Once you buy anything of value, it is difficult to get what you’ve paid into it when you sell it. This not only includes cars, which depreciate by as much as 40% when driven off the lot, but it includes diamond rings as well. If you want to sell a diamond ring, here are four tips for getting the most money that you can from it.
Get it Graded
If you have gotten divorced or your ex said no when you popped the question, then you may have a diamond ring that you want to sell. Before you sell it, you need to know its value and the best way to find out is to have it graded. For a fair, unbiased grading, you should send it to an authoritative gemological lab such as the Gemological Institute of America, or GIA.
The gemological lab will grade the diamond based on its cut, clarity, color, and carat weight. Once it has been graded by evaluating the “four Cs,” you can show potential buyers a certificate that authenticates the diamond and informs them of any flaws that it has. Although you can ship the diamond to be graded on your own, many people send them through reputable jewelers so they can package, ship, and insure them correctly.
Consider an Appraisal
Along with getting a diamond graded, you may also want to consider getting it appraised. The grading report doesn’t give you a market value on your jewelry; it only grades the diamonds in the setting. A reputable jeweler, such as the one you shipped the diamonds through, can appraise the diamond to give you an idea of how much it would currently be valued at on the market.
Sell it to or Through a Jeweler
When you know the value of your diamond jewelry, it can help prevent you getting ripped off when you sell it. Some jewelers will buy diamond jewelry from the public to resell in their stores. However, keep in mind that they want to make a good deal, too, so they are likely to offer a price below the current market value; however, by being aware the real value, you can negotiate knowledgeably with them.
If their offer isn’t one that you like, you may be able to consign your jewelry through them. This means that they will sell your ring, necklace, or other diamond jewelry for a fee. After selling diamond ring, they will usually charge the seller a percentage of what the ring sold for as their fee. However, it is a good way to get the most money possible from a ring.
Selling it Yourself
You can advertise your diamond jewelry online to find a buyer but you probably won’t get much from the sale. People who are shopping ads online are looking for bargains and they will usually bypass an ad with a high dollar amount. Of course, if you’re willing to take a loss when selling an old engagement or wedding ring, selling it online can be a quick way to make some cash.