Looking for ways to sell a loose diamond or diamond jewelry can be exhausted and complicated, especially if it’s your first time doing this. It can also be quite frustrating, not only because of the time and effort it takes, but also because most stores offer prices that tend to be below the market average.
Some people turn to sites like eBay, where they can sell their jewelry themselves. While this is an option, it doesn’t always guarantee you the best price. Others try selling to a vendor, but that’s usually a lottery as it depends on the vendor’s policies and processes.
This is where sites like Worthy.com come in. In this Worthy review, we’ll take an honest look at this diamond and jewelry reseller, how it works, what the advantages and disadvantages are, and whether it’s the right choice for you.
What is Worthy?
Worthy is an online luxury jewelry and diamond auction. Worthy states on their website that, “All we want from you is to sit back, relax, and watch the offers roll in”. And they do this by offering a streamlined process, bringing sellers and buyers together for a win-win situation.
Worthy emphasizes transparency, integrity, and convenience, which is key to their business model. They only work with professional buyers, providing both their buyers and sellers with all information throughout the process.
The company aims to get the best price for your valuables as quickly as possible and with little effort from your side. Worthy uses its expertise, technology, and connections to get jewelry sellers the absolute most for their jewelry.
Notable Features of Worthy
- A seamless, end-to-end, jewelry selling experience
- FedEx Shipment to the Worthy offices is fully insured by insurers at Lloyd’s of London
- Worthy obtains grading reports from high-quality independent labs
- They offer complimentary cleaning and HD images for your item
- They allow you to choose your reserve price
- They have over 1000+ top jewelry industry professionals
- Worthy has an average consumer rating of 4.8 from over 2,000 reviews on Trustpilot
- Prior to the auction – the process is obligation free
- Their fees are respective to your earnings – if you get more, they get more
- It’s risk free – if you don’t want to go ahead before the auction, they will ship your piece back
How Does Worthy Work?
In essence, Worthy is an online diamond and jewelry auction site. This means that you won’t be selling your jewelry to Worthy but, should you decide to send it to them, they will put it up for auction and find the best possible buyer at the highest possible price. Here’s a step-by-step walkthrough of the whole process:
1- Contact Worthy
You can contact Worthy through their website and tell them what you are selling – a loose diamond, another gemstone, a piece of jewelry (ring, earrings, necklace, bracelet, a watch), or precious metal. Keep in mind that Worthy doesn’t deal with jewelry that’s priced below $1,500.
You’ll need to describe the stone or piece in detail – just fill in the questionnaire Worthy provides on their site.
You should also mention your expected price range, as well as add your personal contact information.
2- Send Your Item to Worthy
Once Worthy accepts your request, they will send you a free shipping label plus full shipping insurance by Lloyd of London for up to $100,000. All you need to do next is send Worthy your diamond or jewelry piece.
3- Your Item is Evaluated
When they receive it, Worthy will evaluate the value of the piece through independent third-party gemologists. Worthy obtains a grading report from an independent lab such as the Gemological Institute of America (GIA), Gemology Headquarters International (GHI), and International Gemological Institute (IGI).
These laboratories inspect each piece of jewelry and give a grading report based on different factors. Watches are also inspected by an agency called Central Watch. This will give Worthy the exact value of the jewelry piece. If that value is too far off from your estimates, you can either give a new price range or ask Worthy to return your jewelry back to you – no strings attached. There’s really no risk involved if you decide not to go ahead.
4- Your Item is Put Up for Auction
Assuming you’ve agreed with the evaluation of your jewelry piece, Worthy will put it up for sale. They will have the piece professionally cleaned and photographed. Usually, a sale can take from a couple of weeks or up to a month. Unlike online jewelry buyers that make a single offer for your piece, Worthy gets competing bids from a large network of industry insiders.
Prior to the auction, there is no obligation of any kind. During the preparation process, you will work with an auction manager to set a reserve price. If the highest bid meets or exceeds your reserve price, you are committed to selling the piece. If the highest bid does not meet or exceed the reserve price you chose, you can opt to have the piece shipped back to you free of charge.
5- You Get Your Share
Once the stone or jewelry has been sold to the highest bidder, Worthy will take their fee and send you your share of the sale via bank transfer, Paypal, or check. It’s as easy as that!
We glossed over Worthy’s fees above but they are an important part of the whole process. Unlike some other online jewelry auctions, Worthy offers relatively low fees as well as a nice price scale – the higher the value/price of your jewelry piece, the lower Worthy’s commission is. Here’s a breakdown:
|$1,500 to $5,000||18%|
|$5,001 to $15,000||14%|
|$15,001 to $30,000||12%|
|$30,001 or more||10%|
These fees are among the lowest for jewelry auctions, and the reason Worthy can offer such fees is that they don’t deal with low-cost jewelry. For reference, there are other online jewelry auctions that charge up to 60% of the jewelry’s value when said value is below $1,000.
Worthy Pros and Cons
With the description of Worthy’s process out of the way, let’s break down the service’s pros and cons. Is this the place you should where you should sell your loose diamond or jewelry piece?
- Worthy allows you to reach multiple buyers with ease.
- The vast network of this auction site ensures that you’ll get a high quote for your diamond or jewelry piece.
- Working with Worthy’s website is seamless thanks to their excellent website and refined process.
- Sending your jewelry to Worthy is safe due to their high-value and free insurance policy.
- The evaluation of every diamond or jewelry piece is done independently by expert gemological labs, guaranteeing transparency and granting your piece a certificate.
- Worthy’s fees, while significant, are noticeably lower than those of most of their competition.
- Worthy does have a rather high bottom line for the value of diamonds and jewelry pieces they work with, rendering the site unusable if you have a low-value piece of jewelry. If your piece costs less than $1500, Worthy isn’t for you.
- Even though the website’s fees are relatively low, they will still take out a chunk from your profits. However, Worthy’s lower rates make this an advantage when compared to other online auctions, which often have higher fees.
- Online auctions take time and Worthy is no exception. Even with their huge network of jewelry experts, aficionados, and potential buyers, the whole process still usually takes weeks – if you’re looking for a quick sell, this might not be the right fit for you.
Is Worthy Worth It?
It’s worth restating that even with an online auction, you won’t be able to get market value for your diamond or jewelry. That’s just a reality of re-selling diamonds and jewelry – the fact that it’s not brand new, and that the buyer may likely be looking to resell it themselves, means you are highly unlikely to get a full price for the piece. Which is why it’s essential to get the highest valuation and the best bidder for any piece you’re looking to sell.
Whether Worthy is right for you or not depends on a few factors:
- How soon do you need to make the sale?
- How much do you want to maximize profits?
- Are you willing to put more or less effort into the whole process?
If you are in a rush, an online auction may not be the right way for you to go. However, it’s worth taking the time to get the best value for your item. Worthy often finds better deal for your piece of jewelry that is worth their commission, and if you have a high-value item, Worthy offers the lowest commissions on the market.
Some may argue that you can maximize profits by selling the piece of jewelry by yourself – this can be true. However, when using a service like Worthy, you will have access to the extensive networks that they have, as well as the processes in place that make selling a high-ticket item like a diamond much easier.
Online auctions are really designed for those who prefer a convenient, streamlined, and hands-off process. For most people, reselling a pre-loved diamond or jewelry piece is a one-off event, so why not get the experts to do it for you? If you’ve decided that using an online jewelry auction service is the best route for you, Worthy is one of the first places you’d want to look into.