February 20th 2022
How To Sell Your Diamond Engagement Ring
By Devin Jones
NEW! I tried selling the same diamond on 12 different websites: The Best Place To Sell A Diamond Online.
Selling Your Diamond or Engagement Ring
In today’s market, jewelry buyers have a number of great online jewelers to choose from when buying a diamond or piece of fine jewelry. But what if you want to sell a diamond or piece of jewelry?
In the past, sellers only had two real options: a local jeweler or a pawn shop. Since local jewelers don’t usually invest in physical diamonds because the process is cash intensive (typically jewelers show diamonds on loan from diamond dealers), local jewelers are usually unlikely to pay more than a fraction of the retail value for a diamond or jewelry item. Pawn shops face similar cash constraints but also face other challenges. Neither of these traditional options is designed to maximize value for the individual selling his or her diamond, and this is where Worthy comes in.
Worthy is the largest and most popular pre-owned luxury goods marketplace in the U.S., having helped evaluate and sell nearly $3Bn worth of jewelry and loose diamonds for over 500,000 users. The entire Worthy process is designed around protecting and unlocking value for the individual selling the diamond. You can read more in Worthy’s Seller Protection Guarantee.
How Does Worthy Work?
StoneAlgo recently met with Worthy to discuss their diamond reselling process and we were impressed by what we found. Their office in Midtown Manhattan is an all-in-one operation, covering all aspects of the reselling process including customer service, cleaning, grading, photography, and more.
So what exactly does the process of selling your fine jewelry on Worthy look like? Here are the major steps in the process:
- Free Estimation: Visit Worthy.com and answer a few simple questions about your diamond or jewelry item, upload a picture of the item, and Worthy will provide you with a gauge on the fair resale value based on the live market for items like yours.
- Free & Fully Insured Shipping: Worthy will send you a FedEx mailer designed specifically for your valuable item and insured to 150% of the items estimated resale value, up to $100,000.
- Complimentary Grading: Once Worthy receives your item they will analyze it in house and then send it out for additional grading if necessary. For diamond engagement rings or loose stones this typically involves sending the diamond to the GIA in New York City for a grading report. The certification process gives the bidders a higher degree of confidence.
- Professional Photos: In between the in house analysis and the additional grading (e.g. the GIA grading), Worthy puts your item through a photoshoot to help translate the beauty of your diamond or jewelry for the bidders in your upcoming auction. You receive a copy of these images as well to ensure that the jewelry arrived in perfect condition and that your item is being treated with the utmost care.
- Personal Auction: Once you’re ready to sell your item, Worthy will recommend a price range for your reserve price. If your item sells for the reserve price or higher, you are committed to selling your item at the final auction price. However, if your item does not receive a bid at or above the reserve price then you can decide whether to accept the highest bid or reject the offer and receive your item back.
Worthy is helping to unlock value for their users in a way that we felt aligned well with our commitment to transparency and fairness. We’re proud to partner with Worthy to help StoneAlgo users maximize the resale value of their diamonds and fine jewelry.
This post contains affiliate links. If you click through and sign up at Worthy, StoneAlgo may receive a commission (at no additional cost to you). StoneAlgo only partners with brands we believe are conducting business in the right way.
