Is buying used diamond rings a good idea?
Let’s cut to the chase, you are shopping for used diamond rings & there aren’t very many shops stocking them.
Don’t let that surprise you.
The majority of jewelers will not stock used rings since it doesn’t look good for the business.
Diamonds have always been about class & luxury and used just doesn’t go well with the diamond jewelry image.
Secondly, the major diamond industry players have made a very deliberate effort to stop diamond ring owners from selling their rings.
They came up with marketing campaigns like diamonds are forever.
This ensured that you developed an emotional attachment to your rings.
This was so as to increase the sale of new diamond engagement rings .
Thirdly, used diamond rings have a stigma attached to they i.e. they represents a fall from grace & some people do not want to be associated with that.
What are the pros and cons of these rings?
- Used rings are cheaper than new diamond rings.
- You can get higher quality diamonds on your ring for much less than if you bought new.
- You can get antique rings being sold as used at a competitive price. These are quite expensive when sold by a high end jeweler.
- If you are buying to re-sell, you can make a large profit as those selling need cash & fast.
- You can get a raw deal as most rings won’t come with a diamond certificate.
- You can buy a stolen ring depending on where you are purchasing it.
- You might buy a ring engraved with someone else’s name & it will be an extra cost having it removed.
I don’t think I need to tell you what would happen if you gave that particular ring to your fiance.
- You can end up buying imitation rings posing as the real deal.
- You can buy a good looking ring only for it to fall apart on you after purchase as it has been help together for purposes of the sale.
So where do I find used diamond rings?
- High end pawn shops would be a good place to start.
The disadvantage with high end ones is that most of the buyers also tend to have money so the shop owners tend to keep the prices a bit higher in comparison to low end pawn shops.
- You can also get incredible bargains at government seizures and bank foreclosures where you’ll find seized, repossessed jewelry.
- The best place would be e-bay.
Due to the rules on the site, most sellers who have good reviews from past customers can be trusted and you can find amazing bargains.
- Sites like Craiglist.org are also a good source if you live in the same state as the owner as the sellers here are individuals & you buy at your own risk.
I would suggest you meet them in a public place or a jeweler where you can get the ring checked & if you are sneaky, find the price of a similar ring so that you can have an edge when bargaining for the used one.
A word of caution; as much as it seems like common sense, never send money to anyone you contact online selling used diamond rings unless you want to end up getting a $10 ring if you get anything at all.
No matter how good the deal is or how amazing the photos he or she sends are.