FAQs for selling a diamond ring

Posted on Posted in Diamonds

SELL DIAMONDS NYCWhether you want to sell your diamond ring since you don’t wear it anymore or it’s just out of style, you probably want to get as much money as possible. You most likely also have a whole lot of questions and may be unsure where to begin.

This is a very common question and the majority of people believe they can sell diamond jewelry for the appraised value, or very close to it. In fact, the point of an appraisal is to provide your jewelry a value for insurance purposes. The value is normally quite inflated and won’t represent the real price you can get by selling your jewelry. Should you want a price closer to what you’ll get, be sure to request the appraisal what they would pay for your ring if they were going to buy it.

Can I Get Close to the Purchase Price?

When you buy diamond jewelry at a jewelry store, it comes with a premium that may be as high as 60%. When you’re preparing to sell the ring, it’ll probably be worth much less than you paid. There’s not really a set percent of the purchase price you will receive as it depends on may factors, including how long ago you bought the ring, the condition and style and how much through market value you paid.

Where is the Best Spot to Sell Diamond Jewelry?

You might be overwhelmed by the kinds of places you can sell diamond jewelry now, from online auctions and pawn shops to jewelry stores and specialized diamond buyers. Not all locations can get you the best value, nevertheless. Jewelry stores and pawn shops often offer the lowest prices. Pawn shops don’t use skilled gemologists so their offer will often be low because they lack the experience and knowledge to accurately rank your diamond. Jewelry stores buy large volumes at really discounted prices so their offer will not be higher than they can pay wholesale.

This route can be tricky, however, as it’s no guarantee you’ll get the top price. Remember, prospective buyers do not know you and they’ve no reason to trust you so you’ll need to have a diamond certificate if you decide to use this choice. Be aware youwill also pay insurance if you ship the ring and auction fees after it sells.

In general, the best spot to sell diamond jewelry is with a diamond buyer certified by GIA. They are able to appraise your diamond and give you a good price.

Do I Require a Certification?

A diamond certificate, or report, includes all important info about your diamond, like its carat weight, cut, clarity as well as color, in addition to the diamond’s inclusions.

You have so many options today when you wish to sell a diamond engagement ring that it is easy to get confused or overwhelmed. Just remember that knowledge is power so learn as much as you can about your diamond ring before you sell it and get multiple offers from various sources, including pawn shops, diamond buyers and jewelry stores to ensure you get a good price.

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