If you have an old engagement ring sitting around — maybe one your former spouse gave to you or that you gave to your former spouse — selling it can be a great way to move past that relationship and make some money in the process.
Louped, formerly I Do Now I Don’t, is an online jewelry marketplace that will either buy your jewelry directly or allow you to list it at your own price to online buyers — sort of like ebay for diamond and other fine jewelry.
Is this online jewelry seller legit? Yes — but there are better places to sell your jewelry. Keep reading to find out why.
What you should know about Louped:
Emma’s quick take on Louped, an online site to sell your jewelry
The concept behind Louped is good, and the site did some work to improve its client satisfaction ratings since rebranding from I Do Now I Don't, though it has since fallen off. Louped improved its Better Business Bureau rating from an F to a B-, but it now sits at a D-. Louped also boasts 4/5 stars on Trustpilot (though both review sites still list its name as I Do Now I Don't).
However, when you’re selling something as valuable as a diamond ring, you want to sell it to a reputable online diamond buyer that will get you the most money possible. Most of the top online diamond and jewelry buyers boast A+ ratings and have more consistently positive online reviews.
Louped also does a few things that put it lower on my list of online diamond buyers:
- Does not cover the cost of shipping or insuring your item
- Charges a $20 return fee if you reject an offer that was the same or higher than the initial offer after you send in your jewelry
How Louped got its start
Louped founder Josh Opperman started I Do Now I Don't on the heels of his own heartbreak and frustrating attempt to sell his fiancée’s engagement ring when she ended their relationship.
When he tried to sell the ring, the most he was offered was 30% of what he paid for it. He started I Do Now I Don’t to help people get more money for their unwanted diamond rings.
The site's new name, Louped, is a nod to a few things:
- Jeweler's loupe (a magnifying device used by jewelry makers)
- Symbolism of a ring’s circle
- Closed loop of repurposing or recycling existing items
What are the basics of Louped
Louped is a unique entry in the online jewelry-selling space because it allows you to sell your diamond jewelry in two different ways:
- Accept a direct offer on your jewelry directly from Louped, or
- List your diamond on their online marketplace, where you can sell directly to a retail buyer — much like online consignment sites Poshmark and Mercari.
How Louped works
Whether you want to accept a direct offer or list your jewelry on Louped's marketplace, the process starts the same.
From the home page, click “List an item” to create a free account. Once you set up your profile, click “Sell” from the main navigation bar to input information about your jewelry (type, stone qualities, any side stones, photos, videos, etc.):
Within 24 hours, an in-house buyer will email you two preliminary offers on your jewelry — one to sell directly to Louped and a suggested listing price for your item.
Selling directly to Louped
If you decide to accept a direct offer, send your item to Louped (at your own expense) for an in-house evaluation, at which point you will receive a final offer for direct purchase.
If the final direct offer is below the preliminary offer and you decline the new offer, then Louped will return the item to you at no additional cost. If the final offer is not below the preliminary offer and you still choose to decline, you will be charged $20 for its return.
If you accept the offer, payment will be issued to you by check on the 15th of the following month.
Selling on the Louped marketplace
If you choose to list your item on the Louped marketplace, you'll create a listing and set a price (Louped recommends following the price they suggested, though it is ultimately up to you).
If your item sells, you must ship it to Louped at your own expense. They recommend using USPS, as the company insures packages for up to $25,000.
Upon receipt, Louped inspects your item to ensure that it matches the description in your listing. If it does not, then they will contact the buyer and let them know the results, at which point the buyer can either accept the item, request a refund, or negotiate a different price.
Payments are issued on the 15th of the following month after the sale.
Louped charges a commission between 10% and 20% depending on the sale price of your item:
Additionally, a VIP selling service is available at no extra charge for items that are valued at $5,000 and higher. VIP listings receive an appraisal certificate, insured shipping, complementary cleaning and photography of the item, and are designated with a crown icon on the marketplace. This service comes with a flat 25% commission.
Pros of Louped
- Choice between direct sale or marketplace listing
- Possibility to sell item for much more through online listing
- You choose the sales price
Cons of Louped
- Not accredited by the BBB
- Website is confusing and the sales process is not always clear
- Direct sale is based off of a single, in-house evaluation
- Payment is slow
- Only accepts listings of at least $250 on marketplace
- VIP selling service is only available for items valued to be worth at least $5,000
- Unless you opt into VIP selling service, you are responsible for shipping and insurance costs
- $20 fee if you change your mind about accepting a direct offer that's the same or higher price than your initial estimate
Offering multiple routes to sell your jewelry, Louped has made a name for itself in the second-hand diamond jewelry space. But for a number of reasons listed above, it isn’t our top choice for either direct sales or for auctioning.
How the service stacks up against sites like Louped
Louped takes a relatively different approach to selling and buying diamond jewelry. But how does it stack up against other top diamond buyers?
Louped vs Diamonds USA
Louped require that all listings have a value of at least $150.
However Diamonds USA (and its sister sites CashforGoldUSA and CashforSilverUSA) is our No. 1 recommendation for selling fine jewelry and metals, as they do not require a minimum value to purchase your diamond or diamond jewelry and pay for free, insured round-trip shipping. Diamonds USA pays within 24 hours of an accepted offer.
All three companies accept all kinds of diamond, gold, gemstone, platinum and silver jewelry, plus gold and silver coins, flatware, watches, scrap, and gold bullion. Louped only deals in diamonds and fine jewelry.
Platinum vs white gold: Which is more valuable?
Louped vs Worthy
Louped and Worthy are similar in that they each offer an online marketplace through which you sell your diamond or jewelry. How these platforms work, however, is substantially different.
Louped platform lets you sell directly to a buyer, similar to ebay. You list your item and, if someone is interested, they will make you an offer and you can accept or not.
Worthy’s platform, on the other hand, connects you to wholesale buyers that bid on your item through an anonymous auction. How much you earn will therefore be dependent upon whatever multiple professional diamond buyers are willing to pay—opposed to a single retail buyer.
Additionally, when you choose to list your item through Worthy, Worthy performs certain services completely free of charge, all of which are the IDNID sellers’ responsibilities:
- Cleaning
- Photographing
- Shipping
- Insurance
- Lab report
- Posting
- Description
These services are only available on Louped if your item is worth at least $5,000 and you opt into the VIP selling process, which charges a high commission of 25%.
Finally, while Louped pays just once a month, on the 15th of the month following a sale. Worthy pays within several business days of making a sale.
Read our Worthy.com review.
Louped vs myGemma
myGemma, formerly WP Diamonds, is one of the oldest and most reputable places to sell your diamond ring, loose diamonds, jewelry, and watches. myGemma is accredited and has an A+ Better Business Bureau rating, while Louped has a D- rating and is not accredited.
Louped is a marketplace where online buyers can purchase your unwanted diamond jewelry at a price you set. myGemma is a diamond wholesaler that directly buys your diamond jewelry then sells it to consumers on its e-commerce platform, where you can also buy and sell luxury handbags and other accessories.
myGemma accepts luxury jewelry brands and diamonds larger than 1/2 carat. The minimum price for Louped Marketplace listings is $250.
Read our myGemma review.
Louped reviews
Louped reviews are a mixed bag depending on which review site you check. The company has 3.8/5 stars on Wedding Wire and 4.2/5 stars on Facebook, though it only has 2.15 stars on the Better Business Bureau site. I did notice that most negative I Do Now I Don’t reviews were posted in 2020, when the company told customers it was dealing with pandemic-related delays.
BBB reviews of Louped
Though the company has been around for more than 13 years and is led by Chris Del Gatto, a well-known figure in the diamond industry, Louped is not accredited with the Better Business Bureau and has a low D- rating with only 5 reviews, the most recent one from November 2022.
Trustpilot reviews of Louped
Louped has a 4/5-star rating on Trustpilot. Most recent reviews are positive, though some older reviews indicate issues with delayed payments.
Reddit reviews of Louped
There aren’t many reviews of Louped on Reddit. I could only find one thread asking for advice about buying on the site, and all of the responses appear to be from people who never used it:
Bottom line: Should you sell your jewelry using Louped?
In my opinion, there are better, more reputable online jewelry buyers, so I don’t recommend selling your jewelry on Louped.
And for loose diamonds and diamond jewelry at any price point (and fast payouts), I recommend Diamonds USA. Get a free estimate today >>
Wherever you decide to sell, learn more about how to sell diamonds for the highest price first. And check out my roundup of the 8 best online diamond buyers in 2023.
