The renowned international diamond and luxury jewelry retailer Samer Halimeh New York has announced it will now accept Bitcoin for jewelry sales and business-to-business (B2B) gemstone trades. The company, headquartered in Knightsbridge, was founded by Lebanese-American entrepreneur Samer Halimeh and has locations in London, Riyadh, and New York. The jeweler has supplied valuables to celebrities including Elton John, Naomi Campbell, Oprah Winfrey, and the Saudi royal families.
Company Background and Decision
Samer Halimeh NY will use the Atlanta-based payment processor Bitpay for Bitcoin merchant services and to facilitate B2B transactions. CEO Samer Halimeh stated, "We are the first diamond dealer and 'Bond Street' level luxury jeweler to start accepting and trading using bitcoins. This is because we have seen rising inquiries for this digital currency from clients, suppliers and trading partners." He added, "Our high-net-worth clients and contacts are currently holding large quantities of Bitcoins within their investment portfolios and have decided to exchange some of their stock for hard assets such as diamonds, artwork, gold and fine wine."
High-Net-Worth Clients Driving Bitcoin Adoption
Halimeh explained that historically the company dealt with USD purchases from clients in the Gulf and Asian regions. However, over the past 18 months, clients have been acquiring large amounts of Bitcoin. An "increasing number of clients" have requested to purchase goods with Bitcoin, especially VIP customers buying jewelry costing over "seven figures." Halimeh noted, "Because trading and retailing via bitcoins can be done from anywhere in the world, it is especially beneficial for our suppliers in Africa and our clients from developing countries like China, Brazil, South Africa, Nigeria, India, and Uzbekistan."
Bitcoin to Revolutionize Luxury Marketplace
Halimeh emphasized, "We also believe that in the future the currency will revolutionize the luxury goods marketplace and the use of this digital currency will make trading and purchases for our clients and contacts easier, cheaper and much faster."
Not the First Diamond Dealer, but First Bond Street Level
While Samer Halimeh NY is a prestigious establishment, it is not the first diamond retailer to accept Bitcoin. Large jewelry chain Reeds accepts Bitcoin across over 60 locations in North America, and family-owned business since1910.com also takes BTC payments. However, Samer Halimeh NY appears to be the first Bond Street-level jeweler with celebrity clients to adopt the digital currency.