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In this Worthy review, we’ll discuss how using this online auction platform to sell your diamond ring is a good option to consider as you begin to move on after divorce.
(Note: We may earn a commission for purchases made using our links.)
Are you thinking about selling your wedding or engagement ring after divorce? This is a big decision and you need to decide what’s best for you, both financially and emotionally. But if you do decide to sell your ring, the most important choice you can make is where you decide to sell it.
You may have already looked into online marketplaces like eBay or Craigslist or local options like pawn or consignment shops. These options can work, however, online marketplaces have no way to guarantee your ring will sell while pawn shops and consignment stores aren’t likely to give you very much money for your ring. There’s always your local jeweler, but remember that these institutions aren’t in the business of buying jewelry, so they will most likely not be able to make a high offer.
The final option is an online diamond buyer and the one you’re best off with is Worthy. The key is that Worthy isn’t the one buying your diamond – they are a selling partner helping you sell directly to a closed network of diamond buyers. Worthy’s success depends on your success so they are willing to put in all the hard work.
How Worthy Works
Worthy’s process is all about making things simple. To start, go to Worthy.com and begin the process by giving them some information about your ring, such as the style of the ring, diamond shape, carat weight, and other details if you have them. Their staff is available by phone and email to discuss the process with you.
Once they have the details, they will contact you to schedule a secure FedEx pickup to ship your ring to their offices in New York. They ensure the package for up to $50,000 with insurers at Lloyd’s of London so you’re in good hands. From there on out, Worthy is doing the heavy lifting.
When your ring arrives, Worthy’s team gives it a quick evaluation before having it professionally cleaned and photographed. Meanwhile, Worthy’s staff is in constant contact with you with the location of your ring and what they are doing. Once it’s gone through the spa treatment, Worthy sends it out for professional third party grading, done by a professional diamond lab like GIA (Gemological Institute of America Inc.) or IGI (International Gemologists Institute). The grading report is Worthy’s way of ensuring the buyers know exactly what your ring is worth, allowing for the highest offers possible.
Once your ring has been returned to Worthy, a member of their staff works with you to set a “reserve price”. This is the lowest amount you are willing to sell your ring for (though it could certainly sell for more). They then craft an auction listing with all the details on your ring and put it up on their closed auction platform for the auction to begin.
When your reserve price has been met or exceeded, the auction ends. If your reserve price is not met, you can choose to hold another auction or have your item returned to you for free. The payment for a successful auction can be transferred to you in a matter of days.
Why Sell With Worthy
Even if you are just starting to consider selling your ring after a divorce, you’re most likely experiencing a lot of emotions and that’s understandable. Your wedding and engagement rings were a symbol of a marriage that is ending or has ended and for many women, it’s hard to let go. One of the best things about Worthy is how understanding and supportive their customer service team is. They have over 1,800 reviews on TrustPilot (where they have a 4.8 star rating) full of sellers expressing how happy they were with their experiences with Worthy’s staff. You can have a look for yourself!
And besides how easy Worthy makes it to sell, they also really can get you more for your ring than anywhere else! By going to directly to the diamond buyers rather than consumers (like eBay or Craigslist would), they make sure the people looking at your ring know what a fair price is and have the funds to pay up. And while they do take a success fee from the final deal amount, it really is worth it because of how good of a deal they can get you. Not to mention that it’s risk-free – if your minimum price isn’t met and you decide not to sell, the entire process is free of charge.
Things to Keep in Mind About the Process
Worthy is a really good choice for selling your diamond jewelry or luxury watches and they will work to bring you the fairest market value for your items. Here are a few highlights of what to expect:
- They request the resale value of your ring or jewelry to be at least $1000 (the minimum carat weight for a single diamond is 0.5 carat).
- You’ll get a dedicated account manager who will walk you through the process and update you on each step as it occurs.
- They provide insurance up to $50,000 and FedEx pickup for your ring so you can track it and rest assured your valuables are covered.
- They will provide you with a free GIA or IGI diamond grading report detailing the dimensions and quality of your diamond.
- Based on this report, they will suggest a price range for your ring.
- You can change your mind at any time before the auction and they will return your jewelry to you free of charge.
- You can set a minimum price you’ll be willing to sell your ring for. Your account manager can help you determine this reserve price.
- Once the auction has begun, you are committed to selling the piece if the highest bid meets or exceeds your reserve price. If it doesn’t meet or exceed your reserve price, you can have the jewelry shipped back to you free of charge if you so choose.
- If the winning auction bid on your jewelry meets or surpasses the reserve price, you’ll be notified of the final sales price, minus Worthy’s commission. This can range from 10% to 18% depending on the sale price of your item.
- You can receive payment for your jewelry either through PayPal, bank transfer, or paper check. It’s important to note that PayPal is not an option if the payment will be more than $5000. You will generally receive your payment within 1 to 5 business days.
Worthy Review: The Bottom Line
If you are interested in selling a wedding or engagement ring, you need to be smart about where you sell but you also need to be comfortable with your choice. Since Worthy really is your selling partner, they make it easy to do on your own and make the process quick, comfortable and risk-free. All in all, we think selling your jewelry with Worthy is a smart choice.
Related:
What to do with Your Wedding Ring after Divorce
Reasons to Sell Your Wedding Ring
How to Sell an Engagement Ring
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