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:
- 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.
- For gold jewelry and coins, and smaller diamonds, CashforGoldUSA is a quality choice that has an A- BBB rating, and pays a 10% bonus when you send in your item within 7 days. Learn more from our Guide to selling your gold, or check out CashforGoldUSA now >>
- Consignment. Sites like RealReal and 1stdibs help sellers connect with buyers online.
- 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.
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:
- Go to WPDiamonds.com, request a mailer
- A WP Diamonds customer service representative will call you to discuss your jewelry
- WP Diamonds emails you a FedEx label.
- Print out the label.
- Double-pack your ring or other jewelry.
- Drop off the package with FedEx. It is insured for up to $100,000.
- Within 24 hours, WP Diamonds will conduct an in-house authentication process and valuation.
- WP Diamonds will send you an offer.
- 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?
The biggest differences between WP Diamond and Worthy are:
- WPDiamonds offers you one estimate based on one in-house appraiser. Take it or leave it.
- 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.
- 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.
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 diamonds 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.
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 are the differences between WP Diamonds vs 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
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 jewelry to your local jeweler, getting a single offer for it, and having to decide whether or not to accept it. Similarly, WP Diamonds' fee is not disclosed, while Worthy is clear that their commission structure ranges from 5 percent to 22 percent.
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.
You can learn more about Worthy and my experience selling a diamond ring in my Worthy.com review.
|Jewelry buyer||Multiple auction bids?||Free GIA report?||BBB rating||Insurance (up to)||Other types of jewelry?||Best for …|
|Worthy||Yes||Yes||A+||$100,000||Yes— all types, including earrings, necklaces and watches||You want top dollar, quick, for jewelry worth $1,200+|
|WP Diamonds||No — one price offered, take it or leave it.||No||A+||$100,000||Yes, but main focus is diamond||A good company, but Worthy is better|
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.
|Jewelry buyer||Multiple bids?||Time to cash||Insurance|
|Worthy||Yes||5+ business days||$100,000|
|WP Diamonds||No||1 business day||$100,000|
|Diamond Buyers International||No||No||$5,000|
|Abe Mor||No||2-4 business days||$25,000|
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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.