How to sell diamond rings & still end up smiling
If you need to sell diamond ring, then there are a few things you need to know in order to go about it the right way.
Know what you’ve got
Diamonds can be misleading in that you might have a very valuable ring, an imitation or you could have a fake diamond ring in your possession.
Before getting disappointed, have a jeweler or pawn broker have a look at your ring to ensure that you actually have a valuable ring before trying to sell it.
You will be able to have a general idea about the condition of your diamond ring setting, the actual diamond or diamonds if you have accent or side stones and thus the overall value.
Setting a realistic price
Based on your appraisal, the price you bought your ring for and researching online stores, you should be able to set a realistic price for your diamond ring.
Be aware that you will not be able to get the price you bought your diamond ring for even though it’s as good as new.
If your ring is in very good condition, you might be able to get up to 60% of the price you paid for it depending on where you sell it.
Research prices on e-bay, and on I do now I don’t where you send your ring to be valued by a certified gemologist once you the seller & the buyer agree on a price.
The buyer pays “I do now I don’t”; they hold the cash until the ring valuation after which they pay you the amount you agreed upon with your buyer minus 15% commission.
If you don’t know the value of what your diamond ring is worth, then you might as well give it away because whomever you try and sell it to will rip you off.
To ensure this doesn’t happen, have your ring value or appraised by a professional body or a reputable jeweler.
This should preferably be any other than the one you are planning on selling your ring to.
If you allow your prospective buyer to value your ring, they will place a value that is as low as possible on it so that they can make the most profit from the ring when they resell it.
If you bought your ring for less than $ 2,000, it is not advisable to have it appraised especially if you have to pay for the appraisal.
The reason you are selling the ring is because you are cash strapped. Online sources like e-bay will give you a good idea of what the selling price will be.
Original paper work
As you consider to sell diamond ring, start looking for the gemological report the ring came with.
This will be a very big bonus to you as you sell your ring and can save you money you’d have spent on having the ring appraised.
These documents or certificates are normally issued by recognized associations; the most recognized being the Gemological Association of America & GIA.
They give a detailed breakdown of you diamond ring and are accepted by most if not all reputable jewelers.
Evaluate your selling options
There are a couple of avenues available to you when you sell a diamond ring.
E-bay and Craigslist
The people on these sites are looking for a bargain.
They want quality goods but at discounted prices thus they can’t shop in the large online stores.
Have a look around those same sites for completed sales of diamond rings similar to yours to give you an idea of the prices people are willing to pay.
This will guide you on what to expect before selling diamond rings.
The general Public (be careful where you meet)
- Always be careful when it comes to selling valuables to strangers in person.
- Arrange to meet in a place you are comfortable with and that you frequent regularly so that you’ll be at ease.
- Do not meet in a secluded venue even if you are comfortable there.
- Don’t go for the meeting on your own.
- Even if you sit at different tables, knowing that someone is literally watching your back is very reassuring.
- Make sure the venue is well lit and never meet at dusk or at night as you can’t tell the quality of a diamond under such conditions.
- Never let your diamond ring leave your site. There are people who though practice can change stones on a ring quite quickly.
- If you agree on a price and you get paid, make sure you bank the cash as soon as possible. It is possible to be followed after the transaction while having a large sum of cash on you.
- Having someone with you will be doubly beneficial in this situation as you’ll have extra security.
These are the pawn brokers and jewelers.
Since they are industry experts and business men, they will be looking to buy at the lowest price possible so you need to have your facts right before dealing with them.
The positive side to dealing with industry insiders is if you have a valuable diamond ring, they will negotiate with the full intention of buying.
You will also be assured of being paid upfront once you agree on a price.
Be emotionally ready
Before you sell your diamond ring, be 100% sure that you are emotionally ready to part with your diamond ring especially if it was a gift, engagement or wedding ring.
If you are unsure about selling the ring, keep it until you are as it can haunt you for a long time to come.
Diamond rings which are passed on generationally are especially sensitive
If you really need the cash and it will help you out of a tight corner, comfort yourself with the knowledge that diamond rings are jewelry and if the cash you get is used wisely.
That will be a testimony & a positive way of remembering the sale of the diamond ring.