NEW YORK, July 14, 2016 /PRNewswire/ -- The founder and CEO, Jacob Worth, of I Want What It's Worth--a startup that helps people sell their jewelry--hit the streets of the New York City's Diamond District to find out if women make less than men when selling their diamond rings. Worth and Rebecca Ruber, a New York actress, visited 12 locations on 47th Street between 5th and 6th Avenues, attempting to sell the same ring to the same locations to see the difference in offers.
An estimated 1 million diamond rings are sold back into the market yearly. 800,000 are sold back after a divorce and the majority of which are sold back by women. According to New York state law, a diamond ring given at an engagement is considered a gift and is kept by the woman at the dissolution of marriage.
According to Worth, "We did this experiment to show the stark differences in the treatment of women and men when selling a diamond ring. We wanted to expose the stigmas often found in the Diamond District, where 100% of jewelry stores are owned and operated by men."
I Want What It's Worth (IWWIW) provided the two carat ring used, which was worth $18,000. When attempting to sell the ring, Jacob was offered, on average, $11,000. Two weeks later Rebecca visited the same stores and was offered, on average, $6,800--a mere 62% of what Jacob made.
Worth has worked in the jewelry industry for the last decade and says: "While we expected there to be a huge discrepancy between the offers Rebecca and I received, we never expected this level of harassment. It was brutal. Two of the 12 locations went as far as to offer Rebecca more money for her ring if she agreed to go on dates with them."
The locations were filmed using a hidden GoPro camera sewed into Jacob and Rebecca's jackets, and through cameras located in the knapsacks of crew members that accompanied the two sellers into the stores with them.
To watch the video of the experiment visit the IWWIW's blog: http://iwantwhatitsworth.com/blog/nyc-diamond-ring-buyers
About the Company
I Want What It's Worth (IWWIW) is an online alternative service transforming the antiquated process of selling engagement rings, fine jewelry, and watches. Using a professional sales team--who navigate the system and understand jewelry pricing--IWWIW sells customer's jewelry directly to jewelry stores on the customer's behalf. The service also includes cleaning, restoring, and appraising the jewelry prior to selling to ensure the best offers for their customers. The company operates in New York City and launched in June 2016. Visit the company's website to find out more: www.iwantwhatitsworth.com.
Name: Jacob Worth
Youtube video: https://www.youtube.com/watch?v=YKNQRhTbRwc
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SOURCE I Want What It’s Worth