Tips on How to Sell Your Diamond Ring

“A diamond is forever.” That is the timeless slogan of the biggest diamond company in the world, De Beers. There is something about a diamond, something on the sentimental side, which makes it almost a sin to let go of it by selling it to someone else. Indeed, it’s oftentimes easier to sell a house or a car you’ve spent your hard-earned money on than sell a piece of diamond jewelry, like an engagement ring, for instance, all because of the sentimental aspect.

Nevertheless, there may come a time when you’re only way out of a bind is to sell your diamond engagement ring. Perhaps one of your family members is sick and need hospitalization or surgery. You may be going through a rough divorce and need funds to pay attorney’s fees and whatnot. Suffice it to say, there are a number of reasons why selling your diamond ring may be your only option, and you shouldn’t feel guilty about it as this post – shows.

Of course, there are some things you need to understand about selling your diamond ring, as well as some tips to keep in mind to make sure you’ll get the best price for it. For one thing, the value of a diamond is determined by its four Cs – cut, color, clarity, and carat. These four Cs need to be graded not only for you to find out its value but also to understand its quality. You can get a formal grading report from major diamond laboratories like the Gemological Institute of America (GIA) or the American Gem Society (AGS).

If going to any one of the laboratories mentioned above is out of the question, you can have your diamond appraised by a trustworthy jeweler. It’s important to look for a jeweler that has been in the business for years or one that’s popular, as that will mean they have a brand name and integrity to uphold. Such jewelers will make sure you will get the truthful quality and potential value of your diamond.

Once you know the value and quality of your diamond ring check out online retailers to see how much similar diamond jewelry is selling for currently. Since you’re selling a diamond ring that’s technically “second hand”, you need to be realistic when setting your price. Let’s say a 3.01-carat Princess cut diamond ring is currently selling for $25,000. If that’s the case, you should sell your diamond ring at 70-90% of that amount. You can’t sell your diamond ring for the same price. Again, you need to be realistic if you want to sell your diamond quickly.

After setting the price, it’s time to look for a buyer. One rule of thumb is to never consider pawnshops as an option. A pawnshop will only offer you 25-50% of what other buyers will give you for your diamond ring in the hope that you’ll bite their offer because you need the money badly. Instead, opt for brokers who specialize in buying diamonds or estate jewelry. You may also want to consider auctioning the diamond ring off. Check out the classified ads in your local newspaper to see if there are buyers looking for a diamond ring. The main idea here is to look for trustworthy buyers who understand the value of diamond jewelry and will pay the rightful price with no qualms.

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