Be Willing To Wait & Put In Work
While pawn shops and other stores provide quick easy cash, the best way to minimize your loss on selling a diamond is to do so via an online retailer or via a mutual friend.
Doing the research to figure out where you can sell your engagement ring and how to get the most money for your diamond ring or waiting to find the right mutual friend obviously takes time and effort, but as we discuss in our Diamocycle Guide, its usually worth the work when you have a diamond ring to sell.
How Do I Get To Know My Diamond
Maybe your grandma and grandpa gave you their old diamond, and you have no idea what it’s worth. Perhaps it’s been passed down through the years, but you’ve never investigated its background. It’s possible you have no idea what it’s worth, even if you bought it as a gift in the past.
A diamond’s authenticity can be verified by simply taking it to a gemologist. Value, provenance, and authenticity can all be determined with this test.
The most significant thing you can learn about the diamond from a gemologist is its grade. The grade of a diamond has a significant impact on its market value.
However, you should educate yourself on the four Cs of diamonds before beginning your search for purchasers.
Brighton Savoy: Hotel Accommodation & Wedding Events Venue
Phone: 9592 8233Address: 150 Esplanade Brighton, VIC 3186, Melbourne, Australia
Brighton Savoy, is a family-owned Accommodation, Wedding & Hotel Venue, in Melbournes South East Bayside suburb of Brighton, across Brighton Beach. Owned exclusively by the Lee Family, the Brighton Savoy is one of the premier hotels in Brighton which features the best of contemporary design with unparalleled customer service and attention to detail that only a 4-star hotel can provide.
Brighton is one of Melbourne, Victorias, Baysideâs most exclusive and popular suburbs, located on the Port Phillip Bay coastline and just 20 minutes from the CBD. Surrounding suburbs include Bentleigh, Elwood, Glen Huntly, St Kilda, Hampton, Sandringham, Moorabbin & Black Rock.
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Get A Formal Appraisal
A formal appraisal will give you an accurate value for your engagement ring, which you can use as a baseline when selling. Just be aware an appraisal will cost money expect to pay around $50 to $100.
But this is often a smart investment, as you’ll receive another piece of documentation to present to potential buyers.
Get Offers From Ring Buyers
Get multiple offers from online ring buyers, including Worthy.com and DiamondsUSA.com .
Just share some basic information with the seller either online or on the phone, then they will make an estimate. From there, a quality online buyer will send a free FedEx, UPS or USPS mailer that includes insurance, and you should be able to track your item all the way to the buyer, through their specific selling process.
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How To Sell Your Engagement Ring Online To Worthycom
Can I Sell The Ring Setting Too
Yes, you can sell both the diamond and the setting at the same time, even if the jewelry buyer plans to break apart the ring later. But, the setting will not be as valuable as what it was originally purchased for. Most professional jewelry buyers will melt bands and settings down to scrap gold or simple precious metal.
ABE MOR offers great prices for both diamonds and settings.
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Select The Buyer That Best Fits
When you get the quotes back, it should be a pretty straight forward decision on who to go with: the one that is offering the most.
Other considerations can also be the speed of the transaction, the ease of the transaction and how secure you feel dealing with the buyer. After all, its a high value item that you are
The Best Way To Sell Your Diamond Online
We recently did a secret test that of the major online options for selling your diamond. We purchased a diamond ring from Tiffany & Co for other purposes and used this as an opportunity to see what the other side of the business is like. Here are the results.
The ring we used was a 0.53ct round diamond in a classic Tiffany solitaire setting. We originally purchased it for $4,500. Obviously, we expected to lose a lot of money on the transaction. The question was, how much?Please note that we used a Tiffany ring for this test. Tiffany diamond rings are insanely expensive and very poor bang for your buck. That is the reason there was such a large gap between the amount we paid and the amount we were able to sell it for.
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Check With Gia Egl Ags Or Igi
These words probably sound like Greek, but theyre the best way to sell an engagement ring, so lets begin by unmasking them and demystifying their roles in the jewelry world:
- GIA Gemological Institute Of America
- EGL European Gemological Laboratories
- HRD Hoge Raad Voor Diamant
- GSI Gemological Science International
Certificates verify not just the ownership but also the specific quality of the ring. It covers issues like cut, color, clarity, and carats. This will help your potential buyer make a clearer value assessment. Many dealers use GIA and AGS as their gold standard, pun intended.
So even if you have the others, get one from here. If your current certificate is over ten years old, you need a new one. Any ring worth $1,000 or more should have certification otherwise, its probably a dud. So get yours certified by the original lab, NOT a lab-certified appraiser. These certified dealers take a quick training course, so bypass them and head to the source.
Getting Divorced And Moving On
Even an amicable divorce can result in a difficult adjustment process. If things get bitter, and youre dealing with a betrayal, facing recriminations, fighting for child custody or financial assets, life can quickly become seriously stressful. Once the divorce is finalized and youve moved on physically, your next priority will be to move on financially and emotionally.
Selling an unwanted engagement ring or a wedding isnt just a pragmatic financial decision, its a vital step towards getting rid of emotional baggage and steering your life in a healthier direction. Your engagement ring symbolized a bond between you and your ex. Selling that ring breaks the bond on an emotional level, and makes a powerful statement about your new status.
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Why Sell Your Wedding Ring After Divorce
While old wedding rings can have much sentimental value, the memories associated with them can be painful. Often, one of the best ways to move on from the grief of an ended relationship after divorce is by parting with a wedding ring that symbolizes the past marriage and serves as a constant reminder.
Worthy interviewed some of our past clients and asked them why they decided to sell their wedding rings after their marriages had come to an end. Some of the reasons they gave us included:
- Releasing a symbol of the past also releases emotional barriers the final sale is one more way to say goodbye to a relationship that ended in divorce.
- Making money from a financial asset. The proceeds from the sale of a ring can be directed towards a rainy day fund, college savings, your retirement account, or many other things.
- Funding your fresh start, which can be anything from a great vacation, starting a business, or paying for higher education.
- Making emotional room for a new relationship.
There doesnt only have to be one reason why someone sells their wedding ring after a divorce. Its a very personal decision and one small step that can help unlock a lot of potential for future happiness.
Who Gets The Engagement Ring After A Divorce
If you havent started the divorce process yet, but youre already thinking ahead to selling your ring, you might be concerned that you wont even be eligible for the ring. Legally, wedding or engagement rings are a gift, meaning the recipient has the right to keep the gift. Basically, your ring is yours to keep or to sell.
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How Much Can I Expect To Get For My Jewelry
Speaking very generally, when reselling a wedding or engagement ring you can expect to make back between a third and half of the original retail price.
Name brands like Tiffany or Cartier hold their value better than more discreet pieces, and the age, condition, and amount of wear and tear can also have an effect. Reputable documentation, such as GIA grading certificates and insurance appraisals, will add to its value.
The more information you have about your rings, the more prepared youll be. If you know specific details about your diamond-like color grade, clarity, and exact carat weight you can use an online diamond calculator like this one or this one to give you a rough idea of what you can ask for. You can read more about 4Cs, how valuations are done, and how much to expect for your diamond in this article.
See if you can compare some free estimates before selling start by comparing two online markets and one face-to-face option. If youre planning on trying to sell directly, you can look through other pre-owned jewelry markets to see what comparable pieces are selling for.
Why Expensive Settings Arent Valuable
When buying an engagement ring, the cost of production makes up a significant proportion of the cost. If a ring is custom designed, or if it has many small melee diamonds set into it, it takes time, effort and money to create.
These certainly makes it more special to the wearer, but unfortunately when most jewelry purchasers place a value on a ring, they disregard the production value and base the their offer on the center diamond as they will usually remove the diamonds from the setting and melt it down to reuse in other jewelry.
This process of removing the diamonds is time-consuming and can mean that the time taken to disassemble the ring can be more valuable than the small diamonds are actually worth.
To a diamond buyer, therefore, the $10,000 ring with a setting that cost $4,840 doesnt have the same value as a simpler solitaire setting with an inexpensive $245 setting but a much larger diamond.
It doesnt mean that the expensive setting wasnt valuable originally, just that unfortunately it isnt valued by jewelry buyers to the same extent now.
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Where Can You Sell Your Gold Wedding Ring
People most often sell their gold rings to jewelry brokers, gold dealers, jewelers, and bidders at auctions.
Jewelry brokers buy used jewelry in order to resell it. Some of them also operate online.
Gold dealers will buy your wedding ring with the intention of melting it down. They will pay you only for the metal.
Some might offer to also buy your diamonds or other stones, if there are any in your ring, but the price offered for them may not be the best you could get.
Jewelers will also usually buy your wedding ring for the gold in it, and many will not pay you much more than gold dealers would. Some will buy it in order to sell it as second-hand jewelry, and those may pay more than the scrap gold buyers. Few jewelers would pay a significantly higher price for used jewelry, as such pieces sell at deep discounts.
Some jewelers may offer you to exchange your ring or its stones for store credit, which you can use to buy jewelry from the jewelers shop.
Such deals have the potential to provide better value if you are not explicitly looking to get cash for your wedding ring.
Selling at an auction is likely to be more lucrative than selling to gold dealers or jewelers as long as your wedding ring has some unique feature that makes it valuable to potential bidders.
Worthy is one such service that organizes online jewelry auctions for engagement rings and diamond jewelry you can mail them your items and they will sell your jewelry for you and send you the money when it is sold.
How To Sell Your Wedding Ring With Worthy:
Worthy offers a simple and efficient way of selling your ring that allows you to get the most for your item without having to leave the comfort of your home. Our online auction platform makes your ring available to hundreds of professional buyers looking to buy rings just like yours and able to make worthy offers.
Heres how it works:
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Looking To Sell Your Jewelry In Houston
Let us help! We are the #1 jewelry, diamond, and watch buyer in Houston and we have decades of experience.
Fill out a contact form and well reach out soon to schedule an appointment in our showroom for a free appraisal.
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Do Wedding Rings Keep Their Value
If you do decide to go the route of making some extra pocket money off of your jewelry, be aware that its unlikely youll be able to sell your rings for the same amount you or your partner paid for them.
The original retail price included the profit margin the jeweler or boutique needed in order to make a living. By selling the ring back to them youre filling the role of wholesaler and can expect to make, at best, wholesale prices.
If your ring is particularly unusual or attached to a luxury brand name you may be able to sell it as a complete piece. Most of the time it will be valued based on a breakdown of its individual parts:
- The scrap value of the metal to be melted down and turned into something new, and
- The diamonds or other stones after theyve been removed
Jewelers are particularly interested in large center stones of exceptional quality over 1ct. A stone of .97 carats will be indistinguishable from a 1ct to the naked eye but is worth significantly less. Fantastic for you when youre buying your new ring, a bit more problematic when youre trying to sell it.
A quick note on TCW : many beautiful diamond engagement rings are made up of several glittering stones, then sold by TCW. This means that a ring with a .82ct center stone surrounded by a circle of smaller diamonds that add up to .21cts has a TCW of 1.03cts. When reselling it, be mindful of the fact that jewelers will be looking at their value as smaller individual pieces rather than one large piece.
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How To Sell Rings Online To Diamondsusacom
DiamondsUSA.com is one of the best gold and jewelry buyers on the market, buys any and all sizes of gold and diamond jewelry, and is easy to use:
DiamondsUSA is 100% United States-based and family-owned business. The parent company, C.J. Environmental. was started in the basement of the Schneider family home in Sharon, Mass., in 2005, according to CEO Norm Schneider, who runs the company with his sons, Cory Schneider, Stephen Schneider and Barry Schneider.
By partnering with a refinery, we can offer the public metal and diamond rates typically reserved for private companies, Norm told me. Within three years of opening, the company was named to the INC 500, as one of the fastest-growing private companies in the United States.
Aside from top rates, customer service, Norm Schneider says, is the other differentiator for CashforGold and DiamondUSA customers.
