Since their opening in 1931, the GIA (Gemological Institute of America) have quickly established themselves as the foremost authority in gemology and become the industry standard in gemological sciences. The...
Tips for Getting the Best Price When Selling Your Diamond RingJuly 28, 2017 - Diamond Articles
If you are looking to sell your engagement ring or diamond ring, one of the first questions you may be asking yourself is: how can I get the best price for my ring? While the amount you fetch will vary based on many factors, there are certain tips to keep in mind to ensure you get a competitive price. You can get a price for your ring that you are satisfied with by:
The secondhand market for diamonds rings, and diamonds in general, is often unforgiving. As you begin the selling process, it’s helpful to keep in mind that diamond items typically resell for 25% to 40% of their original retail price. The retail value rarely reflects the actual resale value of your diamond ring on the secondhand market. The retail value is so much higher than the secondhand market value due to high mark-ups. The only way a jeweler can turn a profit and cover large overhead costs, including marketing, wages, rent, etc., is by marking up their goods. Unlike other industries, the jewelry industry works at a low volume level; jewelry companies do not sell items regularly, so when they do, companies must be able to yield a high profit by marking up their prices. Learn more about the reality of selling diamonds.
Though it is important to keep in mind the realities of the diamond industry, it is absolutely still possible to get a price for your diamond ring that you are happy with. Read below for three ways to ensure you get the best price for your item.
The first way to get the best price when selling your diamond ring is by gathering information. Gathering any paperwork you can find, such as receipts, certificates, appraisal valuations, authenticity cards, etc. can be very beneficial to you during a sale. Having this paperwork will not only make it easier for potential buyers to accurately price your item, but it can also increase your item’s worth. Some of the most important information includes:
Box and papers
Particularly in the case of designer jewelry, paperwork that proves the authenticity of your item can add significant value to the sale. Collectors are often only looking to purchase designer items with good condition box and papers. It is certainly still possible to sell a designer diamond ring without box and papers, but they will help you get the best price for your ring.
Having the diamond certificate for your diamond ring will be very helpful during a sale. But what are diamond certificates? These are:
- Issued by diamond laboratories such as the GIA, EGL, AGS and HRD
- They detail the characteristics about your diamond, from color grade, cut grade, carat weight, and clarity grade, to other more in depth information such as fluorescence.
Laboratories such as the Gemological Institute of America (GIA) or the American Gem Society (AGS) are the most reputable labs in the industry with the most accurate diamond grading. Many companies will pay a premium for GIA-certified stones.
CHOOSE THE RIGHT DIAMOND BUYER
Another way to ensure you get the best price for your diamond ring is by choosing the best diamond buyer. You may be wondering: where can I sell my diamond ring? Some of the most popular selling options include:
- eBay/Craigslist – Companies like eBay and Craigslist offer convenient ways to sell your item from the comfort of your own home. Still, many websites like these charge high fees and it can be incredibly difficult to price your diamond ring competitively without expert knowledge. It can also be a tedious and long process when selling directly to the consumer.
- Pawnshop – Pawnshops can be a quick way to get cash for your diamond ring, but pawnshop owners are typically not very knowledgeable about the diamond industry and may not be able to accurately price your item. You therefore may easily undersell.
- Auction house – An auction house will usually have good knowledge of the diamond industry, but they can charge high fees with no guarantee of sale. Additionally, if the reserve is set low, someone may purchase your item for cheap. Furthermore, auctions are not held on a frequent basis and there is no guarantee that you ring will sell.
- Jeweler (on consignment) – With enough time, it is possible to get a good price from a jeweler selling your ring on consignment. Still, the selling process can be lengthy with high fees and no guarantee of sale.
- Online Specialist Buyer – Selling through an online diamond specialist buyer like WP Diamonds is an easy, secure way to get cash for your item in as little as 24 hours. Our GIA trained gemologists have the knowledge and expertise to accurately and fairly price your item. Our entire service is free of charge and we have an A+ rating with the Better Business Bureau. Read our customer reviews to learn more about us.
How do I pick the best diamond buyer?
Choosing the right buyer is one of the most important steps in the selling process. These tips will help you find the perfect buyer:
- Research the buyer’s legitimacy – The first and most crucial step is making sure you are working with a reputable buyer. Be sure a company you are working with is accredited by the Better Business Bureau and has a high rating.
- Read online reviews – Online reviews from verified customers can help you ascertain the type of buyer you will be working with.
- Ensure security precautions – Double check with the seller about how they ensure the safety and security of your good. If they would like you to mail your item in, will the item be insured? Are the premises secured? Are items opened on camera?
- No hidden fees – It can be a big red flag if your buyer charges fees for the sale or for postage. They may not have your best interests in mind or the whole sale could be a scam.
Choosing a reputable, trustworthy buyer will ensure you get the best price for your ring.
UPGRADE YOUR RING TO GET A BETTER PRICE
A final way to get the best price for your ring is by upgrading it. Oftentimes, buyers will be able to offer you a higher price for your ring if you choose to upgrade it to another piece of jewelry. WP Diamonds offers a free online service for selling or upgrading your diamond ring. Simply fill out the online form and a member of our team will be in touch shortly with an initial price valuation. Once you have received your final price, you can get 10% more on your offer in the form of store credit from James Allen or up to 20% off in the form of store credit from one of our local jewelry store partners.