TrueFacet is the online marketplace for selling and buying used luxury jewelry and accessories. The luxury resale market has gravitated towards specific items like Hermes bags and Rolex watches, while even sneakers have the cachet that traditional luxury items have. Through transparency, TrueFacet takes new steps in Web3 retail while expanding its inventory.

As online luxury continues to rise, TrueFacet, a leading digital luxury marketplace, has announced changes to its platform that will meet the needs of customers as they reach a larger audience hungry for vintage items. With a new iOS app and a handbags category, TrueFacet has built its presence on Web2 to take advantage of the trends. Proactively, TrueFacet has branched out into Web3 services for the next generation of consumers.

With new cryptocurrency payment features and blockchain authentication technology and services, TrueFacet aims to corner the market for reselling luxury watches, jewelry and bags recently. There have also been changes in management, as the new CEO, Raj Seecharran, and his team have been instrumental in implementing the brand updates.

As CEO of TrueFacet, Raj Seecharran is also a co-owner and technologist whose previous experience includes investment banking, e-commerce, jewelry wholesale and retail. Seecharran was born in Guyana, South America, and raised in the Bronx, New York. Seecharran became fond of watches when he was already an adult and remembers the first watch that his future wife would give him at the age of 19.

“I love watches and mixing and matching my collection depending on the day, the occasion or the event. I still have the first watch my wife gave me when I met her at the age of 19. Before that, I couldn’t afford it, nor did I like it, to be honest. For me, a watch is always a staple. I always liked watches and it became an addiction for me to learn everything about the jewelry business,” Seecharran details.

Beginning his investment banking career in the technology sector, Seecharran simultaneously increased his presence in the jewelry industry. “I stumbled upon technology as an intern at Merrill Lynch, then began a consulting career working at other [Investment Bank] firms like Goldman Sachs, Citi Group, Bank of America, and later set up with Barclays Investment Bank as an employee.”

Seecharran learned the ins and outs of retail operations as an investment banker and saw an opportunity for innovation and entrepreneurship in the jewelry industry. “I was at Barclays for a little over 13 years until I was able to take off and sustain a life as an entrepreneur in 2019,” he details.

“I was able to build an amazing career in investment banking while building my footprint in the jewelry industry,” he says. “[This] culminated in the acquisition of TrueFacet by my business partner, Robert Koptiev [company] around 2020,” says Seecharran, recalling the moment as a revelation that drew on his own experience collecting watches.

“My partner, Robert, introduced me to the jewelry industry in 2013 to help him get into retail. His family has been selling wholesale for over 35 years, and he wanted to lead the family business with technology, diversifying through e-commerce,” explains Seecharran. His partner, Koptiev, would seek the advice and guidance of his friend, devising a strategy to grow the business not yet owned by Seecharran.

“We learned the ins and outs of the market industry, selling jewelry through platforms [including] TrueFacet, The Real Real, Tradesy, Amazon, eBay and many others. This process taught us the value of the resale market [or secondary market] and your advantage if and when we launch our platform. Fortunately we were on the right side of the deal when TrueFacet became available and [I] he acquired it in 2020, just before COVID hit.”

Seecharran became knowledgeable about watches, the jewelry market, and which brands offer significant resale values. He understood the relationship between timing the luxury market for hot products and knowing where the profit margins were. “You can’t go wrong with Rolex watches, Cartier Love bracelets and Louis Vuitton bags. The value of brands outweighs any downturn in the economy in the short term. The key is patience and enduring, especially with Rolex and Audemars Piguet watches.”

Seecharran takes an honest approach to the market, not forcing trends, just responding accordingly. “Right now the market is trending down, but rest assured the industry is cyclical and will recover over time. Those who bought Rolex 5 years ago recently saw a return of over 30%. If you buy today, I have a feeling those returns will be achieved again in the next 5 years.”

As the luxury market expands into other jewelry and accessories—not just vintage watches, handbags, and tennis bracelets—diamonds continue to be a flag for perceived value. “Historically, we have seen jewelry retain its value. Why aren’t diamonds always included? It depends on the jewelry in question. All raw materials, such as gold and diamonds, retain their value, even at a scrap level. The value depends on the brand, the characteristics, the procedures, if any, and the origin of the article.”

“Pre-owned jewelry and watches typically save a customer up to 70% off at retail,” says CEO and co-owner Seecharran. “We all love the smell of a new item, but when buying secondhand, there’s a ‘gray market,’ a cloudy feeling to the transaction. It could be a replica or a fake, but that’s why TrueFacet is here. We eliminate that risk and that feeling in the process. “

The new digital luxury market leader has accumulated more inventory, while compliance is valued with its shipping and returns, offering more than 70,000 items and a 7-day money-back guarantee. Seecharran relies on inventory and order fulfillment to grow its business. It has positioned the brand as a trusted and transparent authenticator of used luxury goods. He states that “at TrueFacet we value all items and make sure our customers receive what they buy that is true in every facet.”

Seecharran knows that the customer is the main piece of the retail puzzle and wants to deliver maximum value to its vendors and customers. The average price per item found on the TrueFacet marketplace is approximately $5,500, which suggests that the platform selects a premium product.

Seecharran and his team have grown the TrueFacet jewelry collection to a value of over $200 million. “In my opinion, the value ultimately comes down to the owner and that is sometimes priceless until they decide to resell with us, from which they typically get back up to 80% of the price they paid,” she concludes.