Start-up Reveals Women Receive Less Than Men When Selling Diamond Rings
July 18, 16
(IDEX Online News) – New York City-based start-up, I Want What It’s Worth, went undercover in the city’s diamond district to find out whether women make less than men when selling a diamond.
The company’s founder and CEO, Jacob Worth, and New York actress Rebecca Ruber, visited 12 locations on 47th Street between 5th and 6th Avenues, attempting to sell the same ring to the same locations, and see if there was any difference in the prices offered.
It is estimated that around 1 million diamond rings are sold back into the market each year, with 800,000 sold back by women, following divorce. New York law states that a diamond ring given at engagement is considered a gift, and a therefore, a woman keeps it at the dissolution of a marriage.
I Want What It’s Worth provided a used 2-carat ring, which was initially worth $18,000. Worth was offered $11,000 on average, whereas Ruber was offered $6,800 on average – only 62 percent of what Worth was offered.
"We did this experiment to show the stark differences in the treatment of women and men when selling a diamond ring,” said Worth. “We wanted to expose the stigmas often found in the Diamond District, where 100% of jewelry stores are owned and operated by men."
"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."