How does Worthy compare to a local jeweler in Lake Huntington?
Worthy auctions your piece to a network of certified jewelry buyers, typically yielding 15–30% more than a local Lake Huntington retail buyer for diamonds over 1 carat. Local jewelers in Lake Huntington offer instant in-person evaluation; Worthy adds 5–7 days for kit delivery, shipping, and auction. For pieces under $500, a local jeweler is usually faster and pays similar net.
What proof do I need that my diamond is real?
The gold standard is a GIA or AGS diamond grading report. Without one, expect a 20–40% discount because buyers must defensively price the unknown. If you have the original retail receipt, it helps. For diamonds without papers, request a buyer evaluation in writing — reputable buyers in Lake Huntington will identify each 4C parameter (carat, color, clarity, cut) before making an offer.
What is the markup on resold jewelry?
Retail jewelry markups range from 100% to 300% over wholesale. This is why a $5,000 retail engagement ring sells for $1,500–$3,000 when resold — the buyer is paying wholesale-adjacent pricing, not retail. For branded pieces (Tiffany, Cartier, Van Cleef), markups can be 4x or higher, which is why these pieces hold value better on resale.
How long does Worthy take to pay after I ship?
Typical timeline: shipping kit arrives 2–3 days after request. You ship via FedEx (insured by Worthy). Evaluation takes 1–3 business days. Live auction runs for 24–72 hours. Payment by bank transfer within 48 hours of auction close. End-to-end: 7–10 calendar days from request to payment. Faster than auction houses, slower than walk-in.
Will my jewelry be insured during shipping from Lake Huntington?
Yes, when you ship to a licensed online buyer. Reputable buyers provide pre-paid FedEx labels with declared-value insurance up to $50,000+ at no cost to you. Tracking is real-time, signature is required on delivery, and the buyer assumes full liability from the moment they hand it to their courier. Always photograph the piece and shipping label before sending.
Does the IRS know if I sell jewelry in New York?
For most personal jewelry sales, no — only sales above specific bullion thresholds (25+ oz of gold, 1000+ oz of silver) trigger automatic 1099-B reporting from the dealer. However, you are required to self-report capital gains on your federal tax return if you sold for more than your cost basis. Inherited jewelry uses fair market value at the date of inheritance as the cost basis.
What is the best way to clean jewelry before selling?
Mild soap and warm water for most pieces. Never use ultrasonic cleaners on antique, opal, pearl, emerald, or turquoise pieces — these can damage the stone and reduce your offer. Never polish signed antique pieces aggressively — original patina adds value to estate buyers in Lake Huntington.
Can I get an offer without committing to sell?
Yes. Most reputable online buyers (Worthy, WP Diamonds, CIRCA) provide free, no-obligation offers. You can decline and have your piece returned free of charge (return shipping insured). Use this to benchmark your local Lake Huntington offers. Reputable local jewelers in Lake Huntington also provide free in-person verbal offers.