This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

This Company in the 'Breakup Industry' Gears Up for Valentine's Day

And while the report focused specifically on new jewelry purchases, one can't help but add a site like I Do ... Now I Don't to the mix of competitors for retail sales.

But it wasn't easy getting consumers to use the site at first. In the beginning, the company's biggest challenge was solidifying its reputation and getting customers to trust that the site was not a scam, Opperman says.

"When someone is sending in a $10,000 diamond ring without getting paid for it, it takes a lot of trust for someone to do that. That was the biggest hurdle in the very beginning that we had to overcome," Opperman says.

Considering the high-ticket items sold on the site, Opperman says using the website is safer than buying through eBay (EBAY) or Craigslist.

"It's a process which makes it impossible to get scammed," Opperman says. "We're controlling the sale."

I Do ... Now I Don't allows sellers to list their jewelry at a price of their choice. The process acts more like a negotiation between buyer and seller, with a typical agreed-upon price between 40% and 60% of the original retail price.

Once an offer is agreed upon, both the money and the jewelry is sent to the I Do ... Now I Don't offices, where staff ensures that the item is the correct one and that the money was sent. The company ultimately takes a 15% cut of the final price.

Now the company is expanding its offerings.

"We started off with engagement rings and wedding bands and that's still a majority of sales on the website, but we sell other stuff. We started adding other categories," like necklaces, bracelets and wedding dresses, Opperman says.

Yes, even wedding dresses.

I Do ... Now I Don't has also begun experimenting with buying back "unsellable" jewelry directly. The website doesn't have a storefront, but since its offices are located in the heart of Manhattan's Diamond District, it can resell the jewelry quickly in the wholesale market.

The business is "recession-proof," Opperman says. "No matter how bad the economy is or how good, it always does well and that's because there's always going to be divorces no matter what and always people getting married no matter what."

The reasons people sell their rings aren't only because of breakups. "People are selling the rings to upgrade or just selling the rings because they need the money. There's a lot of different scenarios," he says. "On the other end, people are getting great deals. We've had emails from customers who were able to afford a ring of their dreams because of the discount."

And do people care that the jewelry was worn before?

Opperman says that most customers reset the diamond.

"The main money is basically in the diamond," he says.

-- Written by Laurie Kulikowski in New York.

To contact Laurie Kulikowski, send an email to:

>To submit a news tip, email:


Follow TheStreet on Twitter and become a fan on Facebook.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
EBAY $22.49 0.00%
FB $102.01 0.10%
TSLA $151.04 0.38%
YHOO $27.04 1.05%
GOOG $682.40 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs