When selling a diamond ring for cash, you want to be sure of getting a fair price. Fortunately, this is not as hard as it seems. Selling your diamond jewelry might seem like a complicated process that requires a lot of insider knowledge, but if you follow the advice in this article, you will see that it is easy to sell a diamond ring for the cash that you deserve.
Selling a Diamond Ring vs. Gold Band
The first thing to remember when selling your diamond ring is that its market value is more subjective than a simple gold wedding band or ring–which will be valued solely on its weight in gold and the current gold trading price (which anyone can look up online). The only exception to this rule would be for gold wedding bands from a highly sought-after luxury brand like Cartier or Tiffany & Co.
However, if you are selling a diamond ring, your cash offer will be based on the resale value of the diamond or diamond ring as a whole. So how can you get an idea of your diamond ring’s resale value? The first thing to consider is who made your diamond ring. The more exclusive and sought-after the designer/brand, the greater the diamond ring will be worth (relatively speaking) on the estate jewelry market. A few of the most sought after diamond jewelry brands include Harry Winston, Tiffany & Co., Cartier, Neil Lane, Leviev, and Graff.
How Much Does Size Matter When Selling a Diamond Ring?
An important thing to take note of when selling a diamond ring is the size of the diamond(s). Remember that a 1+ carat diamond is going to be worth much more than a .98 carat diamond, because a diamond of at least 1 carat is much more rare than a diamond just under 1 carat. Size isn’t everything though. The most valuable diamonds are those with both a high clarity grade (VS-IF) and a high color grade (D-J grade). In other words, you usually cannot expect much of cash return when trying to sell a diamond engagement ring with a diamond that has a high color grade but low clarity grade.
With this information in mind, you can try to assess your diamond ring’s resale value by checking on e-Bay for similar diamond rings that have been manufactured by the same fine jewelry brand. However, be sure to look only at those diamond rings which have already been sold, rather than ones which currently are for sale, as these diamond rings may be priced much higher than their true market value.
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Should I Get an Appraisal Before Selling My Diamond Ring?
Another way to evaluate the worth of your diamond ring is to get a formal written appraisal. When seeking an appraisal before selling diamond rings, there are a few things to remember.
1) The cost of a written appraisal usually isn’t worth the money for a diamond ring that is worth less than $2,000.
2) Remember that the cost of the written appraisal (which could cost hundreds of dollars) is going to mean that much less money in your pocket when you sell your diamond ring.
3) Be sure to ask the diamond appraiser for a market (resale) appraisal of your diamond ring. Otherwise, you might receive a retail appraisal that is much higher than the amount you will receive from a diamond ring buyer.
Get a Free Appraisal Before Selling a Diamond Ring
Rather than getting a written jewelry appraisal, I usually recommend that clients seek a free verbal appraisal from various businesses that purchase previously-owned diamond rings. This includes pawn shops, jewelry stores, and dedicated jewelry buyers. Not all businesses provide free verbal appraisals of diamond rings. But many do, and at DEJB we are always happy to provide free diamond jewelry appraisals to potential clients.
How to Sell Diamond Ring: Market vs. Retail Price
If you are asking your own fine jeweler for a verbal appraisal of the resale value of a diamond ring that you bought from them, be sure to ask if it is the price they would be willing to buy the ring back from you today. Otherwise, your jeweler could cite a higher resale value because they do not wish you to know how high the retail price was on your diamond ring.
When selling a diamond ring, do keep in mind that the retail price is usually around three times that of the manufacturing cost. Diamond rings sold online or at advertised “wholesale” prices are still usually marked up around three times. Therefore, when you sell a diamond ring for cash, don’t expect to receive anything close to the original retail price or the replacement price listed on a written appraisal form for insurance purposes.
The good news is that you can get a lot more cash for diamond rings now than you could in the past. The higher price of gold and diamonds, coupled with the increased demand for luxury goods in Asia, means that dedicated jewelry buyers who have a global resale network, like Diamond Estate Jewelry Buyers, can get you a much fairer price for your diamond rings than ever before.
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Is it Safe to Sell a Diamond Ring Online?
Before selling a diamond ring to an online jewelry buyer, you want to be sure that they have a strong track record and a secure, smooth, and professional shipping process. For example, you can sell a diamond ring to Diamond Estate Jewelry Buyers with complete confidence and with absolutely no risk whatsoever.
We provide every customer with free FedEx Overnight shipping and every diamond ring shipped to us is insured to its maximum value by Parcel Pro, a UPS Capital Company which specializes in insuring high value jewelry, diamonds, and gemstones. If you decline our final cash offer for any reason, we will be happy to ship your diamond ring back to you at our expense. For more information about selling your diamond jewelry online, please click on the following link: Sell a Diamond Ring From Home.
The 4 Steps for Selling a Diamond Ring for Cash
So, here is a quick summary of the basic steps involved in getting a fair price when selling a diamond ring for the cash that you deserve:
1) See if you can find a sold listing for the same or similar diamond ring manufactured by the same jewelry brand. If found, this gives you a ball park figure to work from—though often an e-bay price is slightly higher than the average resale market price for diamond rings.
2) Research online the pawn shops, jewelry stores, or dedicated jewelry buyers in your area who purchase previously-owned diamond rings, as well as national fine jewelry buyers. Select the top three or four who advertise as offering free diamond ring appraisals.
3) Contact each business via phone or email. Describe the diamond ring that you wish to sell, and request a free verbal appraisal and cash offer.
4) Select the business who makes you the best cash offer your diamond ring.
Get a Free Diamond Ring Appraisal Now
You can arrange a free verbal diamond ring appraisal by contacting Diamond Estate Jewelry Buyers now. We look forward to earning our reputation for best cash offers with you today.
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Diamond Estate Jewelry Buyers is the best place to learn how to sell a diamond jewelry for the cash that you deserve. We purchase previously-owned diamond jewelry from all leading bridal jewelry brands, including Neil Lane, Philip Press, Simon G, Scott Kay, Tacori, Christopher Design, Ritani, Verragio, Michael Beaudry, Jeff Cooper, A. Jaffe, Jack Kelege, and Michael B.