It goes without saying that there’s rarely a pleasant story behind the circumstance of having an engagement ring to sell. So, it’s definitely not a good time to add insult to injury by rushing into any transaction that isn’t in your best interest.
To help you get the most benefit out of a typically disagreeable situation, we’ve compiled a list of dos, don’ts and other tips to help you sell your diamond (or gemstone) ring discerningly.
1. Take your time. While it’s understandable that you may be keen to get rid of your ring as quickly as possible, you still need to proceed with caution when choosing appraisers, dealers, auction sites, sales boards, etc.
During every step of your ring selling process, you’ll want to avail yourself of reviews, Better Business Bureau ratings, and word of mouth pertaining to any entity you consult with.
2. Educate yourself. You most likely know your diamond’s cut and carat size, but might not be as clear on color or clarity. While these aren’t things you can determine on your own, you can learn the “language” and gain a better understanding of the factors that go into establishing a diamond ring’s worth by doing some online research.
The ability to interpret any “stamp marks” you find inside your ring band helps too, since they can identify details like karat weight (gold), carat weight (stone), platinum percentage, manufacturer, jeweler, etc. Note: stamp marks can be wrong in the event your stone has been “swapped out,” your ring was purchased second-hand or purchased from a dubious source.
Arming yourself with the facts and being able to ask the right questions will not only enable you to make better decisions, it will also make shady dealers less likely to target you.
3. Keep your feet on the ground. It’s best to prepare yourself, right off the bat, for the likely possibility that your ring’s not as valuable as you think it is. Unless you’re selling a valuable antique or an extremely rare diamond (in which case you probably have people to handle that for you and are only reading this out of boredom), no one is going to pay even close to the retail price for which your diamond was originally purchased.
4. Get more than one trustworthy appraisal and a professional cleaning, if needed. To get the best idea of your ring’s current market value, try to find a few reputable appraisers in your area using your best detective skills (as mentioned before: ask friends, read reviews, BBB, etc.).
It’s also important to make sure your appraisal is performed by a gemologist who’s been certified by an accredited school such as the GIA (Gemological Institute of America) or the ISG (International School of Gemology).
- 5. Carefully consider your options. It may be both a blessing and a curse that anyone wanting to sell a diamond ring (or any type of jewelry) has myriad options, since there are pros and cons associated with each method.Selling to the public: This can be achieved simply through online or print advertising, but be sure to make safety your first priority and use recommended precautions. A person buying from you directly will generally pay more than a dealer, but you still need to beware of con artists and other unsavory characters.
- Online sales platforms: eBay is a feasible option for those who have experience and sites like “I Do . . . Now I Don’t” or “Worthy” can be effective as well, although the process can be time-consuming and the sites will take a percentage of the sale.
- Consignment: Some jewelers sell items on consignment, but the store takes a cut and you won’t be paid until the ring sells, so this method can take some time.
- Accredited jewelry buyer: Probably the fastest and most hassle-free way to sell your engagement ring, a reputable jewelry buyer will typically arrange a discreet, confidential appointment during which they’ll examine your ring and offer you a price based on both your ring’s quality and current market values.
6. Vet your options. It’s important to use as much caution in choosing a buyer for your ring as you did when you had it appraised. As always, read reviews, check the BBB, and if you’re going to sell your ring on consignment or to a jewelry buyer, make sure the representative you’re dealing with is a certified gemologist from a reputable school.
If you have an engagement ring to sell and have questions about how to get started or are would like a free consultation, please don’t hesitate to call the experienced, GIA-certified gemologists at Southwest Jewelry Buyers. We have an A+ rating with the BBB, scores of happy clients and 17 years as one of Arizona’s most trusted jewelry buyers.