Do you want to get rid of your engagement ring? It’s possible that you and your lover decided to part ways or that you upgraded to a ring you adore even more. If you’re not going to wear your ring anymore, you might as well sell it and get some cash. The issue is that locating a place to sell a diamond ring might be challenging. How do you determine the value of which jeweler to trust?
Now you are wondering where to sell diamond rings. Fortunately, there are some great places to sell your jewelry online, and they’re completely free. You’ll find the process much faster than you might think. You’ll also be able to avoid commissions and other fees that many online diamond buyers charge. You can also sell your diamonds online if you are ready to part with your ring sooner than later. Listed below are the best places to sell diamond rings.
Is Selling your Diamond Engagement Ring a Good Idea?
A wedding band is not the same as another item of jewelry. It is chock-full of feelings and memories. According to Opperman, this suggests that the answer to this issue is extremely subjective. “Everything depends on the reason you want to sell your wedding band. Is it a result of your financial difficulties? Is it because you recently got divorced and want to start over? The decision to sell your engagement ring is a personal one, and only you can decide whether it is worthwhile.”
Her main piece of advice is to give this choice some serious thought. Never sell your wedding band in a rush or only to get cash—there are alternative, less emotional methods to handle that! Take some time to consider it, she advises, as selling your ring before you’re emotionally prepared can leave you with regrets.
How to Sell an Engagement Ring?
There are various ways to sell an engagement ring, as previously said. You can go into a local jewelry store or pawn shop to complete it swiftly and in person. They will evaluate it and present pricing right away. According to Opperman, the drawback of this strategy is that these kinds of retailers don’t pay as much as alternative methods. “I would advise against visiting a pawn shop or a neighbourhood jewellery store since you won’t get anything close to what you paid. Going to a pawnbroker or someone in the jewellery business offers the possibility that your ring will sell swiftly.”
She argues that selling directly to the customer is the alternative. “Selling your jewellery to another consumer is the greatest method to earn the most possible value for your engagement ring,” she advises. As they search for a good bargain and do not have access to wholesale prices, “another customer will typically pay the more for your diamonds than anyone in the industry.”
“Remember to do your research and be aware of online auction sites that are only selling to members of the profession,” warns Opperman. “You can sell direct to consumers on platforms like eBay or I Do Now I Don’t.” Again, you won’t find any value on these sites that even comes near to what you want.
Best Places to Sell your Diamond Ring
Where you choose to sell your diamond or engagement ring will significantly impact your earnings.
In a test, we provided six distinct categories of jewelry buyers with the same kind of diamond:
- A Pawnbroker
The business concept of pawnbrokers is to provide products at a discount from market value to those who need money quickly. They are profiting from people’s desires.
Our 1.21-carat emerald cut diamond was appraised by a New York-based pawnbroker, who offered us the lowest price of all the buyers: $1,200 to $1,400.
Even if you feel you must sell your engagement ring right away, there is a much better way to ensure that you receive true value if you can wait just a few days.
- A ‘we buy gold’ jewelry buyer
They act as a middleman, taking the goods they purchase and reselling them. They will immediately assess the value and make you an offer, much like a pawnbroker.
We reached out to two “We buy gold” organizations in New York, and the offers we received were for $1,300 and $1,500.
- A local Jeweler
Many local jewelers prefer to concentrate on selling new jewelry because the profit margins are higher and it requires less labor. As a result, they rarely buy used jewelry.
If you can locate a jeweler in your area who will purchase your ring, they will often sell it to a dealer and then sell it to a wholesaler. The initial offer the jeweler will give you will probably be modest because each person will try to profit from their transaction.
Two of the ten local jewelers we approached in the US who received our ring expressed interest. The most they would pay was between $1500 and $2000.
A fantastic place to sell a variety of items is eBay. But if you have a diamond with a decent certificate, like a GIA or AGS, it’s not a smart place to sell an engagement ring or diamond.
Although I didn’t want actually to offer the ring on eBay, I was able to find a similar ring by Googling “completed auctions”: an emerald cut diamond three-stone ring with a total carat weight (including the side stones) of 2 carats, VS2 clarity, and H color for the center stone.
A person can list a piece of jewelry on Worthy.com, an online “consumer to business” marketplace, and qualified jewelers and diamond buyers will bid and compete to buy it.
Worthy.com is a fantastic resource for finding the ideal piece of jewelry. They offer a beautiful website that can connect someone trying to sell a diamond with a larger pool of possible purchasers than they could otherwise.
Due to the crowdsourcing of purchasers, the price obtained should, in theory, be as high as it can be.
- A Specialist Diamond Buyer
A diamond specialist is a member of the diamond industry who purchases diamonds to be used in jewelry and frequently melts down the setting to be used again.
They are the individuals that purchase jewelry from Worthy and are frequently referred to as “diamond dealers.”
The distinction is that by selling directly, there is no intermediary to collect a commission, allowing the seller (that’s you!) to keep every penny of the sale.
Working directly with them has several benefits, including a greater price paid and the ability to purchase the ring right away without having to wait for an auction to conclude.
Our suggested diamond expert, Alon Mor, at “The Diamond Oak,” a third-generation New York-based diamond dealer, provided a quote for the stone alone of $2300 to $2500, which is much more expensive than the alternatives.
The diamond and ring were offered to us for prices between $1,200 and $2,300.
Tips for Selling your Engagement Ring
Research Before Selling your Engagement Ring
Before rushing to sell your ring, Opperman advises that you ascertain the diamond’s quality and the 4Cs: color, clarity, carat weight, and cut. “A local jeweller or appraiser might handle this.”
Conduct Comparison Studies
See what similar or comparable engagement rings are selling for online, advises Opperman. That amount won’t be your final cost, but it will give you a rough estimate of what your ring originally cost. Your ring is not deemed ‘new,’ so mark that price down, she says. Again, according to Opperman, many secondhand rings sell for between 40 and 75 percent of their original cost.
Ensure you are Prepared
Finally, remember that your engagement is unique from any other jewelry or valuable object. It is rife with feeling; it stands for dedication, love, and future hope. Don’t sell your ring right away. Make sure you are prepared to let it go and won’t look back on it.
How Much is your Engagement Ring Worth?
According to the ring. The carat, setting, and age of an engagement ring are only a few elements that affect its worth. Opperman asserts that general tendencies do exist. “It is influenced by the ring. The majority of the time, customers do, however, receive anything from 40% to 75% of the ring’s initial worth.”
Selling a Luxury Diamond Engagement Ring
Designer rings are an exception to this rule because they can be purchased as whole rings and have a secondary market.
Since the inside of each ring has an engraving of the maker’s name, jewelry from these brands is referred to as “signed” in the jewelry industry.
Therefore, there is a considerable probability that you will be able to recoup substantially more money from the sale of a Tiffany & Co., Bvlgari, Van Cleef, Cartier, Harry Winston, or similarly branded “signature” diamond ring than you would from the sale of a “generic” band with a diamond of comparable grade.
Certification of Diamonds
In addition to the diamond’s 4 Cs, its diamond certificate, or as it is more properly known: “grading report,” will also impact how much it is worth.
Compared to appraisals, grading reports are created by an impartial lab rather than a jeweler. They don’t put a price on a diamond but play a significant role in determining its value.
Many different labs grade diamonds; some are known for being strict and reliable, while others are more liberal or “overgrading.”
As a result, various laboratories may grade the same diamond extremely differently. In a test conducted by a journal for the diamond business, one diamond received color grades of D by EGL Israel and G by GIA:
The GIA rated this diamond much more rigorously, and this grade is likely more accurate. Because of this strictness, the diamond industry believes that GIA certificates are reliable and accurate.
The diamond vendor may offer you less money for your diamond if it has a certificate from a lab other than GIA or AGS or if it merely has an appraisal and no grading report, as there is a possibility that it has been overgrazed. It is true of poorer quality than the report suggests.
How Long does it Take to Sell an Engagement Ring?
Opperman acknowledges that the answer to this query depends on where you go to sell your engagement ring. She advises that you might be able to sell your ring right away if you go to a jeweler or jewelry store. She warns that the price you receive for your ring will be significantly less than if you were to sell it elsewhere. This could be an excellent alternative for those who want to get rid of it quickly.
It could take several weeks or even months to sell your ring if you list it on an online auction site like I Do Now I Don’t. But there are ways to cut that time down. For instance, Opperman claims on her website that selling an engagement ring successfully often takes two to four weeks. She says that if priced well, it might even take less time. Of course, if you’re not in a rush, you might set the ring’s price as high as you like and wait patiently for a buyer.
Which Diamond is Most Valuable?
A round diamond will almost always be more expensive than any other shape with the same clarity, color, and carat weight since it is believed to have the greatest value compared to the other shapes.
Emerald and Asscher cuts are the least expensive carat for carat. When these diamonds are cut from the rough stone, which will cost the same regardless of how it is cut, there is less waste because they are step-cut.
Do Diamonds Today Cost More than they did 20 years Ago?
The average diamond price has indeed gone up since 1960. However, there has also been cumulative inflation of more than 700% throughout the same period. Thus, the actual increase in a diamond’s worth is quite little.
Once you’ve decided what type of diamond ring you have, you can look for places to sell it. Online auctions and vintage jewelry stores are excellent places to sell your ring. A diamond specialist can even deconstruct the ring and use its parts in other jewelry. Compare quotes before deciding which way to sell your diamond ring. This way, you’ll be able to decide how much your diamond is worth.
Before selling your ring, it’s important to find out how much it’s worth. Most online vendors charge about 18%, and brick-and-mortar stores can charge up to 100% of their original price. Jewelers often charge at least twice the wholesale price for stones, so it’s best to find a buyer willing to purchase them at a discount. While selling your engagement ring to a jeweler may not be the best option, it’s still a great way to maximize your profit.
Before you sell your diamond ring, you should know that you’re unlikely to get your money’s worth. Even though diamonds are considered a girl’s best friend, it is essential to remember that they have almost no resale value. Most gemstones lose at least half their value after leaving the jewelers. Consequently, don’t expect to make more than half of what you originally paid for it.