Are you considering selling your diamond engagement ring now that you’re divorced?
You may be wondering how and where? And who can I trust? There are many companies claiming to get you top dollar for your diamonds, so how do you know? How do you make the best decision picking the best place to sell
At first glance, the business models for each may appear the same. They all want to help you sell your ring. But look a little deeper and you’ll see not everyone’s interest are aligned with yours.
The Local Jeweler
Long before there was a Worthy online auction platform, and the Internet for that matter, those wanting to sell their diamonds had no choice except to return to the local jewelry store where they originally paid retail for their stones. There, the jewelers knew they had the upper hand, they sold you the piece!
They don’t want to be known as a reseller, so most likely they refuse or may offer to take in your piece only on consignment, meaning the seller would only get paid if the item sold. Pawn shops operate similarly. Today, not much has changed and jewelry stores as well as pawn shops are not the best option to secure the highest price for your diamonds.
The Online Market
The first online selling and buying platforms we are all pretty familiar with – eBay and Craigslist. Although eBay offers a large platform for buying and selling diamonds, it is riddled with problems, most notable of which is lack of authentication and the inability to adequately evaluate both the stone and the seller’s credibility. For the novice who knows very little about diamond grading and what should be included in a sale including an industry recognized grading report, such as a GIA report, this type of setting can present endless opportunities for undervaluation, if you’re lucky. And if you’re not, fraud. The same holds true for Craigslist, whose verification process pales in comparison to eBay’s. Each platform leaves the seller vulnerable.
The Consignment Model
There is also The RealReal, I Do Now I Don’t, and TrueFacet. Each of these online companies are setup to sell your items to the public based on a consignment model. There is not necessarily a designated timeline, as items can be listed for months before they sell, if they sell at all. A recent posting of diamond rings on The Real Real took 6 months to sell, and then a 45% commission was deducted from the diamond ring sale.
Traditional Auction Houses
Then there are auction houses, the traditional Christie’s and Sotheby’s are legacy, heritage names and quite noteworthy; however they only run auctions at scheduled times throughout the year. Plus, not all your jewelry items may qualify as an item for a Sotheby’s or Christie’s auction. If only I had a ring like Elizabeth Taylor or Mariah Carey……so being more realistic, what do everyday women do if they want a trusted way to sell their jewelry?
The Worthy Model
In today’s IOT, coupled with technology solving everyday problems, Worthy was designed and created as the smart online solution to help women sell their diamond rings offering convenience, transparency and competitive bidding to a curated buyer community via an online auction marketplace increasing the exposure to professional buyers from across the country.
The GIA Report
Worthy takes the guesswork out of the sale process by having every diamond evaluated and authenticated with an unbiased GIA (Gemological Institute of America) grading report.
This gives you the peace of mind that your jewelry will be priced correctly once it goes up for auction.
It means buyers can be confident that the diamonds they’re bidding on are being accurately described. The potential for bids to rise above the minimum you set is increased since multiple buyers are bidding.
You Have Control
Being in control of your auction and seeing the bids coming in, is exhilarating.
Denise Anderson, a recent seller and financial advisor shared, “Everyone in my office was involved watching the auction, and they are all now combing their jewelry boxes for old diamonds – LOL. “
“ I think as women, it’s very important to support each other in these decisions. I felt supported in mine by my colleagues and the women at Worthy.
“Worthy is a fantastic way for people to monetize hard assets that they no longer need or enjoy. Because the process is so fair and open to a broad community of professional buyers, it is transparent and trustworthy.” ~ Denise Anderson
Now you can easily see why Worthy may just be the best and most logical choice for selling your diamond jewelry.
Are you are thinking about selling your ring? Have questions about the process? Check it out at Worthy.com. Feel free to get in touch with Worthy by phone at 1 (888) 222-0208 or email at getstarted@worthy.com. If you’re in the New York area, you are welcome to stop by their office for a complimentary consultation with one of their gemologists to get their expert opinion. Are you ready?
Photo by Gino Zurita on Unsplash
Disclosure: I am an affiliate of Worthy. This means that if you consider or use their service I will receive a small affiliate commission at no additional cost to you.
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