Thinking about how to sell your diamond ring or other diamond jewelry? Not sure where to start? The process of how to sell diamond jewelry can seem confusing or overwhelming, but learning how to sell a diamond ring is easier than you think.
When wondering, “How can I sell my diamond ring?”, it’s good to keep a few, key considerations in mind so that you make informed decisions. This guide will help you understand how to sell your diamond ring and prepare you with the right information so that you can achieve the highest value for your diamond ring.
How much can you sell a diamond for begins by understanding your diamond’s characteristics
It’s best to start the process of selling diamond jewelry once you have an idea of your jewelry’s attributes and how they can affect its value. Unlike gold or other commodities, diamonds don’t have a single objective resale measure, making it confusing and overwhelming for those inexperienced with how to sell diamond jewelry.
Get the diamond graded
Obtaining a diamond grading report, such as an AGS or GIA diamond grading report, is the first step towards determining your diamond’s value. Although the report will not specify how much you can sell a diamond for, it will provide you and potential buyers with essential information about your diamond such as cut, clarity, carat, color, and fluorescence. With a diamond grading report in hand, you can compare your diamond jewelry to pieces with similar characteristics & quality in the wholesale market. If you have an old diamond grading report (i.e. more than 5-years old), it is recommended you obtain a new diamond grading report. This will increase the confidence of buyers in the accuracy of your diamond grading report, as standards have changed throughout the years. To generate the report, you will need to send your diamond to a reputable grading lab for it to be assessed and graded by gemologists & professionals.
Appraisals can also offer an initial assessment of a diamond’s characteristics and conditions but should follow wholesale market trends and help you understand the potential resale value of your diamond, not the retail value. It’s an important distinction to make when you’re considering how to sell a diamond ring or other piece since many appraisals are conducted for insurance, or Retail Replacement purposes, and as the name implies, reflect the jewelry’s retail value.
Preparing to sell your diamond ring yourself?
As you consider how to sell loose diamonds or jewelry, you may decide to do the legwork yourself. If this is the case, it would be in your favor to clean your diamond jewelry to make sure it looks its best. Simply soak your diamond jewelry in a solution of warm water and gentle dish soap for about 30 minutes. Then use an extremely soft toothbrush to brush it and rinse the jewelry gently under warm water.
Work with professionals that know your diamond’s true value
Preparing for how to sell your diamond ring or other pieces is important, and Mondiamo is here to help. We strive to provide our customers with the highest cash value for their diamond jewelry, but we also want to save you money, time and effort in the long run by doing the work for you. Diamond grading reports can take several weeks to complete and may cost upwards of $50 to $250. We work with the Gemological Institute of America (GIA) to obtain reports (or recertify diamonds, if needed) so that your diamond’s quality is accurately assessed. Our team of gemologists will also professionally clean and visually inspect your diamond jewelry to enhance its beauty, and thus its appeal to buyers.
Look into options for how to sell an engagement ring
Whether selling to a jeweler, a diamond buyback service, or a private buyer, you should consider the benefits of each option before deciding how to sell your diamond jewelry.
If selling to someone in the diamond industry, such as a jeweler or buyback service, you’ll generally be able to sell your diamond ring or jewelry and get paid quickly, and time is money. However, unless that company is reputable and has a global distribution, they will not be able to or know how to sell a diamond ring for the most money and are likely to offer you a price that is below market price. Look for businesses that have proven to be transparent and professional, or that have accreditations from reputable sources, such as the Gemological Institute of America (GIA), Better Business Bureau (BBB), or others. Positive customer reviews and services that provide customers peace of mind, such as free and fully insured shipping, are also indicators of trustworthy buyers that know the best ways of how to sell a diamond.
Private buyers or auctions give the impression that you may get more for your diamond, but remember that in most cases the buyers are willing to purchase your diamond because they are going to make a profit from it, or because it’s a good bargain. Otherwise, they would be purchasing brand new, instead of pre-worn. Also, figuring out how to sell a diamond ring to a private buyer can take much longer, since finding a customer that is looking to purchase a ring with a specific design, size or style could take many months. Private buyers are also looking to get a deal so be prepared to negotiate how much you can sell your diamond for.
Whichever way you decide how to sell a diamond ring, be confident in your decision
Often, someone wondering how to sell an engagement ring or how to sell an old wedding ring is thinking about parting with something you may have a strong emotional connection to. It’s important to take time and prepare yourself emotionally before starting the selling process. Once you are confident in your decision, you’ll find it much easier to move on and separate from your diamond jewelry.
Remember, even if this is the first time you are selling diamond jewelry, the process of how to sell a diamond doesn’t need to be confusing or difficult. Emotionally preparing yourself to sell the diamond, understanding your diamond’s characteristics, and finding the right buyer are the key considerations to keep in mind.