Selling a diamond ring can be trickier than buying one. Especially when there are feelings attached to that ring.
It depends on market prices, the quality of the diamond you have, who is buying it, and ultimately what you are willing to accept for your ring.
Most ring buyers will be looking to offer the lowest price possible for a pre-owned ring, to maximize their potential profit when they then sell it on. But the amount that you are offered can vary massively, depending on who are you trying to sell to.
To ensure you get the maximum amount for your diamond ring, you need to know a few things beforehand. That’s where we can help.
While we discuss some selling tips, check out this detailed guide on how to sell a diamond ring to learn more. Now, let’s get started.
What To Consider When Selling a Diamond Ring
If You Can, Ensure You Have All of Your Purchase Information Handy
If you can find them, having your ring purchase receipt, grading report or diamond certificate will help you get off to the best possible start.
A receipt will have the original price at which you got the ring and will prove that it is yours to sell. A diamond’s grading report (also known as a ‘certificate’) will contain the detailed weight, quality, and type of diamond included in your ring.
These documents can help a potential buyer understand what a fair price to offer you would be, and also help you figure out the base price that you are looking for.
Find Your Appraisal
Find out if you have an appraisal for your ring – this may have been supplied when you originally purchased it, or it may be something that you have created when you were looking to insure your ring.
An appraisal will contain much of the same information about the center stone as a diamond grading report, but will also include information about any other precious stones included in the ring e.g. the number of diamonds in a halo setting and their quality, information about the setting itself e.g. the quality of the gold used, and finally it will include a ‘replacement value’ i.e. what the appraiser estimates that it would cost to replace the ring if it was lost or stolen.
A diamond’s ring appraisal is subjective and is valued at a particular point in time, so two jewelers that conduct an apraisal on the same ring may assign surprisingly different values.
Keep a Realistic Price In Mind
It may be tough for you to hear this, but here we go: when you sell a diamond ring, you won’t recover the original purchase price or the appraisal price. Any offer you receive is likely to be 50% – 60% of the appraised price at best.
But if you know what you are looking for, it will be easier to get the best value. Find out the current prices of rings of the same size and quality as yours to help get guidelines on what a reasonable amount for your ring right now.
The base price will work as your guide to negotiate better.
Consider Different Places to Sell Your Ring
You can sell a ring at different places. Your choice depends on how quickly you want to sell one or how much value you are looking for.
Here are some places where you can sell a ring:
- Local Jewelers
You can visit local jewelry stores to understand different selling options. You can either sell the ring or exchange it for something else.
These stores will test the ring and offer a suitable price for you based on what they think they can resell the ring for. Although you can negotiate if the price doesn’t suit your interest, the scope for this may be limited.
- Local Buyers
The next option is to find an individual to buy your ring e.g. through Craigslist or Facebook marketplace. If you can demonstrate that you are trustworthy then it could be a great way to get a good price for your ring.
The flipside of this is that you also need to make sure that you are dealing with someone trustworthy on the other side. Take precautions when meeting anyone when dealing with a valuable item and it’s worth reading up on common scams to ensure that the buyer can’t perform a chargeback or recall the payment after taking receipt of the goods.
- Antique Stores
If the ring you are trying to sell is considerably old or has a brand name attached to it, antique stores can be a great option. They are always keen to buy rings that have a signature of a brand name and are old enough to be considered antique as they know they will be able to find a willing buyer who will pay a good price.
- Selling Online
There are also several options to sell a diamond ring online, including sites like WP Diamonds, Worthy, I Do Now I Don’t and Leiser & Co.These operate on a variety of different business models but can be a good way to
The main consideration with selling online is the length it can take to complete the process – this can range from anywhere from 7 days to a month, depending on how long it takes to find a suitable buyer.
Choose a Buyer That Best Fits You
It’s smart to explore all the options to get a reasonable price quote for your ring and see what feels like the best fit for you. With multiple quotes, you can also use one price point to negotiate with the other buyers.
Ultimately, the important thing about selling a diamond ring is ensure that you are dealing with a trustworthy party on the other side who is going to offer you a fair value for your ring.
Spending some time researching your options and knowing the price you want will go a long way to ensuring that you get the best price possible when selling your ring.