How To Sell Your Diamond Ring
The United States is the highest consumer of diamonds in the world, making up about 50% of diamond sales. While there is a high demand for diamonds, it can often be difficult to sell your diamond ring for the best price.
Learning more about selling your diamond ring the right way will ensure that you get the best price for your ring and work with a trusted jeweler.
Do you want to learn more about where to sell your diamond ring and how much it is worth? Keep reading this diamond ring guide for the top steps you need to take when selling an engagement ring.
Determine Your Reasons for Selling
Determining your reasons for selling your diamond ring is one of the first things you need to do before selling your diamond ring. This is because there are many different ways to sell a diamond ring, each with different benefits and drawbacks.
For example, if you are selling your ring because you need some money quickly, you may want to work with a local jewelry store or a pawn shop that will buy your ring quickly. However, this will often result in a lower price for your ring.
If you are selling your ring to upgrade to something newer, you may want to find an option that will provide you with a better resale value for your ring. For example, you can trade it in with your original dealer to go toward a future purchase!
Get the Details of Your Ring
Before you start the process of selling your ring, you need to do some research about the details of your ring. Gathering information about your ring will ensure that you understand the value of the ring and are able to sell it for the most money possible.
The most important details you need to learn are the 4Cs of diamond quality. This is the cut, color, clarity, and carat weight.
You may have this information from when you originally purchased the ring. Otherwise, you can ask a local jeweler for an appraisal.
You should also do some online research to compare your ring to other similar engagement rings. This will help you determine how much your diamond ring cost originally.
Still, it is important to realize that you will not get this much money for your diamond ring. Used rings often lower significantly in value, so you can expect to get anywhere from 40% to 75% of the original value of your ring.
Consider the Options for Selling
Next, you must consider the different options for selling a diamond ring.
Often, you will get the most money when you sell directly to another consumer. Finding someone that is looking for an engagement ring at a slightly discounted price will allow you to get the most out of your resale.
You may want to consider selling your diamond ring on a website like Facebook Marketplace or Craigslist.
Another great way to get the most out of your diamond ring resale is selling to a reputable jeweler. Often, you can work with the original dealer and they will either buy back your ring for cash or they will allow you to trade in your ring to upgrade to something more.
The least profitable option for selling your ring is taking it to a pawn shop. While they will provide you with instant cash, you will likely get a fraction of the diamond ring cost back from a pawn shop.
Prepare to Sell
After you know where you want to sell your diamond ring, you should prepare your ring to sell.
First, you should clean your diamond ring. Often, you can get it cleaned for free where you originally purchased the diamond ring.
Otherwise, most jewelers will professionally clean your ring for a small fee. Cleaning your diamond ring before you get it appraised will ensure that it looks its best.
While this doesn’t affect the value, having a sparkly ring may make it easier to sell, especially if you are selling to another consumer or a pawn shop.
You should also gather all the documentation that you have for your ring. The original paperwork for your ring will have important information about the diamond and can help you sell your ring for more money.
Get an Appraisal
Next, you can get an appraisal. Taking your ring to a professional jeweler will give you a good idea of what it is worth.
If you aren’t sure what materials your ring is made from, an appraisal will also ensure that you know what type of diamond you have, what your setting is made out of, and more about the history of a ring.
Your jeweler can also provide you with documentation after this appraisal which will prove that your ring has a real diamond and will provide more information about what the ring is worth.
Ask For Offers in Writing
Finally, you need to ask for offers in writing. Whether you are selling your diamond ring to a local jeweler or a pawn shop, you should make sure they are willing to back up their offer.
You can also ask your jeweler what they are basing their quote on so you can understand why your ring has lowered in value over time.
Trying to Sell Your Diamond Ring?
Whether you are divorced or are simply upgrading your ring, trying to sell your diamond ring can be stressful. Following each of these diamond ring tips can help you get the best offer for your jewelry.
If you want to sell your diamonds, Daniel & Co. can help! We offer top dollar for Houston diamonds and will take rings regardless of their condition.
Contact our team to learn more about our fair and transparent system used to evaluate and price your diamonds or to learn more about our diamond jewelry cleaning and repair services.