Chicago Jewelry Selling Guide
Last updated: January 31, 2019
Diamond jewelry is becoming increasingly unfashionable and considered to be rather unoriginal. More and more women are looking to sell diamond jewelry and either upgrade to more original pieces, or to use the money towards something better, something for their future. Due to lower pricing on certain precious gemstones, you may even be able to do both! Read our guide for selling jewelry in Chicago and getting the price that you deserve.
WHERE CAN YOU SELL JEWELRY IN CHICAGO?
Due to growing demand, there are now more and more places to sell jewelry in Chicago. You are no longer limited to your local pawn shop or “We Buy Gold” location. In fact, there are not only more places, there are now far better options available.
Local Chicago Jeweler - Jewelers are mostly in the business of selling jewelry, not buying it back. It is simply not lucrative for them to buy back jewelry and there is little motivation to pay a competitive price for it. While it is possible to sell diamond jewelry locally in Chicago, you will have to put in the work—shop around to get estimates from multiple diamond buyers—to find the best deal.
Online - If you prefer to sell your diamond jewelry without even leaving your home, you can head to Worthy.com and we'll take care of the rest. With this option, you can get a free estimate, fully insured secure shipping, GIA grading, a professional photo shoot and access to hundreds of diamond buyers willing to compete for your diamond jewelry. Just tell us what you can about your diamond jewelry and we'll do everything we can to get you more
HOW TO SELL ESTATE JEWELRY IN CHICAGO
If you are looking to sell estate jewelry in Chicago, there are a few good options available. There are some reputable estate jewelry buyers in Chicago however you may benefit even more from selling your estate jewelry from the comfort of your own home on with Worthy. The team at Worthy will assist you in understanding the value of your estate jewelry and selling it with ease.
CHICAGO'S JEWELRY SCENE
The third most populous city in the United States, Chicago is one of the most important business centers in the world. The City of Chicago is home to famous landmarks like the Willis Tower (formerly known as Sears Tower), the tallest building in the Western Hemisphere until 2014, the Magnificent Mile, Navy Pier, Millennium Park, the Art Institute of Chicago, and the list goes on. Even Historic Route 66 has its starting point in Chicago, and interestingly, the term “jazz” was coined in the city in 1914. And when it comes to jazzing up their looks, Chicago visitors and residents have a go-to place: the Jewelers Row District.
Located in the Chicago Loop area, the Jewelers Row District is where the top jewelers of the Windy City are concentrated. The district is located on Wabash Avenue, between East Washington Street and East Monroe Street. The buildings that compose this historic area were built between 1872 and 1941 and designed by Chicago’s most famous architects like Graham, Anderson, and Adler & Sullivan, among many others. Declared a Chicago Landmark in 2003, the Jewelers Row is home to more than 190 fine jewelers from 33 different countries, and it’s the largest jewelry district in the Midwest.
GETTING THE BEST PRICE WHEN SELLING YOUR DIAMOND JEWELRY
Once you’ve made the decision to sell your diamond jewelry, it’s important that you choose the right selling option that will get you the fairest offer and fit your needs at the time. The most convenient option is of course online. Fortunately, the quality and security of these sites have increased, far exceeding that of eBay or Craigslist.
Worthy is a great example of this. The site provides a convenient and secure way to sell your jewelry while working on your behalf to get you the most the market can offer. The process is fully insured and transparent, giving you full control. Not to mention, the large network of buyers that are presented with your diamond and encouraged to place competitive bids.
How Does the Worthy Auction Process Work?
- Get A Trending Price– Describe your diamond jewelry, and Worthy will conduct the market research to determine the price of similar items auctioned online. We will then provide you with this information.
- Schedule a FedEx pickup – Worthy will prepare a FedEx shipping label for your jewelry. Your jewelry will be covered with up to $100,000 in insurance coverage against theft, loss or damage while in transit to our headquarters.
- Grading & Auction Preparation of Your Jewelry – All jewelry on the Worthy auction platform is graded at GIA or GSI labs. This results in an e-report. Next, the jewelry will be photographed in high definition from every possible angle. This provides potential buyers with all the information they need to make an informed decision during the auction process.
- The Auction Process - Worthy invites interested jewelry buyers to place bids on your high-end jewelry. The GIA or GSI report presents buyers with the technical specifications of your jewelry. During the auction, jewelry sellers can watch the auction map live to see the bids coming in.
- Claim Your Payment – If the highest bid meets or exceeds the minimum reserve price set for your jewelry, you will get paid ASAP. If not, you reserve the right to have your jewelry returned to your address free of charge.
WHY WORTHY INSTEAD OF MY LOCAL JEWELERDue to the business constraints of a jeweler, he or she is less likely to make a sizable offer. They are in the business of selling jewelry, not buying it back. This inherently causes a conflict of interest for them as the retail markup for jewelry is significantly higher than its raw market value. The resale value of any piece of jewelry is going to be much lower than its retail price no matter where you sell it, but a jeweler may be even less likely to buy any jewelry back, let alone make an attractive offer.
Worthy, on the other hand, is an online business that looks to extend your selling power beyond the constraints of a single buyer, but provides the trustworthiness and familiarity that your local jeweler provides. They do this by covering everything, from insured shipping to a GIA grading by tapping into a large network of buyers willing to compete for your diamond jewelry at auction. All the while, you get to watch and decide if the highest offer is acceptable. If the final offer does not meet your minimum, you can simply request the return of your ring.
Worthy wants you to feel the security and trust that you feel when working with a local jeweler. In fact, Worthy is recognized and highly rated by the Better Business Bureau (BBB) for going above and beyond in this regard.
Fully Insured Process.
As soon as you decide to send your jewelry to Worthy, it is protected multiple times over. First, the shipment is insured, with coverage exceeding the estimated value of your item. Then, once your valuable arrives, it insured throughout the entire process - while it is being graded at GIA and for the duration of the auction.
One thing that a local jeweler or Chicago based diamond buyer may not be able to provide, is full transparency. Not only do you get full access to the results of the diamond grading at GIA, you also have access to the live auction. That’s right, you get to watch as diamond buyers bid on your valuable item.
Another benefit of working with an auction service versus a local diamond buyer is the absence of bias. Worthy does not buy diamonds and instead provides a service aimed at getting you the most the market can offer.