Where Can I Sell My Diamond Ring?
A diamond ring is a beautiful piece of jewelry, and when you received yours, you probably couldn’t imagine that you’d ever sell it. However, circumstances can change and you may find yourself in the position of needing to sell a diamond ring. Since most people have little to no experience selling jewelry, it can be tricky to know where to turn. Who buys diamonds for a fair price? We have some tips on selling a diamond ring.
- It’s important to know how much your diamond is worth. The main asset in engagement and wedding rings is the diamond, so ascertaining the value of the diamond is the first step in finding the worth of the ring. A diamond’s worth is determined by the four Cs: cut, clarity, color, and carat. Even if two rings look similar, these four factors will make a big difference in the value. You can have your diamond appraised, but often an appraiser will overvalue a ring, to make the customer happy, so you may want to get more than one opinion.
- Should you consider the setting and source? The setting isn’t much of a factor in the value of the ring. The expense of a setting is really the labor and craftmanship, so when you resell a ring, the setting doesn’t matter very much. The largest stone in the ring is the primary source of its value. However, in some cases the place where you bought the ring makes a difference. Some jewelers will pay more for a brand name like Tiffany & Co than they would for a less respected brand.
- Understand that you will not be able to recoup the entire value of your ring. Instead of making money on your ring, you should focus on minimizing your loss. The resale value for an engagement ring is typically between 20 and 60 percent of the original sale value. A diamond passes through many hands before making it to the retail store, and there’s a markup at every step of the process. When you think about the fact that a diamond goes from the diamond mine to the polisher and cutter, to the diamond trader, to the diamond wholesaler, and to the jewelry store where you purchase it, that’s a lot of increases in price.
- Do your homework. It’s crucial to find the best, most reputable buyer for your diamond ring. Treat your diamond ring as the asset it is, and take your time selling it, first researching the business models of the buyers you’re considering. A pawn shop is not a good option because the pawn shop will pay you quickly but you won’t get the best offer. A local jeweler will not be likely to pay you more than the wholesale value. Your best bet is probably to sell it to an individual, perhaps by consigning it to a local jeweler or online site. You can also find a diamond buyer, taking care to research the credentials, reviews and testimonials, and making sure that the buyer is a member of the Better Business Bureau.
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