Ranchi News Desk

Worthy Sees Growth as Luxury Resale Market Grows Post Pandemic

 Breaking News
  • No posts were found

Worthy Sees Growth as Luxury Resale Market Grows Post Pandemic

March 11
04:35 2022
Currently half of luxury resale is linked to fine jewelry and watches.

New York, USA – March 10, 2022 – The resale luxury market, estimated to be between $25-30 billion in 2020, has been surging with a recent McKinsey study predicting an annual growth rate of 10-15 percent over the next decade. Almost half of the luxury resale trade currently consists of jewelry and watches and this number is also predicted to grow. This category of growth is partially linked to the success of specialized digital trading platforms, while also reflecting changes in consumer behavior during the pandemic. Worthy, the secure online jewelry auction marketplace, has firmly established itself as the leading marketplace for selling fine jewelry in the luxury resale market. Since launching in 2014 Worthy has paid clients over $150 million for their diamond and fine jewelry.

According to Worthy’s co-CEO and Founder Benny De-Kalo, “The biggest diamond mine in the world is sitting in our homes, with an estimated value of over $1 trillion globally, with nearly half of it in the US. If someone wants to sell their jewelry, Worthy is the place to do that.” Over the past 3 years Worthy has helped consumers sell over 28,000 pieces of fine jewelry, ranging from engagement rings and watches to rare collectibles. Last month Worthy got a client $128,000 for a single, unbranded diamond.

“The online resale market has grown exponentially during the pandemic as more people have moved their shopping habits to digital destinations. Savvy shoppers are not only looking for places to buy used luxury goods but are also looking to sell them – especially diamond jewelry,” says Steven Schneider, co-CEO of Worthy. Worthy has established a safe, trusted environment for people to sell their jewelry online by establishing the only online auctions where jewelers buy from private sellers.

By auctioning their valuables to Worthy’s proprietary network of expert buyers, clients get the most money for their jewelry. This is often two to three times what they can find locally or on resale sites that set prices based upon appraisals. Worthy’s mission is to get their clients the most they can for their jewelry while also educating them about the entire process of selling diamonds and fine jewelry online. “My team and I have years of experience and training, allowing us to evaluate diamonds and immediately determine the quality and resale value. Partnering with GIA and other labs to get an independent professional grading of every valuable adds another layer of insurance to our process. This detailed process ensures that every seller gets true market value for their jewelry,” adds Roy Albers, Chief Gemologist, Worthy.

“With sustainability driving the new circular economy and many Gen Z and Millennial consumers embracing more conscious consumption and selling through luxury resale, Worthy gives them the opportunity to sell their fine jewelry confidently,” adds Steven Schneider.

About Worthy

Worthy is the premier online auction solution for consumer sellers of pre-owned diamonds and fine jewelry. Worthy’s cutting-edge platform brings together consumer sellers and professional buyers to auction high-value items such as engagement rings, diamond wedding rings, earrings and watches for the highest prices in the market. We are especially proud to help empower women who are selling their engagement rings to get a fresh start and to get people the most money possible in exchange for their rings and jewelry. Worthy, founded in 2014, is headquartered in New York City with additional locations in Tel Aviv and Salt Lake City. (www.worthy.com)

Media Contact
Company Name: Andoscia Communications
Contact Person: Caroline Andoscia
Email: Send Email
Phone: 212.475.2122 x.701
Country: United States
Website: http://www.andoscia.com