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I Do Now I Don't

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I Do Now I Don't
IndustryJewelry
Founder
  • Joshua Opperman
  • Mara Opperman
HeadquartersNew York City,
United States
ServicesMarkets previously owned jewelry
Websitewww.idonowidont.com

I Do Now I Don't (also abbreviated IDNID) is an e-commerce website that markets previously owned jewelry, primarily diamond engagement rings,[1] as well as other items such as bridesmaid dresses[2] through fixed-price and auction sales.

History

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I Do Now I Don't was founded by Joshua Opperman and his sister Mara in 2007,[3] as a peer-to-peer platform for selling expensive engagement and wedding rings that are no longer wanted. Opperman says he had the idea after returning home one day to find that his fiancée of three months and all of her belongings, aside from the ring, were gone; when he tried to return the ring to the retailer, he received a buyback estimate that was about a third of the purchase price.[4][5] Jewelry on IDNID is typically priced higher than retailer buyback offers but up to 50% below appraisal value.[6][7][8][9][10]

One of the earliest entrants in the online secondhand jewelry market, IDNID became successful quickly, in part due to increased sales during the Recession of 2008.[11][12][13] In 2015, the company merged with DELGATTO.[14] About 1.7 million used engagement and wedding rings with a combined retail value of $4.2 billion are offered for sale annually.[15]

IDNID follows a new economic model called the sharing economy, a decentralized model whereby buyers and sellers interact directly with each other, without intermediation by a third party except to facilitate the transaction.[16] IDNID provides a platform for buyers and sellers to connect, along with tools and resources such as escrow funds and third-party authentication services.[17][18]

The site has received positive mention from e-commerce analysts for its approach to repurposing a pricey commodity that is often considered “taboo”.[19][20]

I Do Now I Don't has been featured on such programs as The Rachael Ray Show,[21] CNN,[22] The Glenn Beck Show, Wake Up with Whoopi and The Today Show.[23][24]

References

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  1. ^ "Act surprised: Your wedding ring is a terrible investment". Get Rich Slowly. 2014-06-04. Retrieved 2019-06-16.
  2. ^ "Cash in on Clothes in Your Closet," TODAY Show NBC News, August 17, 2011
  3. ^ https://www.linkedin.com/company/i-do-now-i-don%27t [self-published source]
  4. ^ Brussel, Joe Van (2013-09-23). "Entrepreneur Turns Heartbreak Into Profit With Diamond Ring Auction Site". HuffPost. Retrieved 2019-06-16.
  5. ^ "3 Great Reasons to Choose a Secondhand Engagement Ring (and Where to Find One)". Wise Bread. Retrieved 2019-06-16.
  6. ^ "I Do Now I Don't website gives used wedding rings a second chance". www.consumeraffairs.com. 2016-02-18. Retrieved 2019-06-16.
  7. ^ Reuteman, Rob (2016-03-23). "Failed Wedding Engagement Inspires New Business: IDoNowIDont.com". FOXBusiness. Retrieved 2019-06-16.
  8. ^ Lutz, Ashley. "After His Fiancé Walked Out, This Guy Built A Business Selling Diamond Rings". Business Insider. Retrieved 2019-06-16.
  9. ^ "5 Reasons To Buy A Secondhand Engagement Ring". HuffPost. 2012-03-07. Retrieved 2019-06-16.
  10. ^ "I Do Now I Don't, a Website Sprouted From Heartbreak Expands". Observer. 2015-01-19. Retrieved 2019-06-16.
  11. ^ "Secondhand Engagement Rings Sales Rise When Times Are Tough", Jo Piaza, The New York Daily News, Dec 3, 2008
  12. ^ "Hard times? More selling Grandma's ring for cash", Reuters, Dec 18, 2008
  13. ^ "In Hard Times, Business of Love Goes Strong", CNBC-TV, Feb 6, 2009
  14. ^ http://del-gatto.com/i-do-now-i-dont-2/
  15. ^ "Engagement Rings", Time Out New York, Oct 21, 2008
  16. ^ "Times buy used instead new". www.gobankingrates.com. Retrieved 2019-06-16.
  17. ^ "Small to Big: I Do Now I Don't". Bloomberg.com. 2015-02-05. Retrieved 2019-06-16.
  18. ^ Kumar, Kavita. "If that marriage or engagement went bust, St. Louis business can help sell ring". stltoday.com. Retrieved 2019-06-16.
  19. ^ Schnuer, Jenna (2013-12-24). "Meet the Innovative Entrepreneurs Who Won Our Top Awards for 2013". Entrepreneur. Retrieved 2019-06-16.
  20. ^ Mulvey, Jeanette; VP; April 10, B2B Content; EST, 2012 03:26 am. "5 Hot Business Ideas We Love Right Now". Business News Daily. Retrieved 2019-06-16.{{cite web}}: CS1 maint: numeric names: authors list (link)
  21. ^ "I do now I don't, rachel ray interview". YouTube.
  22. ^ "Heartbreak Diamonds Find New Homes Online", CNN, Feb 14, 2007
  23. ^ "NBC News".
  24. ^ "Cleaning out your closet? 5 ways to make cash from your unwanted items". TODAY.com.
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