The Worthy Jeweler Network is the place for jewelers to quickly sell or buy pre-owned, authenticated diamond jewelry for wholesale value.
The Worthy Jeweler Network Lets You:
Get an advance payment against your pre-owned trade-ins
Sell quickly pre-owned inventory for wholesale value
Sell undesirable pre-owned pieces
Buy pre-owned diamond jewelry for competitive prices
Conduct risk free and guaranteed transactions
We asked Worthy’s CEO and Founder, Benny De-Kalo, why Worthy created this network for jewelers and more about the benefits for its members.
Q&A with Benny De-Kalo,
Worthy CEO and Founder
Q: Why are Jewelers interested in the Worthy Jeweler Network?
A: 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.
Q: How does it work?
Selling on the Network:
- The Jeweler briefly describes the item and Worthy’s pricing engine immediately provides an initial indication of its wholesale value.
- We then pick up the item and deliver it fully insured to NY for grading by GIA (or IGI) and for photographing with state of the art 3D cameras.
- We offer an advance payment based on the grading within 3 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 (1-30 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.
Buying on the 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.
Q: What are your service fees?
A: 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.
Q: Can you tell us more about Worthy?
A: Worthy was founded in 2013 and has raised over $18M from top-tier VCs. Our headquarters are situated in NY, on 5th Ave in close proximity to the diamond district. In the first quarter of 2017 alone, Worthy estimated more than $60M worth of pre-owned diamond jewelry. We hold ourselves to the highest industry standards by grading valuable diamonds exclusively with GIA. We fully insure all items with top insurance companies such as Hanover and are licensed as a 2nd hand dealer by the city of NYC Bureau of Consumer Affairs. In addition, we are longstanding members of Jewelers of America.
Q: How many jewelers are members in the Worthy Jeweler Network?
A: Hundreds of independent jewelers and chains are part of the network. Worthy values its members and are therefore committed to their success.
Q: Can you share some success stories?
A: Jewelers have recently shared some of their “Worthy success stories” with us and here are a few favorites:
- A customer wanted to trade-in a 6 CT. 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."
- A jeweler was recently searching for a 2ct round cut F, VS1 diamond for his customer. After searching for it at a few other sources and not finding any at a fair price, he checked out the Worthy’s Network. He not only found what he was looking for, but also bought it at 10% less than the lowest offer he had seen previously.
Q: Do most of the members use the platform to sell or buy pre-owned diamond jewelry?
A: It’s a great question and I can’t say that there is one clear winner. Many jewelers use the network to finance trade-in transactions, improve their cash flow and get paid quickly.
Others, start by buying pre-owned diamond jewelry for better prices and enjoy access to wide array of authenticated and graded items.
In most cases we see that jewelers start with using one of the options and quickly adopt our other solutions to leverage their business for both selling and buying.
Q: How do jewelers become members?
A: Only licensed jewelers can apply to join the Worthy Jeweler Network. Applications are submitted via our 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.