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If you’re newly divorced or have been for years, inherited gems, jewelry, gold or watches from a family member, or received a present you don’t love, you might wonder where to sell 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?

Quick answer: There are several quality online gold and diamond buyers, and our recommendation is Worthy.com.

There are three ways to sell an engagement ring, diamond, gold, jewelry or watches:

  1. Sell direct. Sell to a gold or jewelry buyer that directly from you, based on the price they offer, like New York diamond buyers and sellers WP Diamonds and Lyuria, a local jewelry store, or a pawn shop near you.
  2. For gold jewelry and coins, and smaller diamonds, CashforGoldUSA is a quality choice that has an A- BBB rating, and pays a $50 bonus when your item is valued at $250 or more. Learn more from our Guide to selling your gold, or check out CashforGoldUSA now >>
  3. Consignment. Sites like RealReal and 1stdibs help sellers connect with buyers online.
  4. Sell by auction. For centuries, the wealthy have sold their inherited art, furniture and jewelry at auction houses like Sotheby's, Christie's, Bonhams and Phillip auction houses in New York and London. However, those places only work with very expensive pieces that most Americans do not own. However, Worthy is an online jewelry auction marketplace that takes professional photographs of your jewelry, then puts it to auction where hundreds of verified diamond and jewelry buyers around the world bid on your item — driving up the price.

Why sell your diamond engagement ring

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.

Top reasons to sell your engagement ring, wedding ring, and other sentimental jewelry include:

  1. You don't use it, so get rid of it.
  2. Your engagement ring or other jewelry likely has bad memories and energy attached to it, so best to set that free — open your life up to new and better experiences.
  3. The money you earn from selling your jewelry can be invested in positive things, like retirement, buying a home or car, a vacation, or starting that home-based business you've been thinking about.

What is WPDiamonds.com?

WP Diamonds is part of the diamond industry of wholesalers that directly buys your diamond ring, and then sells it, manufacturers and other dealers. 

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?

How does 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 WPdiamonds.com where you will describe the item you wish to sell.

WP Diamonds emails you a trackable FedEx label and detailed instructions on how to send in your jewelry to their New York headquarters. The item is insured 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.

How WP Diamonds works:

  1. Go to WPDiamonds.com, request a mailer
  2. A WP Diamonds customer service representative will call you to discuss your jewelry
  3. WP Diamonds emails you a FedEx label.
  4. Print out the label.
  5. Double-pack your ring or other jewelry.
  6. Drop off the package with FedEx. It is insured for up to $100,000.
  7. Within 24 hours, WP Diamonds will conduct an in-house authentication process and valuation.
  8. WP Diamonds will send you an offer.
  9. If you accept, receive payment within 24 hours by ACH, or mailed check.

But is this the best price you can get? Is their in-house appraisal unbiased?


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.

Worthy.com is a competitor of WPDiamonds. They offer similar services, but in a very different way. Learn more about their process on this Worthy.com review where I give a step-by-step account of selling a diamond ring with the site.

This is how Worthy works:

  1. Go to Worthy.com, enter your contact info, and a few details about your jewelry, and get an estimate.
  2. Receive a trackable FedEx mailer within a day. 
  3. Send your item via a trackable FedEx mailer, insured for up to $100,000.
  4. Receive a FREE GIA-certified grading appraisal certificate and for your engagement ring or other jewelry online.
  5. Set the minimum price for your item, and set your diamond to auction where hundreds of approved jewelry buyers bid on your item.
  6. Once the auction closes, you receive payment via Paypal within 24 hours — or by check.
Why sell your engagement ring with WP Diamond

The biggest differences between WP Diamond and Worthy are:

  1. WPDiamonds offers you one estimate based on one in-house appraiser. Take it or leave it.
  2. Worthy gives you an instant free estimate (see above), then gives you a GIA-certified appraisal to understand the qualities of your diamond or other jewelry.
  3. Worthy sales are via a jewelry auction, where a marketplace of hundreds of bidders drive the sales price.

Is WPDiamonds legit?

You may be asking yourself:
Is WP Diamonds reputable?
Is WP Diamonds a scam?

The answers are: WP Diamonds is a legit business, and it is not a scam. Like Worthy.com WP Diamonds has an A+ Better Business Bureau rating, a 4.8 TrustPilot score, hundreds of happy customer reviews and testimonials.

Fees for diamond buyers, how does WP Diamonds and Worthy businesses make money?

Until Worthy makes a deal with you, there are no fees for working with the company. They cover all the costs upfront, 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. Again: Take it or leave it.

WPDiamonds pros

WPDiamonds has an A+ Better Business Bureau rating and many positive client reviews and testimonials about customer service. The company has been in business since 2010, and has a walk-in service in its New York City offices, in addition to accepting dimaonds by mail through its online buying services.

By comparison, Worthy also has an A+ BBB rating, many positive client reviews and testimonials, and also has a walk-in service in its New York City offices, as well as offering its online auction to anyone, from anywhere.

Both WP Diamonds and Worthy.com have good reputations, both are legit and, both are trustworthy.

Worthy.com vs WP Diamonds

Jewelry buyerMultiple auction bids?Free GIA report?BBB ratingInsurance (up to)Other types of jewelry?Best for ...
WorthyYesYesA+$100,000Yes— all types, including earrings, necklaces and watchesYou want top dollar, quick, for jewelry worth $1,200+
WP DiamondsNo — one price offered, take it or leave it.NoA+$100,000Yes, but main focus is diamondsA good company, but Worthy is better

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 world-recognized 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, they also have an active business valuing, marketing and helping you auction your bracelet, earrings, gemstone ring, watch or necklace. In fact, Worthy will evaluate your entire jewelry box of items to help you get cash out of all the jewelry you do not want or use.

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.

WPDiamonds.com vs. Worthy.com 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 two factors that suggest that you stand to get a higher price with Worthy:

  1. 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.
  2. 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 to keep. 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.

Worthy.com vs WP Diamonds

Jewelry buyerMultiple auction bids?Free GIA report?BBB ratingInsurance (up to)Other types of jewelry?Best for ...
WorthyYesYesA+$100,000Yes— all types, including earrings, necklaces and watchesYou want top dollar, quick, for jewelry worth $1,200+
WP DiamondsNo — one price offered, take it or leave it.NoA+$100,000Yes, but main focus is diamondsA good company, but Worthy is better

WP Diamond cons vs Worthy

WP Diamonds does not offer payment by Paypal, only check and ACH transfer.

WP Diamonds does not give you a GIA report.

With WPDiamonds, there are returns once payment is made.

No online, instant quote. Worthy's dynamic online diamond, gold and jewelry calculator gives you a quote immediately.

What about diamond upgrades and trade-ins?

Some local and national jewelry stores offer diamond upgrade and trade-in services, in which they will evaluate your jewelry, offer you a sum that you can then apply to another, more expensive piece of jewelry. These include Kay Jewelers, Jared, Tiffany, and Nordstrom.

If you are looking to sell your diamond ring for the most cash, skip the upgrade and trade-in services. Reasons:

A jewelry store will not provide a certified lab report on your jewelry. A lab report is the only way to guarantee the dimensions of your diamond, and authenticate the price offered is a fair market rate. Even an appraisal is not the same as a lab report. Worthy provides each seller with a free GIA or IGI lab report.

In other words, Kay Jewelers, Jared or Zales provide no way of knowing what you could get for your diamond on the open market, from other buyers.

If you really want cash for your unused diamond, don't let a salesperson talk you into getting a BIGGER, MORE EXPENSIVE piece of jewelry, when what you really want is cash. Cash is power. A bigger diamond is not power.

If your goal is to cleanse yourself of bad memories, those negative vibes may then attach to the new upgrade.

Conclusion: Trade your diamonds for cash — not more jewelry. You will almost always get a better deal.

Ready to sell your engagement ring?

Get an estimate for how much your diamond is worth in a few minutes with Worthy. You can also learn about WP Diamonds here.

Not sure if you’re ready to sell your jewelry online?

I wrote about my experience deciding to sell my engagement ring after divorce, and the process of deciding to use an online jewelry buyer.

Some common questions about selling jewelry to a buyer:

Is it safe to sell your jewelry online?

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.

What's the difference in price between a jewelry auction and selling direct to a diamond buyer?

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 value, is becoming a thing of the past. As traditional ways of doing business are disrupted both locally and globally, Worthy, like Airbnb, Seamless and Grubhub, is solving everyday problems via a jewelry auction, also called a marketplace. Having created the only consumer-to-business model that uses a virtual online auction, Worthy helps people resell their diamond rings and jewelry to a platform of thousands of vetted buyers.

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.

Jewelry buyback companies

Jewelry buyerMultiple auction bids?Free GIA report?Insurance (up to)
WP DiamondsNoNo$100,000
Mondiamo (BlueNile)NoNoUnclear
Diamond Buyers InternationalNoNo$5,000
International Institute of Diamond Valuation (De Beers)NoNoUnclear

Considering a divorce in New York? What you need to know about how to get a divorce in NY ….

About Emma Johnson

Wealthysinglemommy.com founder  Emma Johnson is an award-winning business journalist, activist and author. A former Associated Press reporter and MSN Money columnist, Emma has appeared on CNBC, New York Times, Wall Street Journal, NPR, TIME, The Doctors, MONEY, O, The Oprah Magazine. Winner of Parents magazine’s “Best of the Web” and a New York Observer “Most Eligible New Yorker," her #1 bestseller, The Kickass Single Mom (Penguin), was a New York Post Must Read. A popular speaker, Emma presented at the United Nations Summit for Gender Equality. Emma's Top Single Mom Resources.

1 Comment

  1. Brandi1 on September 25, 2019 at 4:31 pm

    How do I know my jewelry/watches are really insured and I can trust that they are? I can’t find anywhere online that they are insured by Lloyds of London.
    Thank you

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