It’s no secret the resale market has become a booming business in the last 5 years. From fashion companies like TheRealReal to golf companies like 2nd Swing and watch purveyors like Crown & Caliber, everyone is getting in on the pre-owned game. TrueFacet stands apart from its competitors in the timepiece space, because it sells both watches and jewelry with a massive inventory of over 40,000 watches and 55,000 pieces of jewelry. Unlike other pre-owned watch e-tailers, TrueFacet allows the owners to directly list their pieces—although TrueFacet sets the prices—to sell on the site.
“We don’t want to just be a listing site, where anybody can put their product up for sale at prices that don’t make sense,” says True Facet president Andrew Block. “We’re going sell at a reasonable price based on a lot of things: the service that we provide, the trust, and the authenticity. We want to instill in the buyer that they’re buying something authentic, genuine, and from someone with credibility.”
While every item on TrueFacet goes through an authentication process, the company is now planning to take authenticity to a new level by offering pre-owned timepieces directly through the brands. Seven watch and jewelry makers including Zenith, Fendi Timepieces, Raymond Weil, Frederique Constant, Fabergé, Roberto Coin, and Ernst Benz have chosen to officially partner with TrueFacet to carry their pre-owned timepieces with a manufacture warranty. Other big name brands are expected to follow that have not yet been officially announced. Each piece will be supplied directly by the brand, who will have carefully inspected and refurbished the pieces to pristine condition and will come with a 1-year manufacture warranty.
TrueFacet co-founder Tirath Kamdar said he saw the need to start his business while working for his family’s jewelry company. He saw other retailers and wholesalers buying pre-owned pieces they could not authenticate. “Once an item is taken off the street, we found that 35 plus percent were counterfeit or marked up 45 to 50 plus percent between the person selling it and the end buyer,” says Kamdar. “It would change an average of two to three hands in a trade from the business to business market before it got back to an end consumer again.”
While many brands have woken up to the fact that they need to get in on their own pre-owned business—Audemars Piguet, Vacheron Constantin, and MB&F for instance—TrueFacet offers brands something they can’t always get on their own . . . a minefield of four years’ worth of data compiled since TrueFacet’s inception in 2014. “As we move forward into a different era, everything today is data driven, and to understand what motivates a younger customer to buy watches and jewelry—who at this point doesn’t think it’s a relevant purchase to their lives—is extraordinarily important,” says Block. “We’ve come to these brands with ways to build their brand in a way that targets a younger customer, through an understanding of data, and most importantly, storytelling.”
TrueFacet is also helping their pre-owned partners with content that aims to inform younger generations of watch and jewelry buyers about each brand’s history and stories, repurposing it in a way that is specifically target to that audience. The company boasts an audience that is 28 percent under the age of 30, with the average age of 35 being their fastest growing average audience age according to Kamdar.
And despite its young clientele, TrueFacet is selling pieces well into the six-figure range not only from the usual big brand names like Rolex, Cartier, or Audemars Piguet, but also timepieces from independent watchmakers like Arnold & Son that sold for up to $200,000. “We are able to tap into domestic and global sources of inventory,” says Kamdar. “That allows us to get a lot of really wonderful, high-end pieces not only just from brands, but also from individuals and established collectors as well.”