Worthy.com

Worthy
Worthy.com logo
Type of businessOnline marketplace
Founded2014; 12 years ago (2014)
HeadquartersNew York, New York, United States
Area servedUnited States
CEOSteven Schneider
ServicesLuxury Good Reseller, Appraisal
URLwww.worthy.com

Worthy.com is an online liquidation marketplace for pre-owned goods including diamonds, watches, and diamond jewelry.[1] Worthy is headquartered in New York City and was founded by investment banker Ben De-Kalo in 2014.[2]

What Worthy Does

Worthy is an online auction platform. Sellers send their jewelry to Worthy headquarters for appraisals, GIA grading.

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 in order to put the money from its sale toward a new one.[3] The De-Kalos found that their resale options were limited. De-Kalo saw an opportunity to create an online auction 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, with the availability of walk-ins for the item submission stage.[4] Goods offered for resale are also physically evaluated and stored offline during the auction 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.[5] Worthy.com offers an online auction platform for selling pre-owned diamond jewelry, loose diamonds, and 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 Gemological Institute (IGI). The brand-named watches are authenticated at CentralWatch. Once the auction finishes, if the final offer is above the reserve price, the deal is closed. According to former Worthy.com CEO, Ben De-Kalo, about 85% of the auctions at Worthy.com are closed successfully.[6]

References

  1. ^ Joe McCarthy (13 May 2014). "Worthy hastens auction time for pre-owned luxury jewelry, watches". Luxury Daily. luxurydaily.com. Retrieved 29 September 2014.
  2. ^ Paul Johnson (28 June 2014). "Interview with Ben De-Kalo, CEO and Founder of Worthy". aluxurytravelblog.com. A Luxury Travel Blog. Retrieved 29 September 2014.
  3. ^ Emili Vesilind (14 May 2014). "New Website Aims to Take Appraisals and Secondhand Jewelry Sales Online". JCK MAGAZINE. jckonline.com. Retrieved 29 September 2014.
  4. ^ Dan Berthiaume (8 September 2014). "Auction platform Worthy to move headquarters to NYC". Chain Store Age CSA. chainstoreage.com. Retrieved 29 September 2014.
  5. ^ Anthony DeMarco (3 November 2016). "Worthy.com Mines A New Market For Old Diamonds". Forbes. Retrieved 14 February 2017.
  6. ^ Michelle Graff (July 2016). "Five Questions With Ben De Kalo". National Jeweler Magazine. nxtbook.com. Retrieved 28 August 2016.

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