I inherited a diamond ring recently. The joy that came with owning such a priceless ring was worthless.
Can you even imagine that in this modernized world I didn’t know such a ring existed?
Call me ancient; I wouldn’t mind!
I’m just glad my mother-in-law found me worthy to wear this treasure as she willed to me. Now I have something worth passing on to my generation. Who knows, I may even sell it.
If you find yourself in a similar position as mine, this stat will amaze you!
Recently, the price of diamonds has doubled from the initial price of $7,000 per carat in 2015 to $9,000 per carat this year. Sellers are at an advantage now to make tons of cash selling off their diamonds.
With this stat, selling your diamond ring will be for the greater good.
Stay with us as I bring to your notice the best ways to sell a diamond ring.
As you follow through these tips, you will absolutely learn how to sell your diamonds for a competitive price.
What is My Diamond Ring Worth?
No matter how you gained your diamond ring, either as a gift or engagement ring, the question that pops up always is “how much is my ring worth”.
To know the worth of your diamond ring, you have two factors to check out. The stone set in it and the metal of the band.
Knowing how much each if this is worth is the real deal.
This is what I mean!
The quality of a diamond is the number one factor to determine the worth of any diamond. The best way to find out the worth of your diamond is to compare it with other gems that have the same attribute.
It will give you an exact value because no two diamonds can be the same.
Also, the jewelers sometimes determine the worth of the diamond. They can buy diamonds the exact price if it is new, but when they are buying used diamonds, the price is always different.
They are buying the damage that may be on the diamond, such as the stain on the gem, missing stone in the setting, and chip on the band. Buying the ring means they need to fix it and flip it for a greater profit.
However, determining the worth of your diamond ring depends on how you sell the ring.
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How much can I sell my diamond ring for?
The amount that you will receive when selling your diamond or engagement ring depends hugely on where you sell it.
I conducted a test where I offered the same diamond to six different jewelry buyer to find the best place to sell a diamond ring:
- With a pawnbroker
- A local jeweler
- eBay
- Worthy.com
- A specialist diamond buyer
The prices they offered me for the diamond ring ranged from $4,200 to $6,300 per carat. So, the price you sell your ring depends on where you sell it and the quality of the diamond.
A page in this article will show you the best way and places to sell your diamond ring and turn up a tremendous amount of money.
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Real factors that determine the price of a diamond
There are many factors that can affect the price of any diamond. Whether it is an engagement ring or it was a gift to you and you don’t know the value, these factors will help you establish its resale value.
#1. Diamond Certificates
Knowing the certification of your diamond makes it easier to sell your ring for a good profit.
Most people know about the 4Cs:
- Cut,
- Color,
- Clarity and
- Carat
For the color, diamonds with a deeper and purer color will be more expensive.
Diamonds with a clear and brilliant shine increases glow and can be auctioned for a greater price.
Also, diamonds are priced per carat, so the higher the carat, the higher value it can turn in for you.
With the knowledge of these 4Cs, buyers will calculate a price for your diamond ring.
However, these are not the only determinant factor of the diamond’s price tag to any buyer.
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#2. The Center Stone
Certainly, the 4Cs are majorly the most important factors and can cause a price change of 5% to 30%, but there are equally other factors to consider.
The center stone plays an important role when you want to know the actual worth of your diamond ring.
For instance, if you have one major stone in your ring, most of the value can come from it.
The first step you should take is to determine the stone you have in your ring. Check if it is a ruby, sapphire, diamond or even emerald.
The more information you have on the major stone, the better knowledge you have to selling it.
#3. Fluorescence
Fluorescence is the ability of diamonds to give off a soft colored glow when put under ultraviolet light, such as black-lighting.
This is actually a defect to the quality of a diamond because when the diamond looks blurry and gloomy rather than clear and brilliant, it reduces the price.
This means a diamond that emits strong fluorescence has a price at the range of 10-20% lower than those that have faint fluorescence or none.
#4. The Shape
Diamond shapes also affects the price you sell a diamond
In general, round clear diamonds with the same carat size are more expensive than other shapes. The lowest stones in terms of shape are emerald, oval, pear, and marquis cut.
The reason for this divergence in price is the fact that round clear and brilliant diamonds are the most commonly bought, navigating the price higher.
However, it depends on the way the round shape dispels the diamond shine.
Other Factors are
Here are other factors that can affect the diamond price.
The polish and symmetry of stone can affect the value of a diamond ring by 7-10%. Polish here means the smoothness of the surface of the diamond after cutting, while symmetry means the overall precision in the shape’s cutting.
Polishing the diamond also means the stone’s finish, and they affect the overall look of the final gem.
Rarity also affects the price of any diamond. Where the diamond came from, how hard it was to get it, all these factors have a significant effect on the price of the stone.
In conclusion, diamonds can be difficult to classify due to the many factors that bring fluctuations in the price. Even with the development of an accurate and automated grading system, diamond appraisers must take into account all the interrelated factors to judge the price of a particular diamond.
What is the Best Way to Sell My Diamond Ring Today?
Let’s show you the most efficient places to sell your diamond ring and go home with a wide grin on your face.
#6. PawnShops
Pawnshops will offer you speed in selling your product, but will not give you the best prices.
To get a good deal, it’s always good to check the qualifications of pawnshops with the Better Business Bureau or their reviews online. Although some pawnshops are better than the other.
Also, before going to a pawnshop, find out the retail value of your ring. This way you can have a point of reference to negotiate.
If you’re willing to negotiate, you might even end up with a decent price, but a pawn shop won’t give you the best deal.
#5. Broker
To sell your diamond ring, you can go directly to a broker.
A broker takes care of the sales process for you, but you have to pay in the form of commission.
Most brokers have buyers in mind before walking in the door. It can be a buyer from another store or from a private client.
#4. Auction House
If you are not up to visit different dealers to get the best deal, you can try an auction house.
Most of the auction houses in the world will offer you a free appraisal of the item you want to sell. Opting for this method can be risky, instead, consult multiple sources.
If possible, you can choose an auction house that can help you take the ring to an independent jeweler and GIA lab.
However, keep in mind that an auction house will take a commission from your sale, perhaps up to 20%. But you will also benefit from services like insurance and product photography.
#3. Vintage Jewelry Store
Another visible option is the vintage jewelry.
A vintage store has an expert to examine your ring and estimate its price. In general, the process is like an independent jeweler store.
It’s important to get different opinions on the price of your ring. You can maximize the time you have to visit a vintage store and an independent jewelers store to get more options.
#2. Independent Jewelry Shop
Visiting an independent jeweler is another way to sell your diamond ring easily. You can always find them in most big cities.
An independent store can review your ring and give the best advice on how to sell it. To be on a safe side, look for a jeweler that has a Gemological Institute of America (GIA).
They can help you discern the value of your ring and whether they could remove the diamond. Removing a diamond is the best and most accurate way to assess the quality of a diamond.
However, you need to be aware who you allow to do so because you can risk breaking the metal claws.
#1. Online
The best and quickest way to sell your ring is to get a diamond buyer online.
Although, you can earn well when you sell your ring at an auction house, an online buyer will help sell your ring quickly and with reasonable profit.
You can achieve this from platforms like Craigslist and eBay. These sites can turn in a great profit for you, but it’s advisable to stay away from them.
Because selling your diamond ring through online buyers comes with risk, you can’t control.
You will have to deal with buyers looking for a good deal and sometimes do not know the actual value of your diamond engagement ring. Also, these online buyers can be amateur gemologists who do not understand the correct price of the ring.
This implies that selling your diamond ring online is great but with some hitches.
Now, you’ve known that the best way to sell your diamond ring is online, which is the best platform for you?
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Best Websites to Sell Your Diamond Ring Online in 2022
Unlike eBay and Craigslist, there are websites that will enhance your diamond sell online.
Here are the best platforms to sell your diamond engagement or gifted ring online:
#1. Worthy.com
Worthy.com is the best platform to sell your diamond ring online. I consider them the best because they sell all their items through an online auction.
In this site, you get to enjoy a free GIA lab report even if you decide not to sell with them. This will normally cost you hundreds of dollars if you’re to do it on your own.
In addition, the site is free as they insure all items. And the Better Business Bureau rating of A+ should help ease any fears about losing the ring.
Tips to Sell your Diamond Ring on Worthy.com
- Search for Worthy.com
- Provide details about your ring. For instance, setting, diamond shape, diamond weight, color, and clarity if you know it.
- Estimate the market value.
- Ship your ring.
- Worthy will help you clean, appraise, photograph, and write a professional description for your ring.
- They auction the ring with the price you’ve set
- Then get your pay
#2. Mondiamo
Another great option to sell your diamond rig online is through Mondiamo.
This site is specifically for selling diamonds.
The first step to sign up to this platform is to create an account. Once you do that, Mondiomo will ask you information about your ring.
Then they recieve and examine your ring.
They have good customer satisfaction including paying all expenses if you’re not satisfied with the final offer, and you can receive the ring back for no cost.
#3. CashforDiamondsUSA
CashforGoldUSA and CashforDiamondsUSA are two offspring of the same company that specializes in buying and selling gold and diamonds, respectively.
They have an excellent reputation in the aspect of selling diamond rings. They also ship jewelry for free, insure your items and charge no cost of return of offer.
Conclusion
Parting with an engagement ring or any diamond ring you have as a gift can be emotional. If you’ve to sell it, you should at least sell it for a good profit. This article will show you the best way to sell your diamond ring in 2022.
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