Whether you have just ended a relationship, got a divorce, or found an old family heritage you want to sell, the crucial question is – Where can I sell my diamond ring for the most money? Let’s take a look at the best places for selling your diamond ring and those you should avoid.
Where to Sell a Diamond Ring?
1. Local jeweler
When you decide to sell your diamond ring, you can choose a trustworthy local jeweler you or your friends have visited before. If you haven’t used this service before, a good recommendation is key.
Even though the best option is to rely on a reliable and known jeweler, you can also look for the one with excellent Google reviews. In most cases, an independent jeweler is a better choice than a chain store.
He can offer you advice and determine the ring’s value. Also, evaluators trained by GIA (The Gemological Institute of America) can immediately define if they can remove the diamond.
To remove the diamond is crucial for you to find out its quality so that you can sell it for the most amount of money. First, the jeweler will compare the diamond color with the existing color chart. If it matches, the next step is to remove the gem and send it to a lab for diamond certification.
The process can seem time-consuming, but it makes sure you get the best price for the ring you want to sell. Another way includes inviting a GIA evaluator to come to your house and estimate your ring. However, you should be prepared that this professional charges by the hour, and it will probably not be cheap.
Alternatively, you can sell your ring to the store owner for the price he offers you on the spot. Unfortunately, that instant procedure will cost you money. Basically, waiting will always ensure you get a higher price for your piece of jewelry.
An auction is an uncomplicated and practical way to sell a precious diamond ring because of the number of interested buyers.
As you can guess, you need to bargain to get a higher price when trying to sell a ring to a jeweler or a single buyer. On the other hand, an auction involves comparison selling. That way, you will get more offers from different buyers and sell your diamond ring to someone willing to pay the highest price.
Keep in mind that the auction process includes advertising. In other words, the Auction House will spend some money to attract sellers you can’t reach in any other way.
It will also provide you with insurance and offer the buyers quality photographs and descriptions of your item. Hence, you can expect them to charge a high commission fee to both the seller and buyer.
Virtual auctions are common today, as you can sell your jewelry from the comfort of your own home. Some of the most popular options include:
- Virtual live auction – Both buyers and sellers log into a live-streaming platform at a specified time, and the auction takes place in the usual way.
- Virtual silent auction – It is a place where guests get a catalog of auction items. This auction type lasts for a longer time, often a week or so. That means participants can browse through offered pieces at their own pace before placing a bid.
If you are already an eBay seller with a good reputation, competition on this platform won’t get in the way of selling your ring. However, if you are a newbie, here are some basic steps to a successful sale.
- Taking photos – Since you need to post a picture of your ring, you should take the best photos possible. Prepare a white background preferably, and ensure to take the ones that show the ring from different angles.
- Script color – Keep in mind that the darker script color makes the diamond look more elegant. Therefore, you should change the script to match the diamond, making it look more aesthetic and eye-catching.
- Include the appraisal picture – When the buyers are sure to get the best item for their money, it will increase your chances of a sale. This piece of paper will help potential buyers decide on the purchase faster.
- Description and the title – Include total carat weight in the title, but save the size of the ring for the description. When describing the ring, you should try to be as detailed and specific as possible. The best solution is to use many adjectives, mention the appraisal certificate and how the ring has been professionally assessed.
- Patience – Keep in mind that expensive jewelry takes time to sell. So, the only thing you can do is to present it in the best way possible and wait for the right buyer.
Worthy.com is one of the best-rated selling partners online. All you need to do is ship your ring to them, and they will make sure to sell it at the best price possible. Since many people are afraid to ship their expensive jewelry, this company offers insurance for each piece.
The procedure includes visiting their website to check the ring’s estimated market value. They will also cover the FedEx shipping cost, insure your item, clean it, and photograph it once it arrives. Plus, they will notify you as soon as your diamond ring comes to their New York office.
Next, they will have it graded by the objective grading lab and ensure the ring doesn’t sell for less price than you ask them to sell it for. Remember, they will make an appraisal, but the final price is up to you.
Once they sell your ring, you will get money as it suits you, including PayPal, bank transfer, or a check. Be aware that Worthy.com takes a fee once your item is sold according to the asked price. That is the reason why they always ensure you get the most money possible for the ring.
Places to Avoid When Selling a Ring
One of the worst-rated places for a ring resale is a pawnshop. While it is an excellent place to offer an old TV or a set of tools, it is not the desired option to sell a valuable diamond ring because of the way they run their business.
Firstly, the process of pawning the item includes giving the pawnbroker your diamond ring. Secondly, the pawnbroker provides you with a loan and keeps the ring until you pay it back.
Finally, you can only get the ring back if you pay back the loan and the interest a pawnbroker has asked. If you don’t manage to pay back the loan, they will keep the ring and sell it to recoup the loss.
It is an excellent option when you urgently need money since most pawnshops will immediately offer you the loan. Unfortunately, you should be prepared that the loan you will get for your diamond is always undoubtedly less than its actual value.
Remember that the pawnshops’ goal is to attract customers, so their prices are always below the market ones. Plus, they need to pay their rent and other expenses, plus they need to profit. Consequently, you will receive a lower amount of money than on the market.
There is one more thing! Pawnbrokers are not diamond experts, so they perhaps can’t correctly appraise the gem you have, particularly when it is clear and colorless.
What to Know When Selling a Ring
You need to check a few crucial things before offering your diamond to the market. The diamond quality will determine its value, so you should correctly calculate the highest price for the gem you can get.
- Carats – It is a standard measurement for diamond weight.
- Shape – If your diamond is round or in a trendy shape, it has more potential to be sold. Most diamond shapes go in and out of style over time, except the round ones that are always desirable.
- Color – Diamonds come in different colors, and most of them are white or yellow shade. You will always get more money for the brighter gem. Be aware that blue, pink, green, red, and black diamonds are assessed differently.
- Cut – Cuts are necessary to minimize the jewel imperfections and highlight its beauty.
- Clarity – Each diamond with greater clarity has fewer flaws, meaning it is worth more money.
- Age – An antique or vintage rings are worth more, so the best option is to put them in the auction.
- Condition – The ring needs to be in excellent condition to worth more money. If the diamond is particularly precious, some buyers are ready to overlook a few scratches.
- Brand – If your ring is from a luxury jewelry brand like Tiffany, it will be worth more than a similar ring bought in a regular store.
While selling a diamond ring can seem like a time-consuming process, especially when you want to get the most money you can, it is undeniably worth it. Always try not to go with a quick exchange, and the invested time will bring you the desired price.