Worthy.com Receives 8M in funding

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If you haven’t heard of Worthy.com, I’m sure you will really soon. Worthy is “The premier online marketplace for pre-owned luxury goods” but their focus at the moment is jewelry and from what I can gather, the process is pretty simple.

From their website:

  1. Start by filling out a short registration form. Then choose a category that fits your item and answer a few descriptive questions. After submitting your first item description and image, you have the chance to either add another item or proceed to the next steps.
  2. Based on your item description, we will survey the market and present you with a market value estimate range. The highest value in the range is considered the minimum reserve price at which your item will be automatically sold. You are not committed to any sale below that price. From there, print out the prepaid shipping label and send us your item to be evaluated and prepared for auction.
  3. At our state-of-the-art facilities, your valuable will be cleaned, evaluated, and authenticated. At the end, our experts will compose a detailed selling description and professionally photograph your item in high resolution.
  4. The photographs and description of your item will be presented to professional buyers from around the world who are expressly interested in your item type. A 5-day auction will be held and competitive bids from our buyers will be collected.
  5. At the auctions close, you will be presented with the highest bid. If the highest bid meets or exceeds the reserve price, the sale will be approved. If it lies within the estimate range or lower, you can let us know how to proceed – either to close the deal or return your item. Upon your approval, all the transactions will be handled and you’ll receive your cash almost immediately.

Below are the fees that they take from each sale.

Worthy.com Fees

Most women have old jewelry stuffed in a box that you don’t wear because it either brings back bad memories or the setting just doesn’t work with your current style and if you have ever tried to sell jewelry before and I mean precious gems, you’ve probably been offered pennies on the dollar.  The safety alone would get me onboard but the fact that it’s run by Peter Schneirla, who was previously the Chief Gemologist and Executive Vice President at Tiffany & Co, and before that was Vice President of Harry Winston and a Da Beers consultant. Well, Boom! The man knows his rocks!

Bottom line is if you have jewelry laying around, you can easily get a quote for it and see if it’s worth selling. I have a feeling it will be! Oh, one more thing. There’s rumblings around town that they will be launching a new service of purchasing designer handbags. I’ll keep you posted!

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