Worthy.com is an online liquidation marketplace for pre-owned

luxury goods In economics, a luxury good (or upmarket good) is a good for which demand increases more than what is proportional as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods are in contrast to n ...

including

diamonds Diamond is a solid form of the element carbon with its atoms arranged in a crystal structure called diamond cubic. Another solid form of carbon known as graphite is the chemically stable form of carbon at room temperature and pressure, b ...

, brand-named

watches A watch is a portable timepiece intended to be carried or worn by a person. It is designed to keep a consistent movement despite the motions caused by the person's activities. A wristwatch is designed to be worn around the wrist, attached by ...

, and diamond jewelry. Worthy is headquartered in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

and was founded by

investment banker Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with ...

Ben De-Kalo in 2014.

What Worthy Does

Worthy is an online platform that provides buyers and sellers with a safe and luxurious auction marketplace. Sellers send their jewelry from all over the US to Worthy headquarters for appraisals, GIA grading, market value estimations and ultimately the sale of their item. Worthy's company works to build brand trust and loyalty by assuming all of the risks, covering the FedEx shipping, insurance with Lloyd's of London, complimentary grading at the best labs in the world, professional photography and putting valuables up for auction with the ability to set a reserve. Through this process, they place high importance on upholding core values of transparency, integrity, privacy, and convenience. Anyone within the United States is able to sell with Worthy. Sellers must register online and describe their valuable items. Worthy accepts a variety of precious metals including gold and silver,

Rolex Rolex SA () is a British-founded Swiss watch designer and manufacturer based in Geneva, Switzerland. Founded in 1905 as ''Wilsdorf and Davis'' by Hans Wilsdorf and Alfred Davis in London, the company registered ''Rolex'' as the brand name of ...

watches, and other valuable jewelry containing diamonds and colored stones such as emerald and rubies. Buyers are carefully vetted through Worthy. The Worthy buyer platform is specifically built for industry insiders and knowledgeable collectors. Worthy was designed to give sellers an advantage in the resale market so their online buyer community is composed of industry professionals. The buyers are certified with a reputable background and experience in the field.

How Worthy Works

First, the seller describes a valuable and schedules a shipment to Worth via FedEx, insured for up to $100,000 by Lloyd's of London. When the item arrives at Worthy offices, it is screened and put into a tracking system. Worthy gets the valuable ready for auction by carefully cleaning it and having beauty shots taken by professional photographers. Then a diamond lab such as GIA, GSI, or IGI grades it. Watches are inspected by Central Watch in NYC. Then an auction listing is created, including the lab grading and beauty shot. The sellers sets a reserve price, optionally using Worthy's recommended price guarantee. As offers from vetted professionals come in, sellers decide what offer to accept. Once the auction has concluded, sellers will receive the final sale amount minus Worthy commission.

History

Worthy.com was launched in May 2014. The company got its start when De-Kalo and his wife wished to sell a diamond

necklace A necklace is an article of jewellery that is worn around the neck. Necklaces may have been one of the earliest types of adornment worn by humans. They often serve Ceremony, ceremonial, Religion, religious, magic (illusion), magical, or Funerary ...

in order to put the money from its sale toward a new one. The De-Kalos found that their resale options were limited. De-Kalo saw an opportunity to create an online

auction An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition ex ...

platform in which sellers send their items to the company's headquarters in New York for evaluation, after which goods would be auctioned online to a network of pre-selected professional buyers. The marketplace itself is solely

online In computer technology and telecommunications, online indicates a state of connectivity and offline indicates a disconnected state. In modern terminology, this usually refers to an Internet connection, but (especially when expressed "on line" or ...

, with the availability of walk-ins for the item submission stage. Goods offered for resale are also physically evaluated and stored offline during the

process. It is distinguished from other online auction marketplaces by its evaluation process and guarantees offered to both buying and selling parties.

Online auction platform

In an interview published in Forbes in November 2016, Ben De-Kalo describes Worthy.com as a “consumer-to-business” auction liquidation website. Worthy.com offers an online auction platform for selling pre-owned diamond jewelry, loose diamonds, and luxury watches. The company first identifies the market value of the item through an automatic pricing engine and then agrees on a reserve price with the sellers. The diamonds sold at Worthy.com are graded at the Gemological Institute of America (GIA) or at the International Gemology Institute (IGI). The brand-named watches are authenticated at CentralWatch. Prior to auction, Worthy.com makes available the item's photographs and diamond grading report to the networks of pre-selected professional buyers. The online auction can be watched live by the seller, and both sellers and buyers receive real time updates on the auction status. Once the auction finishes, if the final offer is above the reserve price, the deal is closed. And if the final offer is below the reserve price, the seller can decide to sell it for that price or have the item shipped back. According to Worthy.com CEO, Ben De-Kalo, about 85% of the auctions at Worthy.com are closed successfully.

References

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External links

Official WebsiteWorthy Blog

Sell Jewelry Online

Sell your Diamond ring for the best price

Sell Luxury watches

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