10 Things You Need to Know to Sell a Diamond Ring

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.