If you’re newly divorced or have been for years, inherited gems, jewelry or watches from a family member, or received a present you don’t love, you might wonder what you can do with your jewelry or your wedding and engagement rings.
If you're thinking of selling it, where is the best place to sell your diamond ring, loose diamonds, jewelry and watches?
First, it's key to understand the different places to sell your diamond jewelry. One option is to sell to a business that buys your diamond directly from you, based on the price they offer, like online diamond buyers WP Diamonds or Worthy, or a local jewelry store or a pawn shop near you. If you're ready to sell your jewelry now, go to Worthy and start the process.
Another option is consignment, which will feature your jewelry within their store or on their website, such as RealReal or 1stdibs. An alternative to consider are auction sites like Worthy.
Working with an online jewelry auction marketplace, like Worthy, will show you the current market value of similar items. A marketplace also allows for multiple competitive bidding to happen, driving prices up to get you the best price.
Wondering whether selling your engagement ring after divorce or a breakup is right for you? I wrote about why I decided to sell my diamond ring, and how to do it safely. That post also gives step-by-step instructions on how to sell a diamond ring.
What is the best place to sell a
diamond ring and loose diamonds?
Traditional route: Find a diamond dealer and sell direct
The most traditional way to sell fine jewelry, diamond and engagement rings, and watches, is to do it directly with a buyer or jeweler.
Just as with major schedule surgery and a sales price for you house, it is best to get multiple offers. You can do this by visiting your local jeweler, connecting with dealers in the famed 47th Street diamond district in New York City, or send your ring to WP Diamonds.
WP Diamonds is part of the diamond industry of wholesalers and directly buys your diamond ring and then sells it back to other manufacturers and other dealers. How does WP Diamonds make money when they do not state a fee and only give you an offer price? WP makes money by including their fees within the offer price and then they further make money by reselling it for more to other dealers at a later date. So as the seller are you getting the most you can from WP Diamonds?
Sell your diamond jewelry online: Is it safe?
WP Diamonds and Worthy are two of the leading online sites that will help you sell your diamond ring and other jewelry. There are countless places to sell your jewelry online. Some are excellent, while others are, frankly, shady.
Before you send your ring to a buyer you found online, check the company's status with the Better Business Bureau, TrustPilot, and Yelp — and read the company's online review. Also, ask friends and family if they are familiar with the company. Finally, only work with a company that provides delivery through a national shipping service like FedEx, UPS or USPS, and get a tracking number and insurance policy for your item. Both WP Diamonds and Worthy check these boxes.
How does selling my engagement ring or diamond to WP Diamonds work?
As with most online diamond buyers, with WP Diamonds you sell your ring directly to the company, a wholesaler. Because of this, you rely solely on their in-house expertise and evaluation. Once they review your piece and they quote you a price, and it is yours to accept or reject their offer.
An offer with WP Diamonds starts with filling out a form on the company’s website where you will describe the item you wish to sell. WP Diamonds will email you a fully trackable FedEx label and detailed instructions on how to send in your jewelry to their New York headquarters. The item is insured by WP Diamonds based on the value WP deems appropriate based on your submission.
When the company receives your jewelry, WP Diamonds will open and inspect the contents of the box on camera for your protection. There, your diamond undergoes an in-house evaluation by a GIA-trained WP staff gemologist. If WP Diamonds chooses to make an offer, they will email and offer.
If you accept WP Diamonds’ offer, you can receive payment via a wire transfer or check by mail. If your item is worth $400 or less, you only have the option to receive a check. If you choose not to accept their offer, WP Diamonds will return your item to you free of charge and insured to the value they claim. If what you sent them turns out not to be a diamond (or, for example, a cubic zirconia, or laboratory-created gem), they reserve the right to charge you a $25 service fee.
Pretty straight forward:
- Go to WPDiamonds.com
- One offer
- An in-house authentication process and valuation.
- You get paid.
But is this the best price you can get? Do you value their in-house authentication? Is it unbiased?
Jewelry auctions increase chances of a high price for your jewelry
Physically shopping your diamond to the local jewelry stores near you, or a site like WP Diamonds that offers one price based on a single person's opinion of its
Worthy virtually brings multiple buyers (all professional wholesalers, dealers, and jewelers) from around the country directly to a seller. Worthy's marketplace is accessible to buyers via mobile, desktop, with auctions running daily, every day of the year. Worthy never purchases the item, but rather acts as the facilitator — just like you never buy an item directly from eBay, but use the eBay platform to buy and sell goods.
When you work with Worthy, your item secures offers from many buyers, who will compete for your diamond. So, when you are searching for diamond buyers or jewelers near you, know that Worthy brings the market to you, no matter where you are.
How to sell an engagement ring with Worthy
Worthy is an online auction marketplace that simplifies and streamlines getting your ring ready for auction providing a safe, trusted and risk-free experience. Worthy also works with 3rd party grading labs to get you an unbiased grading report for your diamond. This is a critical step in learning what you have that sets the stage for being able to truly understand the value you can get. For example, it is important to know the carat wt of each individual stone, not the total carat wt. like so many jewelers state when they sell you a ring.
The 5 easy steps to selling with Worthy are:
- Secure FedEx Pickup – Worthy provides you with a fully insured, prepaid shipping label pre-addressed to their NYC headquarters
- Grading & Auction Preparation – Your jewelry is graded at GIA or GSI labs, resulting in an e-report. Shortly following, your jewelry is photographed in HD, from every angle.
- Learn the Trending Market Price – based on your grading report, you can review similarly auctioned items and see the auction potential, which helps you set your minimum price you like to receive, knowing with bidding it can go over your minimum.
- Auction – Jewelry buyers are invited to bid on your jewelry based on the flawless photographs and detailed report. You are able to watch the auction map live as the bids roll in. The auction bidding is fast, 2-days, so you are quick to the money.
- Get Paid – If the highest offer meets or exceeds your reserve price, you get paid via your preferred method, ACH, Check, PayPal. If not, you have the option to have your jewelry returned to you free of charge and fully insured.
Fees for diamond buyers, how do these businesses make money?
Until Worthy makes a deal with you, there are no fees for working with the company. They cover all the costs up front, and only take a commission once you make a sale at your auction. Worthy’s “success fee” is based on the highest bid that you accept, and ranges from 5 percent to 22 percent.
WP Diamonds does not disclose any fee structure, and they offer a single price offer for your diamond. In other words, WP Diamond’s profit is baked into the price they offer you.
What are the differences between WP Diamonds and Worthy?
There are many places to sell your diamond jewelry or loose diamond online.
The main difference between WP Diamonds and Worthy is that Worthy is an online marketplace — an auction house where they have partnered with renown grading laboratories like the GIA for grading reports that officially document the scientific qualities of your diamond — a certification you can keep regardless of whether you decide to finalize your sale.
WP Diamonds specializes in diamond rings and loose diamonds, as well as branded designer jewelry, such as Tiffany, Graf, Harry Winston and Bulgari.
On the other hand, Worthy not only does a lot of business selling diamond rings and jewelry
Not sure whether you are ready to sell a sentimental piece of antique jewelry or estate jewelry? This post offers some things to consider
Worthy also professionally photographs in HD, 36-degree images your item, which is vetted by a professional community of buyers that bid against each other to purchase your piece. Typical auctions run 2 days and see 12+ competitive bids from buyers across the country.
WP Diamonds’ process is more akin to taking your ring, loose diamond, or other branded jewelry to your local jeweler, getting a single offer for it, and having to decide whether or not to accept it.
In other words, WP Diamonds’ price is based on one person’s estimate, while at Worthy, being a competitive auction platform, brings hundreds of buyers to your virtual doorstep to view and bid on your diamond.
WP Diamonds vs. Worthy reputation and reviews
Both Worthy and WP Diamonds have A+ ratings from the BBB and many rave reviews from their clients. Based on these online review sites, both companies appear committed to addressing individual customers complaints and concerns. Both WP Diamonds and Worthy.com have good reputations and are trustworthy.
WP Diamonds vs. Worthy customer service
Both companies' websites want you to feel safe and comfortable giving them your item to sell, which is why they make customer service a top priority. Dedicated to answering any questions you may have, finding a way to converse with them is as easy as visiting their sites.
Within seconds of visiting Worthy’s site, a chat box appears to greet you. WP Diamonds also makes contacting them simple. Although their live chat service is only available Monday through Friday from 9 a.m. to 5:30 p.m., you also have the option to call or email, just like you do with Worthy. WP Diamonds gives you the opportunity to text them as well as come in to speak with them in person, an advantage Worthy similarly offers on the ‘Contact Us' page of their website. Worthy, however, offers more extended hours of operation and is open from 9:30 a.m. to 10 p.m. most weeknights and until 6 p.m. on weekends.
WP Diamonds vs. Worthy insurance coverage
Both companies insure your items to offer you as much comfort and transparency as possible. Worthy’s site reads, “In the extremely unlikely event that [your item is lost or stolen], your valuables are insured by Lloyd’s of London from the moment they are collected. Our insurance coverage for a valuable in transit is up to an amount of $100,000.”
In comparison, WP Diamonds will provide insurance for your items for up to $200,000 should they be lost or stolen, again, letting you know this event is highly unlikely. According to their website, “All items sent to us are insured by Brinks and/or Lloyds of London for the amount stated in the email you receive to confirm your insurance up to a maximum of $200,000…We insure your items for the higher end of the price range.”
Which pays more, WP Diamonds or Worthy?
There is no guaranteed way to compare one site over the other when it comes to how much customers receive for selling their used diamonds and jewelry. Both companies have solid reputations and have worked with thousands of sellers. However, there are a two factors that suggest that you stand to get a higher price with Worthy:
- Multiple buyers. Selling your jewelry or loose diamond at WP Diamonds is akin to selling it to your local jeweler: You are getting just one offer, take it or leave it. On the other hand, Worthy is a true international marketplace, where multiple vetted buyers bid on your item to determine the market value of your engagement ring or other jewelry.
- A grading report. Both companies employ GIA certified gemologists that evaluate your item. However, Worthy is the only online jewelry buyer that sends each item out to an independent laboratory, which generates a GIA or IGI grading report with all the scientific details and market value for your jewelry — a report that is yours. There is no more definitive information that you can receive on your jewelry. Again, this is a great trust builder — with both the buyer and seller.
Sold on a jewelry auction? Start selling jewelry now with Worthy.
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.