10 Things You Need to Know to Sell a Diamond Ring
Want to know how to sell a diamond ring for the most money? Check out these 10 tips so you'll be informed before you get an offer.
Are you thinking about selling a diamond engagement ring? If so, make sure you go into the sale educated. There are plenty of ways to sell diamond jewelry, including online auctions, ads, pawn shops and jewelry buyers, although not all options will give you the cash you deserve! You should always know the quality of your diamond before you accept an offer and understand how to spot bad deals when you see them.
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Here are the 10 most important things to understand before you sell any type of diamond jewelry, including engagement rings.
1. Retail prices for diamond rings are inflated so be realistic.
What does this mean for you? Basically, if your diamond ring was purchased from a jewelry store at retail price, you may receive an offer that's less than 60% of what you paid. When jewelry stores sell jewelry, they add in the cost of their overhead along with profit. When you sell a diamond ring, it's necessary to have realistic expectations of what you can get. No jewelry shop or diamond buyer will pay you more for your ring than they can pay a wholesaler to get similar diamonds.
2. Go to a diamond buyer, not a gold buyer.
Gold buyers specialize in buying gold so most aren't trained to examine diamonds. Some may not even be interested in the diamonds in your jewelry and exclude them from the offer. A GIA-certified diamond buyer, on the other hand, has years of experience examining the cut, color, carat and clarity of diamonds to understand their real value.
3. Pawn shops are the absolute worst place to sell diamond jewelry.
Pawn shop employees are not trained to evaluate diamonds so they will offer you the lowest possible price to make up for their inexperience and lack of knowledge. Without diamond-grading experience, pawn shop employees are simply guessing at the value of your diamond and you may be losing a lot of money by selling to them.
4. Set up an appointment for a thorough appraisal.
Give the potential diamond buyer plenty of time to examine your ring by setting up an appointment. If your ring has a large diamond, a thorough evaluation is necessary to examine all of its characteristics and make you a fair offer. If you rush a buyer to get an offer, chances are it will be low.
5. Don't be afraid to negotiate.
There is nothing wrong with negotiating the price you receive when you sell diamonds. In fact, some buyers expect this negotiation and may offer you a low price initially. Many consumers fear haggling, even when they're trying to sell something expensive, although it really is a normal part of the sale.
6. Get plenty of offers.
Take the time to get offers on your diamond ring before you sell it to the first buyer. Research diamond buyers in your area as well as jewelry shops and gold buyers and make sure they have the right credentials.
7. Diamond certificates make diamond rings easier to sell.
Consider having your diamond professionally graded by a gem lab like GIA. The certificate you receive will show all of your diamond's characteristics, including internal flaws, color, exact carat size and clarity. This gives potential buyers absolutely everything they need to make a fair offer.
8. Demand affects price.
The current demand for your particular diamond ring will absolutely affect the price you get. Diamond shapes go in and out of style and traditional round brilliant diamonds and Princess shapes are very desirable today. Branded diamonds are also popular and may be worth more money. If your diamond is cut in a shape that isn't very popular, you may get less money when you sell.
9. Check the Better Business Bureau and research the buyer.
Before you do business with a diamond or jewelry buyer, make sure you check with the Better Business Bureau to see if there are any complaints filed against them. You may also want to research the history of their business in the area to make sure their reputable. This includes online research to look for reviews, finding out how long they've been in business and checking to see if they change locations frequently. Only sell diamond jewelry to reputable and experienced buyers.
10. Know your diamond!
This is the most important step of all. Want to know how to sell a diamond ring for the most money? It all starts with proper research. Learn as much about your diamond as possible, including its clarity, cut, color and cut. Not only will this show potential buyers that you know what you have, it'll help you get the highest price for your jewelry. Consider having your diamond ring appraised or getting a diamond certificate to show to buyers.
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It is important when selling a diamond ring that you find a long standing business local to you. The older and larger the company the more likely they will pay you more for diamonds because there reputation is on the line. Also be wary of fly by night buyers that make you offers that are really high or give you a huge range. If you leave and come back chances are they will not honor there word or offer the low end of the range.