How to Sell Diamond Rings
Set reasonable expectations., Get the ring appraised., Research your selling options.
Step-by-Step Guide
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Step 1: Set reasonable expectations.
As with most objects, you will not get back nearly as much as you originally paid for most diamonds.
The value of diamonds is based on an artificial scarcity, meaning that diamonds are neither genuinely rare nor intrinsically valuable.Most jewelers have no issue acquiring quality diamonds well below retail value, and thus will likely offer between thirty and seventy percent of the retail value, depending upon the diamond quality.Selling directly to a customer shopping for a ring might enable you to get more than a jeweler or diamond dealer would offer, but you are still unlikely to get the full value of the ring.
Set a reasonable expectation at around sixty percent of the ring’s retail value, and have that offer ready to present to jewelers. -
Step 2: Get the ring appraised.
Before you set out to sell your diamond ring, you should know exactly what you have.
Have the ring appraised by a certified appraiser, ideally one who does not directly buy diamonds, so that you can get a better picture of the quality and value of your piece.Appraisal can also help you establish credibility for your ring.
A ring that you thought was diamond may turn out to be a different stone, or the setting may be a different metal than you originally thought.
An appraiser can let you know for sure, and provide you with documentation.
An appraiser can also help you establish the retail value of your ring, which you can use to adjust your resale value, remembering that you are unlikely to get full appraisal value when selling.If you think your diamond is likely not very valuable, spending money on an appraisal may not be necessary.
If you paid less than $1,000 to $2,000 for the ring, a diamond dealer may be able to give you a reasonable value estimation for free. , When you sell your diamonds, you have two general options.
The first is to sell to a reseller such as a jewelry store, diamond dealer, or pawn shop, that will turn around and sell the ring again.
The second option is to try to sell the ring directly to a customer online or through your personal network.Selling to a dealer or jeweler is often more immediate, as finding a buyer can take time.
If you are looking to get your money quickly, or if you simply want to be rid of the piece, selling to a diamond buyer may be your best option.If you are not in a rush to get rid of your ring, selling directly to a buyer, either through an online marketplace or through your network of personal contacts, can sometimes allow you to get more money than you may have received working with a diamond buyer.You may also be able to sell to an online auction site that takes a commission from the sale, but allows you to sell directly to a customer, potentially still getting more than you could get from a jeweler. -
Step 3: Research your selling options.
Detailed Guide
As with most objects, you will not get back nearly as much as you originally paid for most diamonds.
The value of diamonds is based on an artificial scarcity, meaning that diamonds are neither genuinely rare nor intrinsically valuable.Most jewelers have no issue acquiring quality diamonds well below retail value, and thus will likely offer between thirty and seventy percent of the retail value, depending upon the diamond quality.Selling directly to a customer shopping for a ring might enable you to get more than a jeweler or diamond dealer would offer, but you are still unlikely to get the full value of the ring.
Set a reasonable expectation at around sixty percent of the ring’s retail value, and have that offer ready to present to jewelers.
Before you set out to sell your diamond ring, you should know exactly what you have.
Have the ring appraised by a certified appraiser, ideally one who does not directly buy diamonds, so that you can get a better picture of the quality and value of your piece.Appraisal can also help you establish credibility for your ring.
A ring that you thought was diamond may turn out to be a different stone, or the setting may be a different metal than you originally thought.
An appraiser can let you know for sure, and provide you with documentation.
An appraiser can also help you establish the retail value of your ring, which you can use to adjust your resale value, remembering that you are unlikely to get full appraisal value when selling.If you think your diamond is likely not very valuable, spending money on an appraisal may not be necessary.
If you paid less than $1,000 to $2,000 for the ring, a diamond dealer may be able to give you a reasonable value estimation for free. , When you sell your diamonds, you have two general options.
The first is to sell to a reseller such as a jewelry store, diamond dealer, or pawn shop, that will turn around and sell the ring again.
The second option is to try to sell the ring directly to a customer online or through your personal network.Selling to a dealer or jeweler is often more immediate, as finding a buyer can take time.
If you are looking to get your money quickly, or if you simply want to be rid of the piece, selling to a diamond buyer may be your best option.If you are not in a rush to get rid of your ring, selling directly to a buyer, either through an online marketplace or through your network of personal contacts, can sometimes allow you to get more money than you may have received working with a diamond buyer.You may also be able to sell to an online auction site that takes a commission from the sale, but allows you to sell directly to a customer, potentially still getting more than you could get from a jeweler.
About the Author
Gary Reyes
Dedicated to helping readers learn new skills in DIY projects and beyond.
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