arpels, David Yurman, Cartier, and Tiffany & Co.

How many items does eBay plan to authenticate in the next two years?

eBay plans to authenticate over five million items in the next two years.

What was the sales trend for luxury jewelry on eBay recently?

Sales of luxury jewelry brands on eBay showed double-digit growth month-over-month in May 2022.