Diamonds might be something that last forever, however they do not necessarily have to remain with the same individual. There are numerous reasons as to why one would want to sell a diamond ring. These reasons can be a change in life conditions, an upgrade on an old engagement ring, passing on a family legacy, or something different altogether. However, whatever the explanation is, it is a conviction that you need to realize how to sell your diamond ring for the most money.
Where can I sell my diamond ring for the most money? This is the question that people often ask. We will talk you through each of the various alternatives accessible to ensure that you have a clear understanding of what is the best place to sell your diamond ring and how you can take full advantage of it.
Where Can I Sell My Diamond Ring For The Most Money?
There are so many people who want to sell their diamond rings, but do not know where to or how to. Since a diamond ring is a big deal, both in its sentimental value and its financial value, most people tend to ask the question: Where can I get the most money for my diamond ring? Here are some options for you.
Suppose you enter a jewelry store that is similar to the one you purchased the diamond ring from. At the point when they initially paid 100 for that stone, they in all probability had that jewel on consignment (ie, they obtained it from a wholesaler, so it cost them nothing). This implies that the genuine expense of that diamond ring was fundamentally not exactly the 100 they paid for it on paper. In the event that they purchase your jewel, they will get it at a cheaper rate.
For the store to really make an investment in a precious stone, and not simply get one, it should legitimize it by purchasing it at an exceptionally low cost. Moreover, connections among sellers and purchasers in this business are critical.
For a jewelry store to utilize its money to purchase a diamond from you, as opposed to utilizing it as an occasion to develop a relationship with a provider implies that they have to legitimize that decision through purchasing your diamond for next to nothing. Furthermore, pretty much anyone in the business who is confronted with a private vendor realizes that this is an incredible occasion to purchase well beneath the market cost. In general, it is improbable.
Except if the diamond ring being offered is amazingly uncommon for any reason (a circumstance most buyers have not yet experienced), there is basically no motivation behind why a jeweler would be constrained to purchase your diamond at the market cost when he could purchase a similar one at a similar cost from any one of the many wholesalers who also have better payment terms).
Although an auction house will deal with selling the ring for you, this is ordinarily a long and time consuming procedure for selling that can take numerous months and with no ensured deal. In the event that your diamond ring actually sells, the auction house will take a certain percentage of your benefits.
On the off chance that you attempt to take it to a pawn shop, you will be struck in a far more terrible manner due to the fact that their selling costs are now expected to be well underneath the market, so their prices should in like manner be extremely low to legitimize their low costs.
You could generally attempt to go directly to the buyer. Craigslist has its own dangers. You could give selling it on eBay a shot, or other distributed selling destinations, however no buyer will be persuaded to follow through with a similar cost you paid when they could simply purchase something very similar from a store that will offer guarantees, packaging, and so forth
The best case scenario:
According to most people, in an ideal situation, after the costs of diamonds have increased in value by 10%, you could perhaps find somebody who would purchase your diamond for 90, leaving you with a 28% loss(125 – 90 = 35 complete misfortune 35/125 = 28% misfortune).
On the off chance that you attempt to sell your diamond ring after you have bought it, at that point your best case scenario would be to sell your diamond for 80 or for a 36% loss. Once more, this is only a best case situation purchasing bricks and mortar.
Where Can I Sell My Diamond Ring Online For Cash?
If in case you would prefer to sell your diamond ring as per your own timetable and from the solace of your home, you can put out some online advertisements. There are a lot of online platforms, for example, eBay, Facebook and Craigslist where you make a promotion for your diamond ring. With your own advertisement, you can list your ring at your ideal cost. Lamentably, there is no assurance that your ring will sell, and you can undoubtedly wind up waiting for months for a buyer who is interested. You likewise must be careful of scammers and not share information pertaining to your personal or bank details.
In any case, a diamond engagement ring does not simply have sentimental worth, but also offers a lot of financial worth. Online deals are extraordinary for selling furniture, instruments, books, and other different knickknacks, yet not for costly adornments. So do not sell your engagement ring on the web. Rather, do a little research and locate a professional engagement ring purchaser. In doing as such, you will get a reasonable cost and a reasonable arrangement.
How To Get The Best Price For My Diamond Ring?
Sell to diamond experts
With regards to selling a diamond ring, it pays to offer it to the specialists. Jewel reviewing and evaluating is a nuanced and specialized cycle that requires preparing, experience and an intensive comprehension of the recycled diamond market. Working with expert diamond purchasers will guarantee that you are working with qualified specialists who know the genuine estimation of your ring.
Include the diamond certificate
At the point when you purchased your jewel ring, it probably came with an endorsement from a diamond reviewing lab. While there are numerous diamond labs, the GIA is viewed as the most detailed and exact in the business. Your authentication contains plenty of data about your diamond ring, for example, the 4C’s, balance, fluorescence and considerably more. Having this testament will add esteem with regards to selling the ring.
Original box and papers
If you buy a diamond ring from a luxury brand, for example, Tiffany and Co., you will receive it with the marked box and desk work. Keep these in great condition as they add incentive to your ring in the second hand market.
To sell diamonds for cash, keep the following rules and essential factors in mind:
- Do not sell the ring to pawn shops or local jewelry stores.
- Keep in mind that selling a diamond is similar to selling a second hand car. This means that you would not get the appraisal value or the exact price you bought it for.
- The quality and size of the center stone is the main factor when figuring out the value of the diamond. The setting is less significant.
- Make sure you remove the middle men wherever you can, so that you can receive the maximum amount of money for your diamond ring.
- Selling it yourself, and having a little patience will help you make significantly more money.
- A specialist diamond buyer can offer you the best price.
What Are the Four C’s of Diamonds?
As discussed elsewhere, the four most important components of diamond grading are cut, color, clarity, and carat.
The cut of the diamond explicitly alludes to the quality of the cut and how it aesthetically influences the diamond’s allure. But what is it that decides the cut quality? These would be proportions, angles, sparkle, symmetry, and so much more. There is no ideal cut when it comes to all the diamonds. In fact, every jewel’s ideal cut relies upon the stone itself.
This sounds pretty straightforward, yet this C is controlled by how much shading a jewel has. In contrast with its setting, you need your diamond to be vapid and clear. Any colouring or shadiness could contrarily influence this evaluation.
Clarity does not have to do with the colour of a diamond. Rather, the clarity of the diamond centers around any blemishes on the jewel’s surface or inside it. An evaluation of FL implies that a diamond is perfect.
It is additionally alluded to as “carat weight”, this C depends on the diamond’s weight instead of its size. Contingent upon its cut, carat loads contrast between diamonds of a similar quality.
Since now you have an understanding of what the four C’s of diamonds are, you will be better prepared to ask your diamond purchaser and specialist insightful inquiries, questions that, ideally, will make you more money at the retail location.
Where Should I Sell My Ring?
Where can I sell my diamond ring for cash? This is the question that troubles most people. Following are some options for you where you can sell your diamond ring. (Note that this list is in descending order with the first place being the best):
- Diamond specialist: The price you can receive from professional diamond buyers and experts, who know the worth of the stone is $2,300 – $2,500
- Local jeweler: A local jeweler might offer you somewhere in the range of $1,500 – $2,000
- Worthy.com: You can sell you diamond ring on this website for almost $1,540
- ‘We buy gold’ store: These stores can offer you $1,300 – $1,500 for your diamond ring
- Pawnbroker: Pawn shops typically offer the lowest prices for diamond rings. The amount you can receive from here falls within the range of $1,200 – 1,400
The cash prices for diamond rings are all about the risk of having your diamond sit in the store shelves for years on end. The more likely that is to happen, the less likely it will be for a store to be willing to pay for it.
The first thing that often comes to one’s mind is to sell the diamond ring at a pawn shop. While this is the easier way out, pawn shops are notorious for purchasing diamonds at a very low cost than what they are actually worth.
As far as selling it online is concerned, you never know whether or not the purchaser is authentic or not. The person can be a scammer for all you know.
Your best shot is to try to sell the diamond privately, on your own. This is not as difficult as it sounds. In fact you will get the best offer for your diamonds this way. You should sell them to diamond specialists who actually know the value and the worth of the diamond.