You do have situations where you may want to sell a diamond ring, but you don’t know what the process looks like and how to begin. Let’s have a look at what can help you to begin the process of selling and succeed more than ever before. While buying a diamond ring is easy because you walk in and buy one, the same may not hold true for selling one. Let’s have a look at how to sell a diamond ring and get the most for it.
Tip #1: Bring Certificate Grading from a Reputable Lab
If you want to get the best price when selling a diamond ring, you have to bring a certificate grading from a reputable lab. Not to mention, some jewelers won’t even look at it if it doesn’t have this certificate.
Having a certificate establishes the proof of the diamond ring is authentic. The best certificates come from the Gemological Institute of America or GIA.
Because the certificate comes from a neutral third party, it eliminates the bias of someone who tries to sell a diamond ring where they could say anything, and it isn’t even true. A GIA certificate will include a number of indisputable grading factors like:
If you have a GIA certificate older than five years, you might request a second evaluation to ensure proof with the jeweler when you go to sell it. This costs $78 for diamonds over 15 carats, but the price of the certificate depends on the weight and carat of the diamond.
Tip #2: Have the Diamond Appraised
Before you look for where to sell diamonds, you may want to have your diamond appraised. Doing an appraisal ensures that you know the value of the diamond when you go to sell it to the jeweler. That protects you from falling prey to an asking price that fell significantly below the value of the diamond.
Before you ever ask, “Where can I sell my diamond ring?” You should first have it appraised because this leads to the most favorable results over the long term.
You might also compare your diamond on the Rapaport List, but you should never forget how this list tends to underprice diamonds, rather than over price them. The prices in the Rapaport List look at the current market conditions, and they can give an idea about the value of the diamond.
Tip #3: Approach a Jeweler
If you’re asking yourself, “Where can I sell my diamond ring?” You might simply approach a jeweler because along with buying from distributors, jewelers will also buy used diamond rings and other jewelry from people.
Beware, however, that with this strategy, they will often propose a dirt-cheap price to start to try to maximize their profits from it. It undercuts the value of your diamond ring, and you will want to make a counteroffer.
Like with any initial negotiations, you should never agree on the first price given because they will most likely be undercutting you on the value of it. It does take some negotiation skills to walk away with the best price.
If you have no skills with negotiation, you might take along a friend who understands how to do it. Selling a diamond ring requires a fair amount of knowledge to do it well.
Tip #4: Consignment through a Local Jeweler
Outside of selling directly to a jeweler, you could also choose to go up to a jeweler and tell them, “Sell my diamond ring.” Consignment means that they will post your ring up for sale, and they will take a cut of the profits when it sells. How much a jeweler takes at consignment depends on the shop, but you can expect an average of between 10 to 30 percent of the asking price.
Keep in mind, the higher percentage doesn’t always mean that your diamond ring will sell better. In fact, this can cut into your profits to the point that it doesn’t always make it worth it, but you will have to consider this when you walk into the shop.
Tip #5: Understand How Some Jewelry Depreciates in Value
Contrary to what you might think, not all jewelry retains its value. Looking at how to sell a diamond ring, you should understand how the value may be different from what you expect because of depreciation.
If you want diamond jewelry that retains its value well, you might buy from some of the more iconic brands like Cartier and Tiffany & Co. High-quality jewelry will depreciate at a slower rate than some of the other things, but they can still lose value over time.
Tip #6: Don’t Go in with Unrealistic Expectations
Knowing where to sell diamonds matters, but you need to tamper your plan with realistic expectations because you don’t want to feel disappointed. Have your diamond appraised but prepare for slightly lower figures to avoid disappointment.
When jewelers buy diamonds, they often look for the best price. That doesn’t mean that you can’t get a great price, but you have to prepare for low-ball numbers at least at first.
You might have your diamond ring appraised, but you may even want to look at diamond jewelry on sites like eBay with similar characteristics to compare and understand the value. With that said, you should also know when to walk away. If a jeweler doesn’t give you a fair price, you can always sell it to someone else. Understanding the value is the key to getting a fair price.
Maybe you’re wondering to yourself, “How can I sell my diamond ring?” Hopefully, you can see the process through the different steps above. If you’d like to sell your diamond rings, why not visit our jewelry store to check the prices. We’d love to work with you, and we have a team of experienced professionals who will do their best to give you the fairest price for the real value of your diamond jewelry.