The process is straightforward. After contacting Worthy, for example, a seller simply sends in their ring, has it appraised, and the ring is placed on Worthy’s website for auction. Interested parties, such as small diamond dealers and jewelry designers, bid on the ring starting at an established minimum and, if it sells, companies like Worthy receive a percentage of the proceeds.
Reputable online auction sites seem to resonate with those looking to sell bridal jewelry who express appreciation for the transparent process, ease of use, and that items tend to be fairly priced. Another perk is that some companies are well-connected in jewelry circles attracting buyers who may otherwise be hard to reach.
Customer testimonials on the Worthy Inc. website tell it all. Contributors who sold their old wedding rings apparently put their earnings to good use – lemons to lemonade style. One customer reports that she used her wedding ring money to get a new puppy. Another recently divorced woman signed on for self-pampering while another said she was going to knock out some bills.
Perhaps the best use of the old ball and chain ring money was a mom who said that when her marriage didn’t work out and her diamond sold, she used the proceeds to buy her adult son furniture after he finally got his own apartment. She didn’t stop there, though. She took the remaining diamond chips from her ring to fashion a new-fangled necklace to wear for the journey ahead. Booyah!
If you are considering divorce, contact the Libertyville, Illinois Law Offices of Ronald L. Bell & Associates PC at 847-495-6000 for answers to your questions regarding marital property division, child support and custody concerns, spousal maintenance or other family law issues you may have.
Sources: New York Times, “Company Markets Itself to the Newly Divorced With a Ring to Sell”, By Alina Tugend December 3, 2017; worthy.com, accessed December 7, 2017.