Are you ready to let go of the past, declutter, and make a pretty profit?
Of course, you are. Here’s what I want you to do:
Take a walk into your bedroom, open your jewelry box, and find that one piece of jewelry collecting dust at the bottom.
Maybe it’s a pair of untouched chandelier earrings you inherited from great aunt Mildred — the ones you’re wondering if you’ll ever actually wear (you won’t)…
Or the diamond pendant you got for your birthday 10 years ago that couldn’t be further from your style (sigh)…
Or maybe it’s the engagement ring that hung around long after your ex did.
Dig deep into the jewelry box, dust off that dazzling diamond, and sell it for all it’s worth.
I’ve written here about why you should sell your wedding ring, and how.
That might be an easy decision for some, but letting go of the remnants of your relationship can be painful.
What about a piece of jewelry you never wear but are sentimentally attached to?
Antiques from family are tricky, and there are a lot of factors to consider as you decide whether or not you should sell your heirloom jewelry.
If you find yourself ready (like I did) to part ways with your diamond but wondering where to start, this post is for you.
Top 5 diamond buyers
When it comes to selling your fine jewelry, there’s no shortage of scammers on the market.
Determining which diamond buyers to avoid and which ones to trust is daunting.
I’ve taken the guesswork out of bartering your baubles, researching the good, the bad, and the ugly in the diamond-selling world.
And I found that there are some wonderful, reputable diamond buyers who will make letting go a little bit easier (or, in some cases, a LOT easier!).
Relax, read on. These companies top the list of the 5 best diamond buyers on the market.
Topping the list, as you may have already guessed is my go-to answer for selling your diamond, Worthy.
Featured in Forbes, the New York Times, and Inc., and touting an A+ from the Better Business Bureau, Worthy has established itself as the premier diamond buyer in today’s market.
Worthy tops the competition because it’s a true marketplace, meaning the company sells your diamonds in an online auction with global buyers.
Worthy says it best on their website.
Behind every action, the diamond company stands on:
“Transparency, Integrity, Privacy, Convenience, Stellar Service, and High Value Deals.”
Let’s look at some of those values a little more closely, and I’ll tell you why I support Worthy so much.
Why I Love Worthy
Transparency. Integrity. High Value Deals.
When you partner with Worthy, you’re kept in the loop every step of the way.
As soon as you enter the dimensions and description for your diamond on their website, Worthy sends you a trending price of similar items recently sold. This is a dollar sum you can expect to receive based on the information you sent through the site.
Once you mail your diamond jewelry to Worthy, they send it for official appraisal at the Gemological Institute of America (the most credible, world-renowned appraiser on the market). There the GIA will create an official report about your jewelry and diamond, including its dollar value. You keep this report for free, regardless of whether you end up selling with Worthy.
Also, at every single step of the process, you receive email and text notifications of the location of your jewelry. You never have to worry about it being lost or stolen, as it is sent through FedEx, and insured for $100,000.
If your diamond is appraised at least $1,500, you’re eligible to sell on Worthy.
And even if it doesn’t or you opt out of selling with Worthy, you’ll know how much your ring is actually worth.
Your item will then be put to the company’s global marketplace, where hundreds of professional diamond buyers will bid for your jewelry. This is an important part of the process, because it ensures that you get top, market price for your jewelry. By comparison, if you were to sell to a local jeweler, or one of the other top-ranked diamond buyers on the Internet, you are at the mercy of just one appraisal and one quote.
Aside from getting your money’s worth, security is likely at the top of your list of concerns.
I took a trip to Worthy’s headquarters recently and saw that video security made sure that all items received and shipped there are accounted for. Rooms where jewelry was received and appraised were very tightly controlled.
Again, Worthy insures your diamond up to $100,000 and ships it with FedEx. You receive tracking information every single step of the way.
Convenience and Control
Like I said, selling with Worthy is a very easy process.
With a Paypal payment system, Worthy processes payments in 1 business day.
If your buyer does a bank transfer, you’re guaranteed your money within 2 business days, and with a check, you’ll receive payment within 5 business days.
In under a week, you could declutter your diamond drawer for a chunk of cash.
Here’s how it works:
After you get your appraisal from GIA, you have a few options:
- Your first option is to sell your diamond for GIA’s appraisal price. You’re then guaranteed by Worthy to receive that minimum price. If it ends up selling for more, you’ll get the highest value.
It’s a pretty safe bet if you’d prefer to leave it to the experts.
- If you think your diamond is worth more than the appraisal, you can set your own minimum. The catch here is that the market value isn’t guaranteed.
The piece may end up selling for higher or lower than GIA’s estimate. It’s then up to you to decide which bid to accept.
- Your last option is to create a buy-it-now price. If you’re really ready to ditch your diamond, you can set a price which, once offered, will automatically win the bid and close the auction.
How fast do you get paid with Worthy?
You can get a PayPal transfer within 1 business day, bank transfer within 1 business days, or a paper check will be sent within 5 business days.
How Worthy makes money
Worthy makes its money from commission. Rather than offering a flat fee, Worthy’s rates change based on how much your diamond is worth.
$1500- $5,000 = Worthy gets 22% of the total in commission
$5,001 – $50,000= 15%
$50,001 – $250,000 = 10%
$250,001+ = 5%
Stellar customer service
Worthy’s customer service representatives are dedicated to answering any questions you might have about selling your diamond.
Type in worthy.com right now, and once you land on their homepage you’ll get a pop-up chat from the customer support team.
If you choose to interact with them there, you can connect via phone or text.
These representatives are friendly, easily accessible, and extremely knowledgeable about what they do.
If you need more convincing, go to Worthy’s site and read the hundreds of reviews posted there.
And next time you’re in NYC, schedule an appointment to see for yourself!
Bottom line: Worthy is a boss in the diamond buying business. There is a reason their brand recognition has skyrocketed in just a few years. They really are the leaders in price, customer service, customer experience and overall quality.
Cash for Diamonds USA
You may have been really excited reading about Worthy, right up to to the point when I said they only buy jewelry worth $1,500 or more.
What if your diamond is smaller but still worth selling?
If so, you may want to look into CashforDiamondsUSA.
Sound familiar? That may be because you’ve heard of its parent company, CashforGoldUSA, in one of its commercials, billboards, or radio ads.
Those marketing efforts, albeit cheesy, stuck, and I decided to take a look.
How Cash for Diamonds USA Works
Like Worthy, CashforDiamondsUSA operates on a pretty straightforward system.
I just went to the site, entered my address, and waited for a mailer to arrive.
A little later that week, I got an email with an offer for my ring.
I decided to accept it, got a tracking number, and was cashing my check in just a few days.
Simplicity at its finest.
That was my experience, but you can set up the process by email or phone.
Like I did, you can opt for an email offer, which you’ll receive as soon as your diamond is appraised.
You can then accept or reject it online.
Accept, and your check is mailed within 24 hours. Decline, and you’ll get your jewels back with priority shipping.
You can also get a call from the company with your offer. Whether you accept or decline, you’ll get your check or ring back ASAP.
So here’s the breakdown of the best and worst qualities of CashforDiamondsUSA
Pros of CashforDiamondsUSA
- Established with over 10 years in the business
- B+ Better Business Bureau rating
- Simple, straightforward selling process
- Opportunity to make money on less valuable diamonds
- Meticulous expert appraisals (they don’t just accept any diamond!)
- Referral program: Get $25 when you refer a friend!
Cons of CashforDiamondsUSA
- One person evaluates your diamond and gives you a flat rate vs Worthy’s plethora of buyers setting high value bids.
- Probably not your best option for selling expensive, high-carat diamonds
- While the process is easy, the website isn’t too user-friendly
Bottom line: If your diamond is modest and you’re ready to see it go, you should give CashforDiamondsUSA a try.
Diamond Buyers International
Diamond Buyers International is another established buyer to consider. Like the others on this list, Diamond Buyers International has a straightforward process for selling your diamond jewelry and loose diamonds.
How Diamond Buyers International Works
Diamond Buyers International is a mail-in buyer similar to CashforDiamonds.
At Diamond Buyers International, you just submit your diamond dimensions, request an estimate, receive a complimentary mailer, and ship those diamonds.
Okay, there’s a little more to the process than that.
What about security?
Like Worthy, Diamond Buyers International uses FedEx to ship its packages and ensure their safety.
To insure their safety, Diamond Buyers provides up to $5,000 coverage on your diamond (Worthy insures up to $100,000).
That’s where the similarity to Worthy ends.
Diamond Buyers International appraises your diamond, promising to make an offer within one business day.
You can then either accept or decline their offer online.
If the deal meets your needs, you can accept your payment via a mailed check, direct deposit, or PayPal.
If you decide to hang on to your diamond and try selling elsewhere, it will be shipped back to you promptly.
Pros of Diamond Buyers International:
- A+ Better Business Bureau rating
- Instant online quote within an hour of sharing your diamond description
- Streamlined and secure mail-in process
- Diamonds appraised by GIA
- User-friendly website with interactive appraisal tools
- 30-day guarantee: if you change your mind within 30 days, they’ll return your diamond in exchange for the money, no stipulations.
Cons of Diamond Buyers International:
- Diamonds are only insured up to $5,000, as opposed to Worthy’s $100,000 coverage.
- Again, what you get is based on one appraisal as opposed to hundreds in a global auction.
- Limited ability to contact customer service
- Vague commission prices without clearly defined rates
Bottom Line: Diamond Buyers International is a good mail-in option for selling your diamond quickly with a fair appraisal assessment.
WP is a popular diamond seller, and it’s easy to see why.
With a BBB rating of A+ and a credible reputation in the diamond market, WP Diamonds is fair and reliable.
And unlike some of the other buyers we’ve reviewed, they specialize in diamonds.
So, if you have a diamond that’s at least half a carat, you might want to look into WP Diamonds.
How WP Diamonds Works
WP Diamonds stands out because of its exhaustive appraisal.
At WP, you don’t mail in your ring and get a quote with a flat insurance fee on your package.
Instead, you provide as much information on your ring as you can, from carat weight and color to appraisal papers if you have them.
Then, the diamond experts determine an insurance policy and cost based on those factors.
With a rough estimate in mind, you mail in your diamond and wait for an official offer.
While WP might take a little bit longer, their meticulous process can benefit you in the long run and get you the most money.
You then take or leave their offer, either receiving money or your diamond back based on your decision.
In this sense, WP Diamonds is like Diamond Buyers International; however, unlike their competitor, WP Diamonds offers no guarantee period.
Once you accept the offer, the deal is closed and you can say goodbye to your diamond.
Pros of WP Diamonds
- A+ BBB Rating
- Security ensured by FedEx round-trip shipping and insurance up to $100,000
- Close contact with appraisal team throughout the process
- User-friendly website and appraisal tools
- Meticulous appraisal process
Cons of WP Diamonds
- Like all the mail-in services on this list, WP bases your price on one appraisal, not a market’s worth like Worthy.
- WP doesn’t use GIA or other certified outside appraisers, but an in-house appraisal team.
Bottom Line: WP Diamonds is great if you’re looking for a local jeweler type of experience with a credible and qualified buyer, but is limited beyond that.
International Institute of Diamond Valuation (IIDV)
IIDV, or the International Institute of Diamond Valuation, is a recently launched branch of De Beers, one of the oldest and most highly revered diamond companies in the world.
With an A+ rating from the Better Business Bureau and an abundance of expertise, of course IIDV makes the list.
Let’s look at how they work and why you might deal your diamonds with them.
How International Institue of Diamond Valuation works
Using GIA as its appraiser, IIDV aims to acquire your darling diamonds in exchange for a fair price.
IIDV’s site is clean and simple to use, walking you through the whole process on the home page.
Basically, here’s what you do:
- Fill out the online form (including a pic of your diamond)
- Ship your package with IIDV’s complimentary mailer (within 7 days of receiving it)
- Get your quote (within 24 hours of IIDV receiving your package)
- Log in to your IIDV account to accept or decline the offer. If you accept, you’ll be asked to upload a photo ID and can choose between a check or direct deposit.
Like the other sellers in the list, IIDV offers you the option to decline.
Let’s look at some of the pros and cons beyond the process.
Pros of IIDV
- A+ Better Business Bureau rating.
- Secure FedEx shipping
- Payment in 3 business days by transfer, or a week by check. Your jewelry will also be opened under video surveillance.
Cons of IIDV
- Again, you’re getting money based on one person’s valuation, not a whole marketplace.
- Your ring may be taken from the setting during evaluation, and if you decline the offer, they may mail it back unmounted.
- You don’t necessarily get documentation of your appraisal findings, just an offer.
- The website limits its information on factors like IIDV’s commission or the process of declining their offer.
Bottom Line: IIDV was birthed from one of the most reputable diamond dealers in the world. They’re credible, certainly, and they’ll pay great attention to pricing your diamond fairly.
But their buyback information is vague, and they might not be the most obliging if you decline their offer.
Some of the links in this and other posts generate a commission. I never recommend products that I don’t truly believe in. Seriously – I get asked to write about stuff all the time and turn down hard cash if I’m not feeling it.
Emma Johnson is a veteran money journalist, noted blogger, bestselling author and an host of the award-winning podcast, Like a Mother with Emma Johnson. A former Associated Press Financial Wire reporter and MSN Money columnist, Emma has written for the New York Times, Wall Street Journal, Forbes, Glamour, Oprah.com, U.S. News, Parenting, USA Today and others. Her #1 bestseller, The Kickass Single Mom (Penguin), was named to the New York Post’s ‘Must Read” list.
Emma regularly comments on issues of modern families, gender equality, divorce, sex and motherhood for outlets like CNN, Headline News, New York Times, Wall Street Journal, Fox & Friends, CNBC, NPR, TIME, MONEY, O, The Oprah Magazine and The Doctors. She was named Parents magazine’s “Best of the Web,” “Top 15 Personal Finance Podcasts” by U.S. News, and a “Most Eligible New Yorker” by New York Observer.
A popular speaker, Emma presented at the United Nations Summit for Gender Equality. Read more about Emma here.