FAQs for Buyers | Worthy.com
Last updated: April 13, 2020
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What does Worthy.com do?
Worthy.com is the premier online marketplace for pre-owned luxury. Individuals from all over the United States turn to us to connect their luxury items with the right buyers. In the process, we authenticate, grade, and photograph them to be presented for auction. We then provide vetted buyers such as yourself exclusive access to these auctions, allowing you to bid from anywhere at anytime.
How does it work?
- Once you sign up and let us know what types of items interest you, notifications will be sent to you every time a preferred auction begins.
- You will be notified via e-mail and provided the full details of the item along with high definition images. Every item is authenticated and graded so you can be fully protected and bid freely, without hesitation. Like the item? Simply place a bid reflecting the value of the item to you.
- Upon auction close, the seller is notified with the highest bid. Once the seller accepts the offer we notify the winning buyer, at which point the deal will be closed and confirmed. You will receive your item after a brief holding period, as per regulation.
Are the auctions open or sealed bid?
Our auctions are sealed-bid, meaning that no one else will be able to view your offer and vice versa, other than the seller.
Are you the owners of the items?
No, we do not own any items sold in our marketplace. We take on the task of facilitating high-end deals in a safe and transparent manner, connecting sellers with the right buyers. We take the measures needed to authenticate the item owner’s identity, giving you all the assurances you need, to bid and buy with confidence.
Do I get to see the item before I bid on it or pay for it?
We understand the need to inspect a high-value item before purchasing it. That is why we require that all items are evaluated (GIA, IGI & CentralWatch) before auction and photographed in high-definition. Our descriptions are guaranteed, meaning, that if you find any significant discrepancy in the material description of the item you can turn to our return procedure outlined below. This is one of the many ways that Worthy enables the safe, private, buying and selling of valuable items.
What is the "reserve price"?
The lowest price that the seller is obligated to accept for the item. While you can choose to place a bid below the minimum price, the seller is not obligated to accept the offer and sell their item.
Is the shipping covered?
All item shipments within the United States are covered by Worthy, including insurance for the item.
What are the payment terms?
Payment must be made within 7 days of your offer being accepted by the seller. Payment can be made via wire transfer or business check.
What guarantee do I have that the grading and item description is accurate?
Simply put, we guarantee the description! That is how confident we are in our descriptions. We only allow the very best labs (GIA, IGI & CentralWatch) in the industry to evaluate items that come through our doors. We work hard to make sure that what you see is what you get. We know that for you to be able to bid competitively on items you really want, you have to be sure of the piece’s quality. Because every item is unique, we make sure to match it with the lab most qualified to inspect, authenticate it and in turn describe it. We utilize the best tools, procedures and strict grading standards in order to achieve maximal accuracy.
What recourse do I have if the item is not as described?
Depending on the item type, we have a few options for requesting a refund. You can visit our Buyers Resolution Center for more information and instructions.
How much will this service cost?
All you pay is the price you offered for the item. All other applicable fees, will be deducted from your bid amount. The fees are as follows:
*Additional buyer fees apply when the offer exceeds the seller’s reserve price.
|Transaction Value||Buyer Fees*|
|Up to $5,000||20.4%|
|$5,001 - $15,000||19%|
|$15,001 - Above||18%|
*Additional buyer fees apply when the offer exceeds the seller’s reserve price.
How does Worthy.com ensure that items offered for sale are not stolen?
We take all necessary precautions to make sure items are not stolen. Upon receipt at Worthy headquarters, all items are being inspected, photographed and described in detail. We enter all data into the Leads Online database to ensure that they have not been reported stolen. If needed, we also contact 3rd party organizations to check if the item has been reported stolen. As required by regulation, we also follow the 15 day mandated Hold Period for all items entrusted with us.
I believe an item may be stolen. How do I report it?
While we do our due diligence in making sure that items are not stolen from the get-go, there is always a possibility that an item has slipped the radar. If you see an item that you think might be stolen, let us know right away here.
Are you subject to any State or Federal Regulation?
We comply with all necessary State and Federal regulations, including the 2nd Hand Dealers Act, the Anti-laundering Act, and more.
Who grades the items?
All loose diamonds auctioned on Worthy are graded at GIA labs nearby and come with an e-report, and an option to purchase the hardcopy. Mounted stones and diamond jewelry are graded at IGI labs, also resulting in an e-report. Watches auctioned on Worthy are authenticated and professionally described by CentralWatch, a highly reputable watch shop in Grand Central Station. You can learn more about our authentication procedure here.
Do I have to approve your T&Cs?
Yes. As required by law, and to assure the mutual trust of our buyers and sellers, all persons that utilize Worthy services must agree to our Terms and Conditions. Our updated terms and conditions can be viewed here.
How do I apply to become a Worthy.com buyer?
All you need to do is click here and fill out the form. It’s really easy, it’s free and takes less than one minute.
How do I know if my application to become a member of the Worthy Buyer Network was approved?
Once your application is submitted we evaluate it and then notify you if your application was approved, so please make sure you enter your primary email address and phone number that we can best reach you on.
Who is approved for the Worthy Buyer Network?
The Worthy buyer platform is specifically built for industry insiders and knowledgeable collectors. If you are involved in the estate jewelry, diamond or watch industry, this is for you.
What type of insurance do you carry?
We at Worthy understand the importance of insurance. Dealing with millions of dollars' worth of items, protection is a priority. That is why we have partners such as FedEx, UPS Capital Insurance Agency, and Hanover Insurance, helping to ensure that all shipments to and from Worthy facilities are safe and secure. You can learn more about our certifications, licenses, and insurance policies here.
What type of luxury items do you have on your platform?
We presently deal with diamond estate jewelry, an exclusive list of branded watches and loose diamonds. You can see the full list of items sold in our marketplace here.
Are you accredited by the BBB?
Yes, we are proud of our partnership with the BBB and maintain a high rating. You can view our BBB grade by clicking here.
Where can I see items that are on auction?
It is simple. Once your application is approved and you become a member of the Worthy Buyer Network, you will receive emails with auctions that suit your preferences. All you need to do is to login and view all items that are for sale. Additionally, you will get a daily email alert for all items to be posted that day.
Can I back out / cancel my bid once the auction is closed?
NO. Once the auction ended your last bid becomes binding. If you win, you must pay for this item.
Why Worthy vs Ebay?
Buyers on eBay have minimal protection to the constant stream of seller fraud or poor item description. At Worthy, nearly every step in our process is in place to prevent fraudulent activity. It all begins with a professional grading at one of three reputable labs (GIA, IGI & CentralWatch) covered by us for no extra charge. Then we put in the work (cleaning and photographing, etc) to properly display the item to you. Once there is a transaction agreement, the seller is committed with no last-minute changes. You will receive your item after the legally required holding period. We even protect you after the deal is done and you receive your item with our description guarantee.
Are your facilities safe and secure?
The safety of your items are our priority. When your items are in our possession they are locked in a secure vault and only handled by our trusted experts. Furthermore, we have fully backed insurance covering your items throughout the entire process.
How long have you been in business?
Worthy, Inc. has been operating since 2011. Our company operates multiple brands, with Worthy as our leading brand for selling and buying of pre-owned luxury goods. We have estimated over $30M worth of items to date and are the first secure online marketplace for selling pre-owned luxury goods.