It's hard to imagine that anyone would ever consider giving up a diamond. Still, sometimes life happens, and it becomes necessary to sell your valuable items, such as a diamond.
Maybe you've recently ended an engagement or a marriage. Perhaps you've experienced some hard times financially, and you've got a diamond ring that you haven't worn in years that could help get you over the hump. Most people don't know how to sell a diamond ring in these situations.
If you're looking for guidance on selling a diamond ring, the good news is that this article can walk you through what you need to know and do. You will learn about the steps you need to take and the mistakes you can avoid so that selling your ring can be as quick and stress-free as possible.
How to Sell a Diamond Ring If You Need Cash ASAP?
Before getting into selling mistakes that you should avoid, let's discuss your selling options first. If you're in a bind and want to sell a diamond ring, you can always go to a pawn shop or a local jewelry store, and they will typically always make you an offer.
If you decide to go with a pawn shop, the upside is that you can get cash on the spot. However, it's almost guaranteed that you'll not get the highest amount for your diamond ring. That's because pawn shops make their profits by purchasing things at a low cost and then turning around and selling them at a higher rate.
A jewelry store is a better route. They will first inspect the ring, offer you a price, and if you agree, they'll also pay you in cash. You will probably get more money than you would from a pawn shop, but it still may be a fraction of the cost.
There are also local stores that focus on purchasing gold, silver, and diamond jewelry. For instance, if you live in the New Jersey area, American Gold & Diamond Buyers have expert diamond buyers who will examine your ring on the spot and make an immediate offer. This offer is often much better than a jewelry store.
Selling your ring online is also another option. If you're willing to wait longer than a couple of days and feel comfortable sending your diamond in the mail, selling your ring online gives you access to a few more options. As a bonus, you can do it from the comfort and convenience of your own home, but remember that the anxiety may not be worth it.
What Do I Need to Know About Selling My Ring Online?
When it comes to selling a diamond ring via the internet, the first thing you need to do is become an expert on your ring. This means that you need to be sure about the four C's of your diamond — cut, color, clarity, and carat weight. It's also helpful if you have a GIA (Gemological Institute of America) or lab report for the ring. It explains the quality of your ring in complete detail.
It doesn't hurt to still have the box and the original receipt for the ring. All of this can help with getting a thorough jewelry appraisal. And yes, several online companies will appraise your diamond ring for you.
If you're nervous about hiring an online diamond buyer, that's understandable. If you're like most people, you'd like to sell your diamond for cash to someone who owns a jewelry buying business local to where you live.
Once the local diamond buyer makes you an offer, take a couple of days to do local comparative research. Look to see what new diamond rings similar to yours are going for on the used market. You can gauge how much you can get for your ring after the standard deduction of 45 to 75 percent (which is common when you're selling a used ring) is made.
You can try to sell your ring on online marketplace platforms like Etsy, Craigslist, or eBay. But, keep in mind that when coming up with a price for your ring, base it off comparables that have already sold, not diamonds listed right now.
What Are Some Common Mistakes?
Are you feeling more confident about selling a diamond ring? If so, to make sure that you have no regrets, it's important to know some common mistakes you should avoid.
Selling Your Ring to a "Seller" Instead of a "Buyer"
Diamond ring buyers are more reliable than sellers. They want to make a quality purchase, not just make a profit as many sellers do.
Not Interviewing the Potential Buyer
Whether it's the first or seventh offer you receive, avoid accepting an offer at face value. In other words, ask questions like, "What brought you to the price that you offered me?" and "What's your evaluation process?". Like Darryl Gay at American Gold & Diamond Buyers, someone trustworthy will have no problem answering valid questions about a potential purchase.
Not Doing Some Research on the Potential Buyer
Remember that a reputable buyer will have a professional website, the proper accreditation, and reviews or referrals for you to read. When a company has a solid standing, it will always put its best foot forward; there will be nothing to hide.
Going With eBay
While going with an online auction site like eBay may seem like a good idea, there are some significant drawbacks. Because you don't always know who's on the other side of the computer, you can never be completely sure whom you're doing business with. It can also take a long time to find a serious buyer.
You'll also have responsibility for the shipment of the ring. This means that you may be liable if there's any damage to the ring while being transported.
Accepting the First Offer You Receive
If you can wait a little bit, avoid accepting the first offer you get. The more you learn about the value of your ring, its quality, and the available options, the more confident you will become about receiving a price that you can feel good about.
Allowing Yourself to Be Pressured
A reputable buyer isn't going to try and get you to move before you are ready by telling you things like you can't sell your ring for a good price in-between seasons (like Christmas or Valentine's Day). A good diamond buyer is honest and interested in you both walking away feeling good about the business. Don't settle for less than that.
Not Trusting Your Gut Instinct
Your gut is designed to alert you when you're about to take a risk that may not be in your best interest. So, if you're feeling anxious, confused, or uncertain about an offer, remind yourself that there's no need to rush. You own a diamond. Whoever gets it will be lucky to have it!
If You're in the New Jersey Area, Give Us a Call!
Hopefully, all of this information has made you feel more comfortable about selling a diamond ring and how to avoid certain mistakes while doing so. Again, if you happen to live in New Jersey or you'd like to speak with us online, we would be more than happy to assist you. We have a team that you can feel confident about from the beginning of the process until you have your payment in hand.
For more information on our services and how we can assist you, call us at 973-428-1900 or send us an email so that you can receive a potential quote today. We can wait to hear from you — and take a look at that beautiful diamond of yours.