Fine jewelry's first platform based on the sharing economy

  • Covett


Renting or only partially owning a jewel. A revolution or a visionary idea? Cynthia Morrow is the founder and Ceo of Covett, an innovative platform launched at the end of 2018, which is bringing the concept of sharing to the world of fine jewelry. She explains how it works and what the benefits of co-owning fine jewelry are. «These days, people are moving towards a more sustainable way of living. The sharing economy has become a fundamental part of our constantly evolving society. We borrow houses, cars, clothes, boats and much more; so why not share our jewelry too? The first step is to change the mindset of what it traditionally means to own something. We believe that shared ownership is the smartest way to own fine jewelry because the more a piece of jewelry costs, with the exception of engagement rings, the less it is worn. Moreover, many people don't have their jewelry cleaned or insured and therefore tend to wear it less frequently. With Covett you can own 20% of a piece of fine jewelry. Each month you have five consecutive days to wear it plus 12 days to choose from during the year to take the piece on holiday or for special occasions. You then have access to other pieces in the vault, to borrow for a nominal fee, whenever needed for a special occasion. It is like having a big jewelry box. There are numerous advantages: customers can enjoy their pieces every month for the rest of their lives at a fraction of its true cost; shares can be donated to future generations; pieces can be exchanged for a higher price without having to make the entire investment. Covett cares for and maintains the jewelry and provides logistics and insurance so that co-owners know that their piece is fully protected and always in excellent condition. There are now three annual subscription plans, offering 2, 6 or 12 loans per year. All loans are for five consecutive days. The entry level costs just £300 per year. We believe we are the solution for all jewelry lovers and enthusiasts, including men, so that they can have the pieces they yearn for in the smart way. Our subscription allows customers to experience new brands, styles and pieces that many would not normally consider as a full investment. We have noticed that people tend to fall in love with the pieces they try on, so we offer them the option of either buying the piece outright or owning a share of it. The way we see it is: «Sentimental and everyday jewelry should be owned. For everything else there is Covett.»

Share this article:

Subscribe to our Newsletter

Your browser is out of date!

Update your browser to view this website correctly. Update my browser now