Worthy has developed a network for jewelers to quickly sell or buy pre-owned authenticated diamond jewelry for its wholesale value and conduct risk free and guaranteed transactions.
Brought To You By Worthy
Worthy has developed a network for jewelers to quickly sell or buy pre-owned authenticated diamond jewelry for its wholesale value and conduct risk free and guaranteed transactions.
The Worthy Jeweler Network Lets You:
Get an advance payment against your pre-owned trade-ins
Sell quickly pre-owned inventory for wholesale value
Buy pre-owned diamond jewelry for competitive prices
Conduct risk free and guaranteed transactions
Enhancing Jewelers Trade-In, Buy-back Solutions
Most jewelers have trade-in or buy-back programs. The Worthy Jeweler Network does not replace these programs, it enhances them.
Jewelers usually buy new items on memo or have at least a 30- or 60-day credit line to pay their vendors. When it comes to pre-owned, jewelers need to pay their customers on the spot, thus creating a negative cash flow for their business.
Some pre-owned jewelry pieces can be easily flipped, but others might take more time and be too risky to buy into inventory.
Worthy takes the risk out of every pre-owned jewelry transaction by offering jewelers an advance payment of up to $1M prior to selling the item. This allows jewelers to complete more pre-owned sale transactions without taking any grading or financial risks.
As part of the Worthy Jeweler Network, members also get access to the live auction platform, where they can browse, bid and buy authenticated pre-owned jewelry and GIA graded diamonds for competitive prices.
A 4.39 round carat Pre-Owned Bridal Set ($79,990), as featured on the Worthy Jeweler Network
Recent Success Stories
A customer wanted to trade-in a 6-carat European Cut diamond she inherited. The jeweler was hesitant to buy it into his inventory and decided to sell it on the Worthy Network. Within a week he received an advance payment offer of $27,000. The jeweler received his customer’s approval, and the payment was immediately processed from Worthy to the jeweler. As a result, the jeweler gave his customer a store credit for her inherited diamond without taking any financial risk.
A customer wanted to trade in her marquise engagement ring after her divorce. The jeweler offered her $3,000 in store credit for her old ring and she added $1,000 in cash towards purchasing a set of earrings for $4,000. The jeweler then decided to sell the pre-owned diamond ring on the Worthy Network. He received $3,000 as an advance payment within 3 days and when the auction ended he received an
additional $400, for a total of $3,400. As a result, the jeweler made a new sale, liquidated the old item fast and avoided a negative cash flow
5 Easy Steps to Sell on the Worthy Network
The jeweler briefly describes the item and Worthy’s pricing engine immediately provides an initial indication of its wholesale value.
Worthy then pick up the item and deliver it fully insured to New York for grading by GIA (or IGI) and for photographing with state of the art 3D cameras.
Worthy offers an advance payment based on the grading within three days, and once the jeweler accepts it, the payment is immediately transferred.
The jeweler then sets a minimum price he would like to sell it for as well as the duration of the online auction (1-3 days). Hundreds of jewelers and traders are invited to bid on the item. The jeweler can watch the live auction and invite additional buyers to bid.
When the auction ends, Worthy pays the jeweler any amount that is in excess of the advance payment. If the auction ends below the minimum price and the jeweler rejects the deal, he can pay back the advance payment and get the item back.
3 Quick Steps to Buy on the Worthy Network
The jeweler accesses the auction platform and browses through relevant items that are on auction.
Bidding online can be done from anywhere at any time on a wide array of authenticated pre-owned jewelry and GIA graded diamonds for competitive prices.
When a jeweler wins the auction, the item is shipped to him or her immediately.
Worthy applies a sliding scale minimal success fee for both buyers and sellers. As a totally risk-free service, fees are only applied when a transaction is successful.
A 3.01 carat GIA certified Princess Cut Pre-Owned Diamond Ring ($25,460), as featured on the Worthy Jeweler Network
About Worthy
Founded 2013, Worthy has raised over $18M from top-tier VCs. Strategically headquartered in New York, Worthy is in close proximity to the diamond district. Having estimated more than $60M worth of pre-owned diamond jewelry in the first quarter of 2017, Worthy is the go-to solution for Jewelers to both buy and sell goods from the public market. Worthy adheres to the highest industry standards by grading valuable diamonds exclusively with GIA, and fully insures all items with top insurance companies such as Hanover and are licensed as a secondhand dealer by the city of NYC Bureau of Consumer Affairs. In addition, Worthy is a proud member of Jewelers of America.
Sign-Up Today
All licensed jewelers can apply to join the Worthy Jeweler Network. Applications are submitted via the Worthy website, www.worthy.com/jewelers. Once the submitted details are confirmed and approved, the jeweler becomes a member of the network and can immediately start selling and buying authenticated pre-owned diamond jewelry with Worthy. There is no cost for applying and becoming a member of the network.
