Are you considering selling your diamond engagement ring now that you’re divorced? Worthy is the place to go!
Find our review of Worthy below because we know that you may be wondering how and where to sell your jewelry and who can you trust?
Alternatives for Selling Your Jewelry
There are many companies claiming to get you top dollar for your diamonds, so how do you know which one really can? How do you make the right decision picking the best place to sell?
At first glance, the business models for the different jewelry buying companies 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 interests are aligned with yours. Let’s walk through all of your options!
1. Local Jewelers Near You
Long before there was a Worthy online auction platform, and the Internet for that matter, anyone wanting to sell their diamonds had no choice but 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!
Local jewelry stores don’t want to be known as resellers, so most likely they refuse your jewelry or may offer to take in your piece only on consignment, meaning the seller would only get paid if the item sold. Pawn shops, on the other hand, will almost always get you cash fast, but you definitely won’t be getting top dollar for your valuables. 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.
2. The Online Jewelry Market
Some of the online selling platforms you may be familiar with include:
- Facebook marketplace
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. As a result, it is extremely easy to become a victim of fraud.
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 online setting can present endless opportunities for undervaluation in the best case scenario. And if not undervaluation, outright fraud. The same holds true for Craigslist, whose verification process pales in comparison to eBay’s. Each platform leaves the seller vulnerable.
3. The Consignment Model
There is also The RealReal, I Do Now I Don’t, and TrueFacet. Each of these online companies are set up 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.
4. 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?
But even if you do have ultra high end jewelry to sell, there are drawbacks to the traditional auction house model. These drawbacks include:
- Slow service – A traditional auction house can take three to six months to sell your valuables and get you your money.
- High fees – Auction houses may charge you twenty, thirty, or even forty percent on top of your sale, as they pass through the costs of necessary services like jewelry photography and grading onto the seller.
- Lack of Privacy – When you sell your jewelry through a traditional auction house, there is no privacy. The seller of the item is known and doesn’t remain anonymous. While this may not be a problem for some people, others may not want to broadcast their business to their family, friends or the world at large.
Sell With Worthy: Reviewing The Worthy Model
In today’s Internet-of-things environment, coupled with other advanced technology solving everyday problems, Worthy was designed and created as the smart online solution to help women sell their diamond rings. Worthy offers convenience, transparency, and competitive bidding to a curated buyer community via an online auction marketplace. This increases the exposure of your jewelry to professional buyers from across the country who are willing to pay top dollar for valuable goods.
How Does Worthy Work?
Worthy works by allowing sellers to place their valuable jewelry up for auction on Worthy’s state-of-the-art online auction platform. Here is a basic outline of how the overall process works:
- Shipping – The first step is to ship the jewelry to Worthy. In order to do so, one can either schedule a FedEx pickup at their home, or simply drop off the jewelry at a staffed FedEx drop off location. Worthy pays the full price of the shipping and the valuables are insured by the famous and highly reputable Lloyd’s of London.
- Cleaning – Worthy cleans the jewelry to remove the tarnish and dirt that have accumulated on the stones or settings. This will improve the jewelry’s appearance and increase its perceived value to potential buyers when it is placed up for auction.
- Photographing – Once cleaned, the jewelry is professionally photographed using high-def tech to capture its beauty and essence from every angle. These beauty shots of the gems allow the buyers to really see what the piece looks like and convince them to bid as much as possible for the items.
- Grading – To instill full confidence in the buyers, Worthy teams with the leading gemological grading service, including the industry standard GIA, the GHI, and the IGI. These agencies inspect each piece of jewelry Worthy receives and officially grades it based on a number of different factors crucial to determining a piece’s value. Watches are also inspected by an agency called Central Watch.
- Listing – Worthy creates a special listing for each piece of jewelry. The listing will always include a description of the item, the photography, as well as the objective agency grading report. When the listing goes live, buyers can start placing their bids on the valuables.
- Reserve Pricing – Since Worthy’s is an auction process, the final price of the item is yet to be determined. However, the seller has some control. By setting a floor or reserve price, the seller can determine the lowest price they are willing to sell their jewelry for. Once Worthy receives the third party grading report, Worthy recommends a suitable reserve price although the seller can set their own as well. Once this reserve price is set the auction can begin.
- Going Live – Once the auction is live, the jewelry can be seen by Worthy’s buyer network of over 1,000 top jewelry industry professionals. These professionals will compete with each other for the seller’s valuables, thereby driving the price up to its highest potential pricing. When the auction is live, the seller can also watch the process through a live online display.
- Get Paid – Once the jewelry sells, the seller will get their money quickly through a bank transfer, through Paypal, or by check. It is the seller’s choice as to which of these three options they take. Once the auction concludes, the seller is notified of the final sale price minus Worthy’s percentage fee, which is a portion of the total sale value. The more the seller earns, the more Worthy earns too, so they truly have every incentive to get the seller as much money on their sale as possible.
And that’s it! Once the sale is complete, the seller can enjoy or invest their money or start digging into their jewelry cabinet for the next item they wish to sell on Worthy.
Benefits: Why Worthy Is a Great Way to Sell Your Jewelry
There are a number of different benefits that make Worthy’s online auction system the best way to sell your jewelry. A few of those main benefits include:
- Get the most cash: Increased buyer competition nets you the highest price – and the most cash – for your jewelry
- Simple: The Worthy auction process is simple, fast and convenient
- Inexpensive: Shipping, grading and photography are done at no cost to you and Worthy’s fees are only 10% for top tier items
- Transparent: The user gets full transparency into the process and pricing of their goods
- Trustworthy: Worthy works with the most trusted partners and venders for shipping, insuring, grading and selling your jewelry.
- Fast: Sell your jewelry for cash in ten to fifteen days rather than several months
- Stay private: Sell your jewelry anonymously and keep your business to yourself
Here’s a bit more about why Worthy is the best place to sell your diamonds or other gemstone pieces.
Worthy and 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 (or a report by a similar competitive and objective third-party agency).
This gives you the peace of mind that your jewelry will be priced correctly once it goes up for auction. And 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 and they have full confidence in the grading reports they have received from the agency
Worthy Gives You Control – And It’s Fun!
Being in control of your auction and seeing the bids coming in isn’t just useful and valuable, it 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.
You may be concerned that Worthy’s fees reduce the value of the sale too much and that perhaps you were better off selling through an option like a pawn shop or a local jeweler. But due to the way Worthy’s fee schedule works, they are still the best option to make the most money from your sale.
After all, Worthy’s philosophy is that the seller should get as much money for their item as possible. In order to ensure this and align its own efforts with yours, Worthy’s fees work so that they make more money as you do. This creates every reason for them to maximize the amount of money you personally make from your sale.
Worthy’s fee schedule is as follows:
|Up to $5,000||18%|
|$5,001 – $15,000||14%|
|$15,001 – $30,000||12%|
|$30,001 and above||10%|
* For Jewelry Box (3 or more valuables), a flat fee of 18%* applies.
And there are no additional costs to the seller and no out of pocket expenses. After the fee, everything remaining from the sale is fully yours.
Final Review: Sell Your Jewelry with Worthy
Now you can easily see why Worthy may just be the best and most logical choice for selling your diamond jewelry.
Final Review of Worthy: 5 Stars. Worthy is the best place to sell your diamond engagement ring, gemstones, or other jewelry anywhere on the web or near you. They will get you the best price for your valuables safely, conveniently and while you have fun watching the auction. This puts the most cash in the seller’s hand and a smile on their face.
Are you 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 email@example.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?