Are you looking to sell your diamond jewelry? The offers can vary wildly depending on the place you go, which is why it’s so important to do the proper research before selling.
For example, an expert seller can prepare your piece for sale and reach interested buyers willing to pay more than simply taking it to a local jewelry store or pawn shop (there’s a hidden price to pay for convenience).
Many people are choosing a platform called Worthy to sell their diamond rings, necklaces, bracelets, and designer watches. This online marketplace handles the jewelry selling process from start to finish by preparing your items to sell for top dollar at auction.
In this Worthy Jewelry Review, I’ll show you how Worthy can help you make money, cover the selling fees, and let you know if it’s worth sending off your valuables for a hands-free selling experience.
Table of Contents
- What Is Worthy Jewelry?
- How Worthy Works
- 1. Receive An Online Estimate
- 2. Ship Your Jewelry to Worthy For Appraisal
- 3. Professional Grading
- 4. List Your Item for Online Auction
- 6. Get Paid
- Worthy Jewelry Fees
- Is Worthy a Good Place to Sell Jewelry?
- Worthy Jewelry Pros and Cons
- Alternatives to Worthy Jewelry
- FAQs
- Final Thoughts on Worthy Jewelry
What Is Worthy Jewelry?
Worthy is an online auction site that specializes in helping you sell fine jewelry. They even clean and prepare your valuable jewelry for sale at no extra cost, and you only pay a success fee if your item sells. It has been in business since 2011 and has facilitated over $200 million in sales.
Selling single or multiple items through Worthy’s network of professional buyers sounds appealing. The service offers return shipping if you decide not to sell your item or if Worthy cannot find a buyer to satisfy your reserve price.
You can sell the following types of jewelry on Worthy:
- Diamond jewelry (rings, bracelets, necklaces, earrings made from gold or platinum)
- Loose diamonds
- Designer jewelry (Bvlgari, Cartier, Harry Winston, Tacori, and Tiffany & Co)
- Designer watches (Breitling, Cartier, Omega, Rolex, Tag Heuer, etc.)
Watches must be in proper working condition, although jewelry can be broken or missing items as its appraisal value hinges on the value and weight of the jewels and precious metals. Some reports indicate that the minimum estimated selling price needs to be at least $1,000.
Worthy recently launched a platform to buy ethically-sourced diamond rings.
How Worthy Works
Here is a step-by-step look at how Worthy can help you sell your jewelry.
1. Receive An Online Estimate
The first step is to provide Worthy with the basic details of the jewelry you wish to sell. You will answer a few quick questions, such as the center diamond shape and carat weight. An online chatbot can provide simple assistance with evaluating your item.
You’ll need to provide your name and email to receive a basic price estimate and to create a free membership account.
2. Ship Your Jewelry to Worthy For Appraisal
After agreeing to the initial estimate, you will receive a prepaid FedEx shipping label for free home pickup or drop-off at a shipping partner. For peace of mind, your item is insured up to $50,000 (pre-approval for additional coverage is required for high-value items) against theft or loss during shipping.
All pieces are mailed to Worthy’s New York office for appraisal and selling. It’s also possible to schedule an appointment to visit the physical location.
You can view the prices for recently-closed auctions to see how much similar items are selling for. Jewelry rarely holds its value or appreciates, so it can be challenging to know precisely how much it will sell for as it depends on demand and buyer interest.
3. Professional Grading
After receiving your shipment, Worthy has an independent grading partner inspect your collection to assess its market value and determine a realistic reserve price.
Worthy partners with the Gemological Institute of America (GIA), the International Gemological Institute (IGI), and the GHI Gemological Laboratory to estimate your jewelry value. These grading labs are the leading diamond appraisers, and their grading reports are universally recognized.
For designer watches, Central Watch will perform the assessment.
4. List Your Item for Online Auction
The platform uses the grading report to estimate the potential selling price and recommend a reserve price. If you agree, you get to set the reserve price (it can be higher or lower than Worthy’s recommendation), and Worthy hosts an online auction lasting 48 hours.
The platform also cleans your piece and takes high-definition (HD) glamor shots to prepare your item for auction. Your auction listing also includes an item description and various attributes regarding the metal and stones.
Over 1,000 professional industry buyers are invited to place a bid. Like any auction, the final outcome is variable, and you may earn more if a bidding war ensues.
However, there are instances when your reserve may not be met. If so, Worthy provides free return shipping with full shipping insurance if you don’t accept the highest bid. There is no penalty for rejecting bids below the reserve price.
6. Get Paid
Once your item sells, Worthy mails it to the buyer and sends you payment minus a maximum 18% success fee.
Your payment methods include:
- Bank transfer (ACH)
- Check
- PayPal (only for transactions below $5,000)
It usually takes one to three business days to get paid by bank deposit or PayPal and up to five business days by check. If you sell multiple pieces simultaneously, you will receive a single payment once Worthy settles the transaction with each buyer.
Worthy Jewelry Fees
Worthy only makes money when you make a sale. The platform retains a “success fee” from the final auction value. The fee amount depends on the item value:
| Winning Bid Amount | Success Fee |
| $5,000 or less | 18% |
| $5,001 to $15,000 | 14% |
| $15,001 to $30,000 | 12% |
| $30,000 or more | 10% |
A flat fee of 18% applies for a jewelry box consisting of at least three sold items.
These fees are competitive with standard auction premiums but are a tad high for lower-priced items where the seller premium can be from 10% to 15%.
For example, the final value fees on eBay are 15% for jewelry sales below $5,000 and 9% for sales over $5,000. However, you’re responsible for finding a buyer, shipping it, and having to field any buyer complaints if the item arrives damaged or doesn’t meet their expectations.
Is Worthy a Good Place to Sell Jewelry?
Worthy Jewelry makes it easier to sell valuable jewelry at a competitive price as multiple buyers can compete for your listing on a marketplace specializing in luxury goods. If you go to a local jewelry store, you only receive a buyback quote from one outlet, making it harder to compare offers in a timely fashion.
However, it’s important to remember that jewelers are bidding on your items, and they may pay less than market value as they need to sell it for a profit to an individual. In addition, jewelry rarely holds its value, and receiving less than you originally paid can be a tough pill to swallow.
You can potentially make more selling directly to another person or collector as you bypass the middleman, but finding the ideal buyer can be challenging depending on where you live and your personal connections. But, for a hands-free selling process, Worthy is one of the best.
You can start by getting an initial quote through Worthy before sending off your items. This estimate lets you assess the best way to sell your jewelry and estimate your take-home profit after paying seller fees.
Worthy Jewelry Pros and Cons
From my research of Worthy, I’ve compiled the following list of pros and cons:
Pros
- Professional preparation of your jewelry for auction
- Dedicated service agent
- Free shipping and insurance
- Only pay if your jewelry sells
- Professional jewelry buyers bid on your item
Cons
- May sell below original estimates
- Jewelry must meet a minimum estimated value
- High selling fees
- Must ship your items for grading and selling
Alternatives to Worthy Jewelry
Before you sign up with Worthy, I recommend checking out the following alternatives to ensure you can earn the most money possible.
Cash for Diamonds USA
Cash for Diamonds USA provides free initial quotes by phone, but like Worthy, you will need to send them your jewelry for an official appraisal. Shipping is free, and the platform advertises guaranteed offers within 24 hours of receiving your parcel.
Your estimate depends on the raw value of the diamonds and any other precious metals or stones. The resale value or artistic value is not taken into account. It’s possible to earn more with this platform than Worthy if you have damaged jewelry or don’t want to assume the risk of a poor-performing auction.
If you accept the instant purchase offer, you can receive payment by check or PayPal. Return shipping is also free and fully insured if you decide to sell your jewelry elsewhere.
Abe Mor
Abe Mor is another reputable service based in New York City that buys and sells fine jewelry. You can mail your items free of charge through FedEx and receive an offer within 48 hours. There are no selling fees if you accept the offer, and return shipping is free if you reject the offer.
CIRCA
CIRCA buys diamonds and fine jewelry in person and online. Shipping is free, and you can receive an instant buyback offer. In addition to checks or bank transfer payments, you can earn up to 20% more by getting a store gift card which can be used at Blue Nile.
TheRealReal
TheRealReal is an online luxury goods consignment store that can help you fetch a higher selling price as your audience is individual shoppers instead of professional buyers. You’re also able to earn more as you can sell at a fixed price instead of going into an unpredictable auction.
You may also consider TheRealReal for items that don’t meet Worthy’s criteria. For example, the appraisal value is too low, or the jewelry isn’t made by a qualifying brand.
However, it can take longer to sell your items as you must wait for an interested buyer. The commissions are also high. For branded fine jewelry, the platform retains 30% on sales above $750 and as much as 80% for items below $100.
FAQs
Worthy is a safe place to sell diamond jewelry and other designer brands with gold or platinum. Shipping is free, the fees are transparent, and the staff maintains frequent communication during the selling process to help you easily sell your jewelry for the most money.
The most significant drawback is that your items sell at auction. Listings with minimal interest are less likely to have high bidding amounts. As a result, it’s possible that you may not earn as much as you hoped compared to a fixed-price offer.
Worthy Jewelry specializes in diamond rings, necklaces, bracelets and earrings. You can also sell loose diamonds and branded luxury watches. All eligible items sell during a 48-hour auction.
Phone support and live chat are available. You will also have a dedicated advisor that can assist with pricing your jewelry and preparing it for auction.
Final Thoughts on Worthy Jewelry
Worthy is a legit and easy way to sell your valuable diamond jewelry. It’s transparent pricing, good customer support, and free shipping make selling your jewelry online less risky and expensive. However, you don’t know how much you will earn from an auction, and choosing a buyer with an instant buyback offer might be better if you want guaranteed payment.
Worthy
Strengths
- Professionally prepares your jewelry for auction
- Dedicated service agent
- Free shipping and insurance
- Only pay fees if your jewelry sells
- Professional jewelry buyers bid on your item
Weaknesses
- May sell below original estimates
- High estimated selling value to qualify
- High selling fees
- Must ship your items for grading and selling