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Should I Sell My Diamond With Worthy? 4 Tips For Getting The Best Price
Trying to sell an engagement ring, loose diamond, or any other diamond jewelry can be a tedious and time-consuming process. Especially if you’re doing this for the first time, without counsel or advice from others.
The process can also be quite frustrating. Besides the fact that it takes time and effort, most stores offer prices well below the true resale value.
Incorporated in 2011, an intriguing hybrid business model makes Worthy an interesting company that takes some of the hassles out of selling.
A unique approach Worthy takes is to auction your diamond ring to many diamond dealers, wholesalers, and retailers. Rather than having to speak to each one individually, you get the highest bid from them all at once.
There remains the question of whether Worthy’s approach results in you getting more money for your diamond. Furthermore, how to ensure that you receive the best price for your diamond, regardless of how you plan to part with it. So, is Worthy worth it?
Jump to:
What’s Worthy and How Does It Work?
Basically, Worthy is an online auction marketplace specializing in fine jewelry and diamonds. Worthy wants to make selling your engagement ring online as easy and convenient as possible.
Apparently, according to their motto, all they want from you is to sit back, relax, and watch the offers roll in.
By streamlining the diamond jewelry selling process, they bring sellers and professionals together for a supposed win-win solution.
Through Worthy’s website, you can inform them what you are selling, whether it is an engagement ring, a loose diamond, diamond jewelry (rings, earrings, necklaces, bracelets), or even a luxury watch.
Keep in mind that Worthy will not accept most jewelry worth less than $1,500. For anything below that threshold, you’ll have to defer to other options for selling your jewelry.
Despite the abundance of information about diamonds and jewelry on the Internet, it's difficult to determine which information is accurate. When inexperienced department store sales staff seem like your only option, use PriceScope's easy-to-navigate site and find accurate diamond information via forums, resources, and experts.
How Easy Is It To Sell Through Worthy?
To begin, go to Worthy’s site and enter some basic information for what diamond or jewlery you’re going to sell. You’ll need to describe the stone or piece in detail by filling in the questionnaire Worthy provides on their site.
The Worthy Auction Platform accepts jewelry pieces that are likely to be in demand by professional buyers, such as:
- Diamond Jewelry – Which includes rings, bracelets, necklaces, and earrings made from gold or platinum.
- Designer Jewelry such as Tiffany & Co, Cartier, Harry Winston, Tacori and Bvlgari.
- Branded watches – Luxury watches from brands including Rolex, Cartier, Omega and many more.
As well as providing your personal contact information, you mention your expected selling price range. In exchange, they estimate what range of bids you could receive.
After reviewing this, if you decide to proceed, they send you a prepaid shipping label which certainly eliminates some of the postage problems.
It’s pretty simple to move through the forms and process. There are two sections, one for diamond engagement rings and one for other jewelry, that allow you to put in your information clearly.
As an example, if you are looking to sell your diamond engagement ring, they will ask you about its carat weight, cut, color, clarity, and source.
Regardless of if you have the original certification or not, the piece will be evaluated by Worthy’s in-house gemologists once it has been received. This is based on objective grading reports from leading independent diamond and gem laboratories GIA, GHI and IGI that are partnered with them. The most attractive part is that Worthy fully covers the cost of this entirely.
You’re under no obligation to sell your diamond before the auction. With the help of an auction manager, you will set a reserve price during the preparation process.
After receiving your piece, and a comfortable reserve price is established, Worthy will list the item to its vast buyer network.
Upon meeting or exceeding your reserve price, the piece is sold. In the event that the highest bid does not exceed your reserve price, you will get the piece back free of charge.
The length of the process depends on the type of jewelry you are selling, so it can be difficult to estimate. However, Worthy estimates the process usually takes between 10 and 14 business days from the time your jewelry arrives at their headquarters.
Fees, Figures and Photos: Is Worthy a Good Deal?
Now, into the nitty gritty for this Worthy review so we can really establish if its worth your time.
As mentioned, Worthy does complimentary cleaning and HD images for your item. All 1K+ Buyers have access to high-definition photographs from every angle so that they can take a closer look and place a confident bid.
Through Worthy, you may gain exposure when trying to sell your ring, but the fee Worthy charges for being the middleman can offset any gains. In most cases, Worthy charges a 20% fee.
Fees are subject to a successful auction and are based upon a percentage of the final sale price.
Accepted Sale Price | Commission Fee |
Up to $5,000 | 18% |
$5,001 – $15,000 | 14% |
$15,000 – $30,000 | 12% |
$30,0001 – above | 10% |
Jewelry Box (3 or more valuables) | 18% |
Worthy’s bidders are industry insiders and experienced diamond buyers. Therefore, the buyer of your piece has a number of factors to consider, such as whether the diamond price will cover their business expenses and how much additional labor it will take to resell it (think resetting the diamonds or even recutting them, for example).
In most cases, jewelry settings are reduced to the metal weight value. So if you’re selling your engagement ring and can’t bare to think of the sentimental ring your beloved chose being taken apart for scrap, this process might not be for you.
You still keep the report, even if you decide to halt the auction and have Worthy return your diamond ring to you. This can be used for insurance purposes, or for future sales.
Pros of Selling With Worthy:
- Worthy allows you to easily connect with many professional buyers.
- Diamonds and jewelry pieces can potentially get a high bid because of the competitive nature of the auction platform.
- Worthy’s website is easy to navigate with lots of great education for sellers.
- The high-value and free insurance policy of Worthy makes sending jewelry to them safe.
- Diamonds and jewelry pieces are assessed independently by gemological labs, guaranteeing transparency and providing certificates. It’s a huge bonus to receive a free GIA lab report.
Cons of Selling With Worthy:
- Worthy does not accept jewelry valued below $1,000.
- Worthy is no exception to the rule that online auctions take time. Although they have a large network of jewelry experts and potential buyers, the whole process still takes around 2-3 weeks.
- The process is online, which can be challenging if you have sentimental or valuable items to sell.
- There is no guarantee that an auction will result in a higher sale price.
How to Get the Best Price For Your Diamond
It is impossible for you to receive full retail value for your diamond jewelry or engagement ring regardless of where or how you sell it. There’s just no getting around it when you resell diamonds and jewelry.
The best price can be achieved, however, if you keep these tips in mind.
1. Know the Basics
Educate yourself on the basics first. It will be easier for you to determine the value of the stone by estimating its cut, clarity, weight in carats, and color – the 4Cs.
Similar stone prices can be compared using the 4Cs. It is easy to find the answer in the grading certificate that is supplied upon purchase.
In the absence of a grading certificate, a diamond is just a sparkly stone – the importance cannot be understated. Without one, your diamond is worthless.
Need to polish up on your diamond knowledge? Look no further than PriceScope's forums and education, which provide easy access to diamond resources. From the 4Cs to fluorescence, everything you need to know about these spectacular stones is here.
2. Provide All Necessary Paperwork
It’s a big investment to buy an engagement ring. In other words, people interested in your ring will probably want to be reassured that it is authentic. Documentation will go a long way toward appeasing concerns if you’re able to provide it.
Proof of Purchase – Are you still in possession of your original proof of purchase? You may find this especially useful if you purchased your ring from a reputable jeweler.
Grading Certificate – Having a grading certificate from a certified jeweler informs potential buyers about the quality of your precious stones and metals. As a result, buyers will feel more confident in their own purchasing decisions.
In the absence of a grading certificate, a diamond is just a sparkly stone – the importance cannot be understated. A grading laboratory (usually GIA) should be consulted if there is no grading certificate. The diamond will be certified by industry professionals there.
3. Present and Clean Your Diamond Jewelry Professionally
Cleaning up a ring can definitely make it more marketable! If you’re going to take photos of your ring or show it to potential buyers, make sure it’s sparkling and doing itself justice.
There are a few tried-and-tested methods for cleaning your ring at home that you can have your ring cleaned professionally.
Use natural light whenever possible when taking photos of your diamond. Consider going outside or sitting by a window. Bring on the sunshine! You’ll see how diamond cuts sparkle in the sunlight. You can’t rely on the zoom to pick up light that bounces off the cuts in your photo, so you need to move the camera forward.
4. Purchase From Retailers With Great Trade Ups, Trade-ins and Buybacks
When choosing a diamond dealer or jeweler, many people are interested in the possibility of trading in their stone in the future. Take a look at the different types of guarantees and agreements that might work for you.
Buyback: A jeweler’s buyback policy means they will buy back the item beyond the refund period. It is usually subject to a percentage-based limit. 75% or so of the sale price seems to be the standard.
Trade-Up: A trade-up is a limited form of buyback, where you must spend your money on something else at the same store, but there is usually no time limit. In contrast to buyback offers, they’re pretty common.
A common restriction is that you must spend double the purchase price on the new item, which is great for upgrading, but also that you are limited both in terms of what you can trade-in and what you can purchase with the proceeds.
Trade-Ins: Trade-ins are different from trade-ups and buybacks in that the jeweler is not required to do the deal based on your original purchase contract. Your prior purchase will not be discussed, only the details of the stone. You can trade in stones you didn’t buy from them or that they sold but were not eligible for their trade-up program.
In contrast to most trade-up programs, Whiteflash‘s is straightforward and does not have any restrictions.
The diamonds that you purchase from their three in-house categories will retain their full value so that you can trade them for different diamonds at any time in the future. There are countless options for upgrading with the largest inventory of ideal and super ideal diamonds anywhere.
You can also consider the Blue Nile Diamond Upgrade Program and the James Allen Lifetime Upgrade Program.
It is possible to purchase, and sell, a diamond with confidence when you are provided with the right information, images, and certifications. Our vetted vendors, Blue Nile, Whiteflash, and James Allen, sell diamonds that are inspected and graded by credible laboratories, including everything you'll need to sell your diamond in the future.
No matter what you decide to do with your diamond, if you do upgrade or wish to show off your current rock – please share! Join the PriceScope Show Me the Bling Forum and tell us about your jewelry journey.
