Are you thinking of selling your engagement ring, hoping that you will get the most out of the sale? You are in the right place. Whatever the reason for selling the ring – the end of a marriage or a broken engagement, or financial distress in the relationship, you’d want to make sure that you get the most out of that decision.
Of course, you won’t sell the ring for anything close to what you bought it for – diamonds don’t gain value, but they actually lose most of their value from the moment the ring leaves the store, and in some cases, the metal that the diamond is set on may be more valuable than the stone, but this doesn’t mean that you should settle for peanuts.
With a lot of research, an understanding of the jewelry (precious stones and metals) market, and with the right buyer, you can still find the best deal for your diamond ring. In this article, we’ll take you through all you need to know about selling diamond rings and making the most money from such sales. So, keep reading.
Where can I sell my diamond ring for the most money?
With endless options for you to consider, from online sites to local brokers or even the jeweler you got the ring from, it can be confusing to choose and settle one.
And for the best possible price for that diamond engagement ring, it would be wise for you to consider all the possible options available to you. Some are, obviously, better than others.
Below, we take a look at 4 of the best options for you.
1.Sell it at a dedicated auction site online.
This option gives you an estimated return of between 25 and 50%. One of the top-recommended online sites to sell your diamond engagement ring from is Worthy.com, which is a marketplace that connects people wishing to sell their jewelry, like you, you the most seasoned professionals on the look-out for the best diamonds, as well as golds.
The marketplace runs as an auction house where buyers bid against each other to buy jewelry from you.
Thanks to the auction-style setup, the middleman is cut out of the equation, and the transactions end up leaving more money on the table for your and the buyers. As the enabling site, Worthy.com will take up a small cut for every successful transaction. Even then, this is a very small price to pay given the increased level of exposure your ring gets.
The one caveat with this site is that they only allow you to auction your ring if it’s worth a minimum of $1,000.
To sell your diamond ring at an online marketplace, you’d have to give them an accurate description of the ring to help them decide the best price for the piece.
Most of these online marketplaces offer scheduled, free, and secure shipment for the item. They’d even send a packaging/ shipping kit if you don’t have any.
If you don’t mind working with a middleman to sell your diamond engagement ring, you could use an online broker like CashforGoldUSA. This is a reputable online jewelry broker that offers a good return of between 15% and 20%.
They recommend selling rings worth over $1000 on the site, but you have to give the online broker a ring for holding until the deal is done.
You’d get the ring back if you are not happy with their valuation, but if their valuation is agreeable with you, you will enjoy one of the fastest sales.
This online broker is trustworthy, and the other impressive feature is that they’d buy a broken diamond ring for cash.
If the online auction marketplace or online brokers don’t feel like fitting options for you, you could opt for local jewelry stores or pawn shops. Most of the pawnbrokers and local jewelry stores would be very happy to take that diamond ring off your hands, especially if you are looking for a quick sale.
The downside of using pawnbrokers is that you will get a lot less from the sale than you would if you sold the diamond ring privately. It is, however, a good option if you need quick cash.
Our last recommendation is the use of social media. Over the years, social media has turned into one of the most popular tools for buying and selling items.
Platforms like Facebook Marketplace, along with social media groups, provide you with a safe space to buy and sell different products. To sell your diamond ring on social media, you’d want to take a bit of time researching genuine groups and pages that you can sell the ring from, preferably one that’s dedicated to the sale and purchase of diamond engagement rings.
Once you’re sure about the group/ page, you can list the product there and wait for buyers.
The catch is that social media can be very deceiving because there are millions of con artists on the platforms. Therefore, we wouldn’t recommend selling an expensive diamond ring on social media because the risk is too high.
Tips for selling your diamond rings
Before we look at the important tips to guide the sale of your diamond ring, it’s important to look at diamond rings and whether they hold value or not.
Essentially, whether that diamond ring holds its value or not depends on a number of factors. But generally, the ring will lose a small percentage of the value, or it could retain its value – diamonds don’t gain value. The past few years have seen a drop in the value of diamonds, except with the colored diamonds, which means that buying a diamond ring hoping that its value will go up is misguided.
So, what do you need to keep in mind when selling your diamond ring?
- Determining the value of your diamond ring
The value of your ring is based on a number of factors, the most important being the 4Cs.
The 4Cs are the cut, carat weight, clarity, and color of the diamonds. The Cut grade determines if the cut’s scale is Poor or Excellent.
The Color Grade determines the colors displayed by the diamond. Diamonds are graded from D for colorless stones to Z for the faint yellow diamonds. This grading applies to the white diamonds only. For the fancier colored diamonds, their grading differs, and the diamonds are graded from Fancy Light – Fancy Vivid – depending on the intensity of the color.
Then you have the Clarity Grade, which details the amount of the external and internal flaws in the diamond, and the diamonds are graded from Flawless (FL) to visibly flawed (I3).
Carat Weight – this refers to the actual weight of the diamond – ct.
The diamond’s setting is also important, and it adds value to the diamond’s offer. Regarding the setting, you need to familiarize yourself with the different settings. The metal the diamond is set on could be white gold, platinum, rose gold, or yellow gold. But this isn’t enough; the purity of gold, for example, is crucial – it can be 14k or 18k gold.
Also, on the setting, you need to check out the additional stones incorporated, for example, the pave band or the side stones. You also need to indicate the total carat weight for the additional stones.
Finally, consider these other factors.
- Look for diamond experts to sell the ring to
- Include the ring’s certificate, as well as the original box and accompanying papers.
And, there you have it—everything you need to know about where to sell diamond rings for the most amount of money.
Stephanie is a jewelry lover when she was a teenager. Her major was fashion design when she was in college. She is a jewelry designer at SOQ Jewelry and other design companies. Now she is also a writer for our website. She writes a lot of designs&brands posts with very actionable tips.