APMEX, eBay form joint venture online
- Published: Oct 17, 2012, 8 PM
American Precious Metals Exchange, in conjunction with eBay, has launched a website for purchasers of precious metals products.
The APMEX Bullion Center online at www.ebay.com/apmex is intended to serve as a destination to “safely and securely” purchase high-quality precious metals at competitive prices, according to the partners in the venture.
APMEX, located in Oklahoma City, is one of the world’s largest online precious metals retailers.
“EBay chose to team up with APMEX for this initiative due to the company’s strong retail operations, sophisticated technology, competitive pricing, and trusted reputation in the market,” Gene Cook, eBay’s general manager of Emerging Verticals, said Oct. 16. “We have known for some time that there is significant buyer demand for bullion products on eBay. We wanted to find a provider who would not only satisfy this demand, but deliver great customer service as well, and after significant research it became clear that APMEX could best help meet those key customer needs.”
While APMEX will be the exclusive seller of bullion items in the APMEX Bullion Center on eBay, other sellers will continue to be able to sell both bullion and rare coins in the broader eBay marketplace, according to Cook.
Cook said eBay believes its relationship with APMEX will build business momentum for sellers across the entire Coin and Paper Money category.
“We really see bullion as a feeder into our other collectibles categories, especially collectible coins,” Cook said. “Our data shows that when customers have positive bullion buying experiences on eBay, they are then more likely to purchase other items on eBay — especially collectible coins,” Cook added.
According to Cook, APMEX’s proprietary technology allows for prices on items to be updated at regular intervals to accurately reflect the current market value. All purchases will be backed by eBay Buyer Protection, as well as the APMEX satisfaction guarantee.
EBay is also launching the Bullion Education Center (www.ebay.com/bullion-education-center) to help customers interested in learning about precious metals investing.
This recent initiative on behalf of eBay is one of several moves the company has made over the past year to improve and increase business in its coin and paper money category, including working with the Professional Numismatists Guild and restricting the sale of replica coins, Cook said. ¦
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