I Do Now I Don't

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I Do Now I Don't 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[edit]

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][16]

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.[17] IDNID provides a platform for buyers and sellers to connect, along with tools and resources such as escrow funds and third-party authentication services.[18][19]

The site has received positive mention from e-commerce analysts for its approach to repurposing a pricey commodity that is often considered “taboo”.[20][21]

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

References[edit]

  1. ^ http://www.getrichslowly.org/blog/2014/06/04/act-surprised-your-wedding-ring-is-a-terrible-investment/
  2. ^ "Cash in on Clothes in Your Closet," TODAY Show MSNBC, August 17, 2011
  3. ^ https://www.linkedin.com/company/i-do-now-i-don%27t
  4. ^ http://www.huffingtonpost.com/2013/09/23/i-do-now-i-dont_n_3976374.html
  5. ^ http://www.wisebread.com/3-great-reasons-to-choose-a-secondhand-engagement-ring-and-where-to-find-one
  6. ^ https://www.consumeraffairs.com/news/i-do-now-i-dont-website-gives-used-wedding-rings-a-second-chance-021816.html
  7. ^ http://www.foxbusiness.com/features/2009/12/30/failed-wedding-engagement-inspires-new-business-idonowidontcom.html
  8. ^ http://www.businessinsider.com/selling-diamond-rings-online-2012-5
  9. ^ http://www.huffingtonpost.com/mara-opperman/secondhand-engagement-rin_b_1307555.html
  10. ^ http://observer.com/2015/01/i-do-now-i-dont-a-website-sprouted-from-heartbreak-expands/
  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. ^ "And the Band Plays On", NY Post, Feb 10, 2009
  17. ^ https://www.gobankingrates.com/personal-finance/times-buy-used-instead-new/
  18. ^ https://www.bloomberg.com/news/articles/2015-02-05/small-to-big-i-do-now-i-don-t
  19. ^ http://www.stltoday.com/business/local/if-that-marriage-or-engagement-went-bust-st-louis-business/article_480b0029-4039-5240-a0d4-5a9e4f611cd9.html
  20. ^ https://www.entrepreneur.com/article/230243#sec2
  21. ^ http://www.businessnewsdaily.com/2331-hot-business-ideas.html
  22. ^ "Heartbreak Diamonds Find New Homes Online", CNN, Feb 14, 2007