Sell Your Jewelry Today
Whether you’re looking to turn unworn jewelry into cash, or sell jewelry you no longer love to buy something you’ll actually wear, it is important to be sure you are selling your jewelry for the highest market value and in a secure way.
- How to get a fair price for your jewelry
- What factors affect jewelry value?
- Where can you sell your jewelry
- How to sell jewelry with Worthy
- Benefits of an Online Auction Platform
- Accepted jewelry items
- Data on jewelry auctions in the U.S.
HOW TO GET A FAIR PRICE FOR YOUR JEWELRY
The immediate benefit of selling jewelry online is plain and simple - more offers. When working with a single jewelry buyer, the value of your jewelry is up to them at any given time. When there are multiple jewelry buyers, the true market value of your jewelry can be more easily and accurately determined. From a larger pool of demand comes a greater likelihood that a fair, even competitive offer will be made.
Another way to ensure you are getting a fair price for your jewelry is to know exactly what you have. As the attributes of fine jewelry can’t be determined with the naked eye, a diamond grading report from a trusted lab and an expert evaluation are a must-have when looking to sell your jewelry.
Diamond Grading Report
While you may have received a grading report with your diamond jewelry, know that many stores have their in-house gemologists who make the report, rather than third-party, objective experts. The most reliable diamond grading reports come from the GIA, or gemological institute of America. The benefits of a GIA grading report are:
GIA, a nonprofit organization, is a public benefit research and educational institution and acts as an independent and impartial entity for evaluating the quality of diamonds and gems.
The grading reports issued by GIA are recognized as the most respected and impartial reporting in the diamond industry.
A GIA report isn’t an appraisal of financial value; rather it is an assurance of the diamond’s quality, with clear disclosure if the material is natural, synthetic or treated to enhance or alter its appearance.
To sum up, the two main steps to get a fair price for your jewelry are (1) to know exactly what you have, by having your jewelry professionally evaluated and graded, and (2) to have multiple buyers compete for your item, which results in true market value.
LATEST SUCCESS STORIES
WHAT FACTORS AFFECT JEWELRY VALUE?
Before purchasing a diamond or diamond jewelry, many shoppers do a deep dive into what makes diamonds so expensive. So too should a person selling jewelry know what factors affect the value of their item. Here are the five biggest factors diamond and jewelry buyers look for when analyzing a piece.
Carat Weight - The unit of measurement for a diamond’s weight is a carat (200 mg) and the weight of a diamond directly affects its, with heavier, larger diamonds being more expensive.
Color Grade - Diamond color is graded on a scale from D to Z, which D being the most colorless and the most desirable. The further down the alphabet, the more color is included in the diamond and, most often, the lesser the value.
Clarity Grade - While color and size are in some cases visible to the naked eye, clarity is less so. Diamond clarity refers to flaws, both internal and external, within the diamond. The more flawless a diamond, the more expensive it is. Clarity is graded on a scale beginning with Flawless, Internally Flawless, VVS1 or VVS2 (Very Very Slightly Included), VS1 or VS2 (Very Slightly Included), SI1 or SI2 (Slightly Included), and I1, I2 or I3 (Included).
Cut Grade - Only the eye of an expert can really determine a stone’s cut grade. Cut grade refers to how well the raw diamond was cut to give you the final product you have now. The scale ranges from Excellent to Poor (with Very Good, Good, and Fair in between) and is based on a range of factors like polish, symmetry, weight, durability, and scintillation.
While you will often see pre-owned diamond jewelry for sale, rarely will you find jewelry from famous brands such as Tiffany & Co., Cartier, Graff, Buccellati or Chopard. So when items from recognized brands do come up for sale, they can often fetch much higher prices than similar items without the brand name. There are two main reasons for this, the first being that brands like Van Cleef & Arpels have maintained there popularity for more than a century, setting the standard for excellence and quality in jewelry. That standard of excellence extends to the diamonds themselves, which are always of exceptional quality.
When it comes to jewelry, just like high fashion, rare cuts, colors, or designs can often attract high prices. However, if a specific style is on trend, demand will be high. There is also something to be said for classic pieces, such as a round brilliant cut diamond, which will always sell and, depending on the quality of the diamond, sometimes for a very high price.
If your item has marks and scratches on it, you may want to consider having it cleaned and polished in order to be more attractive to potential buyers. Much like buying a home, if a buyer sees flaws like leaks or cracks, they may be too distracted to consider the true worth of the home.
For some jewelry, the older the better. However, it’s important to distinguish between two terms here: vintage jewelry is anything more than 20-30 years old while antique is anything over 100 years old. Sometimes jewelry will be made in an antique or vintage style but the piece itself is new.
WHERE CAN YOU SELL YOUR JEWELRY?
With the fluctuating value of jewelry and diamonds, it is important to choose the very best place to sell jewelry that fits your needs and can give you a fair offer. Selling jewelry locally or with a jeweler near you comes with a significant challenge as the retail markup for jewelry far exceeds its market value and a conflict of interest exists when it comes time to buying those pieces back. Many individuals prefer to try locally first and work with a trusted jeweler. However, many people find that their jeweler has a limited ability to provide a fair offer and ultimately turn to online solutions with expanded offerings. Below are the pros and cons of the main available options when it comes to selling your pre-owned jewelry:
Local jewelry stores - The jewelry prices you see in stores don’t reflect the price of the diamonds since retail prices are marked up significantly. Therefore, jewelers are not normally willing to buy back jewelry at the original sale price, meaning there is no competitive market. Some jewelers or buyers may offer you a good price, however you will need to do a lot of legwork - shopping around for estimates - to find them.
Consignment shops - While consignment shops are easy to find, they have a few downsides. For one, you will often need to pay a high consignment rate (sometimes up to 50%). Selling through consignment can often take a long time and you’ll need to check the shop’s reputation to make sure you’re choosing a trustworthy option.
Pawn shops - If you are looking for quick cash, a pawn shop can be a good option but don’t expect high returns and, as with consignment shops, a pawn shop is not always a safe haven for valuable jewelry.
ebay - ebay may seem tempting as you can easily sell your item from the comfort of your home. However, ebay has an average of one million jewelry items on sale at any given time and without any sort of expert overseeing the process, you are not likely to get the true value of your item. On top of that, selling through ebay puts you at risk to scams.
Worthy - At Worthy, we have developed a way to sell your jewelry that ticks all the boxes. By only selling to qualified buyers, we ensure you get the best value for your item. The entire process can be completed from your home. The process is quick, with items selling within an average of 10-14 business days, after which your money is delivered quickly to you. And most importantly, your item is kept safe and secure the entire time.
HOW TO SELL JEWELRY WITH WORTHY
Get a Trending Market Price. Tell us a bit about your jewelry, we’ll survey the market and similarly auctioned items and show you its auction potential.
Secure FedEx Pickup. We’ll provide you with insurance for up to $100,000 and a prepaid shipping label addressed to our headquarters.
Grading and Auction Preparation. Once your item arrives at our offices in New York, your jewelry is cleaned, professionally photographed, and sent for a complimentary diamond grading at a top gemological lab, such as GIA, so that you know exactly what you have.
Auction. Professional jewelry buyers are invited to bid on your jewelry based on the flawless photographs and detailed report. You are able to watch the auction map live as the bids roll in.
Get Paid. If the highest offer meets or exceeds your reserve price, you get paid almost immediately. If not, you have the option to have your jewelry returned to you free of charge and fully insured.
BENEFITS OF USING AN ONLINE AUCTION PLATFORM
Here at Worthy we understand that jewelry can hold sentimental value. That’s why, when you make the decision to sell your jewelry, we want you to know that it is in the very best hands. Our mission is to help our clients sell their jewelry the smart way, by offering a secure, streamlined process that allows them to get the highest market price for their items at auction.
How We Can Help:
Up to $100,000 in insurance coverage from the moment your item leaves your home until it arrives at our offices. When you submit your jewelry, you will immediately receive a prepaid, fully insured shipping label, covering up to $100,000 by reputable insurance providers.
Complimentary diamond grading. We only trust the best gemological labs in the world to grade your valuable. We take care of cleaning and photographing your items, and have all diamonds graded at leading gemological labs such as GIA.
Professional Buyers Platform. Get access to our nationwide network of vetted, professional jewelry buyers.
Hassle-free process, no need to go looking for the right buyer. We take care of grading, cleaning and photography, and attracting a worldwide network of professional buyers. All you have to do is schedule a FedEx pickup and we'll take care of the rest.
Dedicated account manager. Your account manager will walk you through the process step by step and keep you updated at every turn. You’ll know exactly where you jewelry is at any given time.
We are proud of the high level of personal service and expertise that we offer. It’s one of the many things that sets Worthy apart from the rest. You can check out our A+ BBB rating any time here.
What is hot in the market right now, what we recommend you to sell:
Diamond jewelry containing diamonds that are worth over .5 carats
Loose diamonds of over 0.5 carats
DATA ON JEWELRY AUCTIONS IN THE U.S.
The large amounts of jewelry coming through our offices and being sold through our online auction platform give us a unique insight into trends in pre-owned jewelry sales in the US today. Selling jewelry is becoming more and more popular as people look for new and creative ways to generate income and as people of all ages look to downsize, either for financial reasons or simply for lifestyle.
Rings. The bulk of pieces sold through Worthy in 2018 were rings, with 47% of rings sold being bridal sets, 28% solitaire, and 7% three stone rings.
Diamonds. Of diamonds overall, 50% were round cut, 20% were princess, and 7% were marquise. When it comes to diamond size, while almost 60% of diamonds sold were under a carat, 34% were between 1-2 carats.
Branded Jewelry. When it comes to branded jewelry, Tiffany & Co. made up 75% of all branded jewelry auctions followed by Tacori at 12%.
Earrings. The top earring styles sold on Worthy were studs (74%), drop earrings (10%), and hoops (7%).
Necklaces. Popular necklace styles were pendants (80%), chains (5%), and collars (4%).
Bracelets. When it came to bracelet styles, tennis bracelets made up half of all bracelets sold (51%), with link (28%) and bangle (12%) coming in at second and third.