Things You Need to Know if You Ever Decide to Sell a Diamond Ring
Have you ever thought about selling one of your diamond rings? There are numerous reasons why someone might consider selling their diamond jewelry. Let’s explore a few of those reasons.
Maybe you would like to upgrade to a newer diamond ring. Or, you went through a tough divorce and no longer want a reminder of the broken relationship by looking at your old engagement ring or wedding ring.
Perhaps you are in financial need and want some quick cash. You could possibly want to sell your diamond ring because you no longer wear it or want something that is an updated style. You could have received a vintage diamond ring as an inheritance, but it’s not your aesthetic, so you find yourself thinking how can I sell my diamond ring?
Whatever your reason may be, we would like to guide you on some considerations for how to best go about the selling process.
Understand the Value of Your Diamond
Familiarize yourself with the 4C’s of a diamond because these are the primary factors that determine a diamond's value. The jewelry industry uses the GIA grading scale as a standard of measuring diamond value. Below is a brief overview of what you need to know about the 4C’s.
Carat
Carat Weight measures the size of the diamond. Larger diamonds are rarer and generally more valuable. However two diamonds of equal carat weight can have different values based on the other three Cs.
Cut
The cut does not refer to diamond shape, but rather to how well a diamond’s facets interact with light. This includes the diamond’s proportions, symmetry, and polish. A well cut diamond reflects light in a way that maximizes its brilliance and fire.
Cut is often considered the most important of the 4Cs because it has the greatest influence on a diamond’s overall appearance. The GIA grades cut-quality from Excellent, Very Good, Good, Fair, to Poor (with excellent being the highest level of craftsmanship).
Photo Credit: GIA
Color
Color measures the absence of color in a diamond. Colorless diamonds are rarer and more valuable. Even a slight color difference can significantly affect the value. The GIA color scale ranges from D (completely colorless) to Z (light yellow or brown).
Fancy Color diamonds are graded on their presence of color intensity, hue, and tone. The GIA uses a separate scale of diamond grading for fancy color diamonds. The more vivid and intense the color, the higher the grade and value.
Clarity
Clarity refers to the presence of internal characteristics called inclusions and external characteristics called blemishes. Diamonds with fewer and less visible inclusions and blemishes are more valuable.
Photo credit: AGS
Understanding the 4Cs helps buyers and sellers assess a diamond’s quality to help them make informed decisions. Each of the 4Cs plays a crucial role in determining a diamond’s overall appeal and market value.
Additional Factors
A jewelry buyer will also look at these additional factors when you want to sell your diamond ring. The following are some extra elements a jeweler may look for.
What precious metal is your piece of jewelry made of – gold, silver, platinum, white gold, etc. Does it have any hallmarks or stamps indicating the type and purity of the precious metal? Is it a solitaire, or do you have any additional gemstones included with your diamond ring?
High quality craftsmanship can enhance the value of older jewelry because of its intricate designs, precise settings, and overall attention to detail. Pieces from renowned designers or brands like Tiffany & Co., Cartier, and Van Cleef & Arpels can demand higher prices. Look for the maker’s marks or signatures. Below are rings from Tiffany & Co., Cartier, and Van Cleef & Arpels.
What is the overall condition of your piece of jewelry? Pieces in excellent condition with minimal wear are typically more valuable. Bringing any original certificates you have on your fine jewelry can help establish authenticity and value.
Appraisals Versus Offers
You can have your diamond ring appraised by a gemologist or a certified professional to get an idea of the value of your ring. Appraisals are an estimate of the replacement cost or fair market value.
In general, these are done for insurance purposes. Understand that your diamond jewelry can depreciate in value (similar to cars) once it has been purchased. The appraised value does not equal resale value.
Selling Options
You can sell your fine jewelry, diamond engagement ring, or diamond ring already in a setting or as loose diamonds. There is a market for both. If you have lab-grown diamonds, be aware that reselling them is still relatively new and the value of a lab-created diamond will be less than the selling price of natural diamonds.
Now that you’ve made the decision to sell diamond rings, let's look at some of the options of where you can look for potential buyers to get a fair price and the most money. Below are some options.
Pawn Shops
These establishments may offer quick cash, but this is definitely not where you will get your best price. Pawnbrokers are rarely certified to give a true valuation of your diamond jewelry. We do not recommend selling to a pawn shop.
Online Marketplaces and Private Sales
Some people look to websites like eBay, Craigslist, Worthy or even specialized diamond resale platforms for a wider audience. However, there are security risks of fraudulent buyers or platforms that may not pay, or that attempt to scam sellers. Many platforms can charge listing fees, commissions, or other service chargers that can reduce your overall return.
It is important to check out return policies as platforms tend to favor buyers with returns and disputes. Payments can sometimes be delayed due to processing times or verification procedures. Secure shipping is also crucial. Sellers should use insured and trackable shipping methods if you consider selling your piece of jewelry here.
If doing a private sale, always meet in public secure places and use secure payment methods and verify buyer credentials. It is very risky to meet a stranger when you are selling valuable diamond jewelry.
Online Diamond Buyers
Online diamond buyers offer convenience and a potential fast turnaround. They will have professional appraisers, use consistent standards, and provide insured, trackable shipping methods to ensure the safety of your diamond during transit.
Some online diamond buyers may have hidden fees or commissions that reduce your net earnings. These can include appraisal fees, shipping costs, or transaction fees. You would want to find a buyer with a long-standing reputation and financial stability. If going this route, it would be important to choose well-established and reputable online buyers with positive reviews and strong reputations.
Auction Houses
Auction houses can achieve high prices, especially for rare or high-quality diamonds. However, this option is not really for the average person.
Consignment
Selling on consignment through a high-end local jewelry store can yield higher prices, as the jeweler sells your fine jewelry on your behalf. Reputable jewelers should have security measures in place to protect your jewelry while it’s on display.
If you take this path, you will want to carefully read and understand the consignment agreement, paying attention to fees, commissions, and terms of sale. You will need to have realistic expectations that it could be weeks, months or even longer for your piece of jewelry to sell. There is also no guarantee that your fine jewelry will sell, leaving you waiting for payment.
Reputable Jewelers
Selling to a reputable jeweler offers convenience and speed when you want to sell your diamonds and fine jewelry. Reputable local jewelers have a stake in maintaining their good reputation within the community which can lead to fairer dealings.
These jewelry stores can give you a professional evaluation because they often have certified gemologists on staff to provide you with a fair diamond price.
Final Thoughts
Selling your diamond ring is a significant decision that involves careful consideration of numerous factors. You will find that E.D. Marshall Jewelers is trustworthy and has a solid reputation with over fifty years of experience. We have lots of expertise in selling and buying diamond jewelry while offering best prices. Our team would be happy to assist you with selling your diamond rings and even upgrading to a new diamond ring if you desire. We hope to see you soon!