member spotlight worthy

Jewelers of America Supplier Member, 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. Located near New York’s diamond district, it’s quickly grown into a full-scale buying and selling network raising over $18M from top-tier VCs and estimating more than $60 million worth of pre-owned diamond jewelry in the first quarter of 2017 alone. CEO & Founder Benny De-Kalo explains the Worthy Jewelry Network and tells us about its many benefits.

How does the Worthy Jeweler Network differ from trade-in or buy-back programs?

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. 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

How do you sell on the Worthy Jewelry Network?

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 secondhand dealer by the city of NYC Bureau of Consumer Affairs. Selling on the Network is simple:
  • 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 New York 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 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.


How can you buy on the Network?

Buyers find the live auction platform exciting and can look every day as new items are being added daily from the world's largest diamond mine, the U.S. consumer.
  • 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.

 

Do most of the members use the platform to sell or buy pre-owned diamond jewelry?

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.

What are some 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 three 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.

Another jeweler was recently searching for a 2-carat 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.

How can jewelers become members of the Worthy Jeweler Network?

Hundreds of independent jewelers and chains are part of the network. Worthy values its members and are therefore committed to their success. Only licensed jewelers can apply to join the Worthy Jeweler Network. Applications are submitted via our website at 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. We are always available and happy to answer questions at: This email address is being protected from spambots. You need JavaScript enabled to view it..
Follow Us: Facebook Twitter Pinterest Instagram Linkedin