Investment-oriented jewelry brand 7879 has reported a dramatic increase in sales in its first year of £1.5m sales.
The brand has reported rapid sales following its launch in Harrods (November) and Selfridges (April), after 7879 secured a £5.5million seed funding round led by Anglo American PLC in 2022.
7879 was founded last year by Sach Kukadia and Ben Flowers to revolutionize the gold investment-oriented jewelry business.
The brand produces wearable jewelry with two distinctive features: all items are made from investment grade gold bullion and responsibly mined platinum, and all items are transparently graded by weight in real-time according to the international gold market.
According to the company, the growth and scale of 7879 has been led by customers seeking a new approach to jewelry collecting.
The average order value rose linearly to £500 and is still growing, while repeat customers have contributed almost 50% to sales over the year – with some making as many as 19 separate purchases in a matter of months.
All products are listed as unisex, and the company claims a 60:40 female to male customer ratio.
The introduction of transparent pricing has resulted in a disproportionately higher sales volume from platinum to gold compared to the industry average, the brand reports.
The company’s name, 7879, reflects the atomic numbers for platinum and gold on the periodic table, with all items being made from 100% recycled 24k gold or ethically sourced platinum.
For the first time, 7879 customers can purchase pure precious metals in the form of wearable jewelry that accurately reflects the true underlying cost of the item and offers everyday jewelry that can generate potential returns on metal value.
With a focus on sustainability and a conscious awareness of its carbon footprint, 7879 has created a circular ecosystem.
The precious metal value of the jewelry can be tracked through a personalized online portfolio where they can sell their items back at the current price of platinum or gold, regardless of their condition.
When items are sold back to 7879, the company melts down the items and recycles the metal into new parts.
CEO and co-founder Kukadia said: “We’ve had a brilliant first year and we’re going to blast through 2023.
“Post-pandemic consumer behavior has shifted toward smarter purchases that may offer lower risk.
“Our jewelry will forever have monetary value and we believe that jewelry should be viewed with the same investment thesis as real estate, wine or art.
“It’s clear that consumers want value exchange with every purchase; Not only do we promise cash at all times, but we sell jewelry made with the highest purity at a fraction of the price, as well as a guaranteed sustainability promise.
“Furthermore, we believe that selling jewelry transparently at a time of significant economic uncertainty – not only in terms of prices but also in terms of quality – is key to paving the way to a sustainable future.”
All pieces in the 7879 collection are designed in-house, with each piece being hand finished, CB approved, hallmarked, certified and authenticated for the purity of the metal.
Every piece purchased from 7879 comes with a lifetime guarantee and has the benefits of being hypoallergenic and antimicrobial.
CTO and co-founder Flowers added, “Gold and platinum landed on Earth in a colossal meteor shower 4 billion years ago and are antimicrobial and hypoallergenic in their purest form, making our jewelry perfectly positioned in a world of heightened post-pandemic sanitation.”
After a successful launch, 7879 plans to rapidly expand overseas in the first half of 2023, driven by demand from brand partners and retailers in the US, Europe and the Middle East.
New product launches are planned every month with a focus on everyday wear.