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myGemma reviews (formerly WP Diamonds): Is this a legit place to sell jewelry in 2024?

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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 jewelry buyers, and myGemma (formerly WP Diamonds) is one of the oldest, and most reputable. myGemma is only interested in branded diamond jewelry or GIA-certified diamonds larger than a 1/2 carat.

Otherwise, we recommend Diamonds USA for any and all diamonds. With an A+ Better Business Bureau rating, and quick payment, we recommend starting with Diamonds USA

Still have questions about myGemma? Continue reading our review or check them out yourself:

Is myGemma legitimate?

You may be asking yourself:

Is myGemma reputable?

Is myGemma a scam?

The answers are: myGemma is a legit business, and it is not a scam. myGemma has:

  • A+ Better Business Bureau rating
  • 4.8 Trustpilot score

myGemma is part of the diamond industry of wholesalers that directly buys your diamond jewelry or loose diamonds, then sells them to consumers on its e-commerce site.

In October 2023, myGemma integrated its parent company, WP Diamonds, under its e-commerce operations1 as a way to create a singular buying and selling platform.

Initially founded in 2012, WP Diamonds was a top online buyer of diamonds, jewelry, handbags, and watches before it established myGemma in 2018 as a way to expand its luxury accessory resale operations.

Learn more about buying and selling luxury goods on myGemma >>

What does myGemma buy?

myGemma specializes in natural diamonds of at least 0.5 carats for white diamonds. They do not accept lab-grown or rough diamonds. According to a company representative, myGemma will consider colored diamonds over 1 carat but can't guarantee they'll be accepted.

myGemma buys:

  • Branded jewelry including Tiffany, Cartier and Bulgari
  • GIA-certified diamond jewelry and loose diamonds in which the center stone is at least 0.5 carats
  • Luxury timepieces, including Rolex
  • Luxury handbags
  • Other luxury accessories like sneakers, belts, brooches, cufflinks, hats, keychains, carves, wallets

myGemma also pays you for the precious metal content of any jewelry you send in.

How does myGemma work?

As with most online diamond buyers, with myGemma, you sell your ring directly to the company. Because of this, you rely solely on their in-house expertise and evaluation, unless you provide proof of GIA certification. Once they review your piece and quote you a price, it is your choice to accept or reject their offer.

1. An offer with myGemma starts with filling out a form on myGemma.com, where you will describe the item you wish to sell, including any documentation that will help myGemma accurately price it. An expert will then be in touch with a price quote for you to consider.

MyGemma review shows selling form on myGemma.com.

2. If you like the price quote, myGemma then emails you a free, fully insured and trackable FedEx label with detailed instructions on how to send in your jewelry to their New York or London headquarters. The item is insured based on the high end of the price quote provided. You can also schedule an appointment at either location to complete your transaction in person.

3. When the company receives your jewelry, myGemma 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 staff gemologist. Your bespoke client representative will then contact you with your final offer.

4. If you accept myGemma’s offer, you can receive payment via wire transfer or check by mail. If you choose not to accept their offer, myGemma will return your item to you free of charge and insured.

I Do Now I Don’t review: Is this online jewelry seller legit?

myGemma.com pros

  • BBB A+ rating
  • Established, older company with strong reputation
  • Free, insured shipping
  • Easy, straightforward process 
  • Also buys luxury handbags, watches (including Rolex), and accessories
  • Offices in New York and London for in-person dealings
  • Relatively quick payment via wire transfer or check
  • Loyalty program to earn points toward discounts on myGemma when you buy/sell
  • Trade-in program to upgrade your jewelry and other items

myGemma.com cons

  • Just one offer, opposed to an auction with multiple bids
  • Does not buy small stones, loose gemstones, or less expensive jewelry (for smaller diamonds, gold, silver and other jewelry and watches, learn more about our No. 1 partner, CashforGoldUSA / Diamonds USA, both part of the C.J. Environmental family.

myGemma reviews

myGemma has a strong reputation, both online and off-line. Better Business Bureau accredited this business in 2012, and today gives it an A+ rating. However, it only has 4/5 stars from customers based on 4 reviews. Here are some customer reviews:

MyGemma review from December 2023 on the Better Business Bureau.
5-star WP Diamonds review on BBB profile.
WPDiamonds reviews on BBB.

myGemma has a strong Trustpilot rating of 4.8/5 stars, based on more than 2,400 reviews.

MyGemma review from January 2024 on Trustpilot.
5-star myGemma review on Trustpilot.

myGemma vs. Diamonds USA: 

Diamonds USA is another of our recommended buyers for metals and jewelry.

  • Pays within 24 hours
  • BBB A+ rating
  • Price-match guarantee
  • Free return guarantee
  • 10% bonus if you ship within 7 days
myGemmaDiamonds USA
BBB ratingA+A+
InsuranceUp to the total price of the item$5,000 — though $100,00 coverage can be arranged
What they buyDesigner jewelry, diamond jewelry, loose diamonds, luxury watches, handbags, and other accessoriesDiamonds, gold, silver, scrap metal, silverware, coins, jewelry, and watches
MinimumDiamonds of at least 0.50 ct All jewelry, gemstones, precious metals, and watches
Diamond upgrade program?Yes — get more for your jewelry with credit toward myGemma items for saleNo

myGemma vs. Worthy.com:

There are many places to sell your diamond jewelry or loose diamond online.

The main difference between myGemma and Worthy is that Worthy is an online marketplace that attracts multiple bids for your item, whereas myGemma is a traditional diamond buyer offering one price upfront — take it or leave it. 

Both businesses are active in valuing, marketing and helping you auction your estate and antique jewelry, 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.

Here’s what else you need to know:

  • Time: myGemma service can take as little as 24 hours from start to finish. Worthy’s service takes about two weeks.
  • Fees: myGemma buys your items directly, no fees or costs are deducted from their final offer. Worthy will deduct 10% to 18% from your final offer.
  • Estimates: myGemma 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 or IGI lab report to understand the qualities of your diamond or other jewelry.

You can learn more about Worthy and my experience selling a diamond ring in my Worthy.com review.

myGemmaWorthy
BBB ratingA+B+
TimeAs little as 24 hours total~2 weeks
Multiple bidsNo – best price offered upfrontYes
InsuranceUp to the total price of the item$100,000
What they buyDesigner jewelry, diamond jewelry, loose diamonds, luxury watches, handbags, and other accessoriesDiamonds, jewelry, watches
MinimumDiamonds of at least 0.50 ctEstimated sale value of $1,000+
Diamond upgrade program?Yes — get more for your jewelry with credit toward myGemma items for saleNo

Bottom line: Should you use myGemma?

First, learn more about how to sell diamonds for the highest price before you decide.

Second, consider the value of the jewelry or diamonds you’re selling.

Third, review all three ways to sell an engagement ring, diamond, gold, jewelry or watches:

  1. Sell to a gold buyer or jewelry buyer directly to a local jewelry store or a pawn shop near you.
  2. Consignment. Sites like RealReal and 1stdibs help sellers connect with buyers online.
  3. 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.

Fourth, get estimates from multiple buyers:

Jewelry buyerMultiple bids?Items boughtTime to cashInsurance
WorthyYesDiamonds, jewelry, watches2 weeks$100,000
DiamondsUSANoAll jewelry, gemstones and precious metals2-3 days$100,000

myGemma
NoDesigner jewelry, diamond jewelry, loose diamonds, luxury watches, handbags, and other accessories24 hoursUp to the total price of the item
CircaBlueNileNoHigh-end branded and historical jewelry, as well as diamonds of at least .4 carats.No$100,000
Diamond Buyers InternationalNoDiamond jewelry, loose diamonds and watches. No$5,000
Abe Mor [review]NoAny jewelry that contains a diamond of at least 0.3 carats. 2-4 business days$25,000

SOURCES:

  1. “WP Diamonds merges with myGemma, providing a singular destination for online luxury resale,” Oct. 3, 2023. PR Newswire. https://www.prnewswire.com/news-releases/wp-diamonds-merges-with-mygemma-providing-a-singular-destination-for-online-luxury-resale-301945086.html
What is myGemma.com?

myGemma is a luxury resale e-commerce site that directly buys your diamond ring, and then sells it on their site.

Is myGemma legit?

myGemma is a legit business, and it is not a scam. myGemma has an A+ Better Business Bureau rating, a 4.8 Trustpilot score, thousands of happy customer reviews and testimonials.

Our myGemma.com ratings:
  • Experience for sellers
  • Sellers' fees
  • Value for sellers
  • Customer service
4.5

One Comment

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
Brandi

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