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Best Way to Sell a Diamond RingAugust 17, 2018 - Diamond Articles
Whether it is an engagement ring or a diamond ring that you inherited, these often have great emotional and monetary significance. So you want to ensure that you work with a reputable diamond ring buyer and get the best price possible. Keep reading as we guide you through the best way to sell a diamond ring and receive a competitive offer.
The best way to sell a diamond ring in 4 steps:
- Determine your diamond ring’s characteristics
- Find a reputable diamond ring buyer
- Get a price quote for your diamond ring
- Sell your diamond ring
1. Determine your diamond ring’s characteristics
Before you can search for the best way to sell a diamond ring, it is crucial to know the characteristics of your ring. This way you can promptly receive price quotes and find a buyer that best suits you.
A diamond’s characteristics:
At the very minimum you should know the 4 C’s of your diamond ring. The 4 C’s are the globally accepted diamond grading criteria made by the Gemological Institute of America. You can find these grades as well as other important information on documentation that came with your diamond ring when purchased, such as a GIA report.
- Color Grade: This denotes how much color is present in a diamond. Color is graded on a scale of D to Z, with D as colorless and Z as light yellow. For white diamonds, the closer to D color grade, the more valuable the diamond.
- Cut Grade: This refers to the cut quality and proportions of a diamond on a scale of Excellent to Poor. If a diamond is cut well, light will be able to best enter the diamond thereby maximizing sparkle. Keep in mind that cut grade only applies to round cut diamonds while fancy cuts, such as emeralds and ovals, do not have official cut grades.
- Carat Weight: This indicates how much the diamond in your ring weighs, often abbreviated to ct. While the majority of your diamond ring’s value will come from its center stone, it is also important to know the ring’s total carat weight which may include any side stones.
- Clarity Grade: This refers to the amount of internal and external flaws present in a diamond, known as inclusions and blemishes respectfully. Clarity grades range from FL for flawless to I3 for visibly flawed. Even if your diamond may look flawless, potential imperfections can be seen under a loop.
The setting’s qualities:
Additionally, you will need to know the basics about your diamond ring’s setting.
- Setting Type: Diamond rings can come in an array of settings such as prong, bezel and multitone.
- Metal Type: The ring’s setting can be made with various metal types, with the most popular being platinum, white gold, yellow gold and rose gold. Be sure to include your ring’s gold purity if applicable (i.e. 14k, 18k etc).
- Additional Stones: Your diamond ring may have additional stones such as side stones that sit beside the center stone, a diamond encrusted band (known as a pave setting), or a halo of diamonds that encircle the center stone.
2. Find a reputable diamond ring buyer
How to find the best diamond ring buyer? Below we have listed some of the most popular buyers with their benefits and drawbacks.
- Pawnshops: This local option allows you to sell your diamond ring quickly and easily. Certain pawnshops may also pay you on the spot for your diamond ring in cash. Keep in mind that pawnshops do not always employ trained gemologists who can accurately value your diamond ring, which in some cases can result in low offers.
- Auction Houses: These are a traditional selling option for high value items. Auction houses employ teams of diamond experts who can accurately evaluate your diamond ring. However, you will need to be willing to wait for an auction to be held and then for your ring to be bought during auction which could take months. If your diamond ring is bought, the auction house will take a percentage of your earnings, the exact amount will range per auction house.
- Private Buyers: With websites like Facebook, eBay and Craigslist, you can easily put your diamond ring up for sale. This way you can set your desired price and sell directly to a buyer. However, without specialty knowledge of diamond rings on the second-hand market, accurately pricing your ring is difficult. Similarly to auction houses, you have no guarantee when your diamond ring will sell, if it does sell at all. Furthermore, you must always be cautions of potential scammers who are only feigning interest in your ring.
- WP Diamonds: WP Diamonds is the faster and safer way to sell diamond rings for the best prices. We are specialized online diamond ring buyers with a team of GIA trained gemologists who can best evaluate and price your diamond ring. Thanks to our in-depth knowledge of the second-hand diamond ring market and global connections, we are able to provide you with honest and competitive offers. Our expert service has earned us an A+ rating from the BBB and hundreds of positive customer reviews. Best of all, our service takes as little as 24 hours and is entirely free, without any hidden fees or commissions deducted from your offer.
So what is the best way to sell a diamond ring? The answer is to expert diamond buyers such as WP Diamonds.
3. Get a price quote for your diamond ring
Now that you know the best way to sell a diamond ring, getting a price quote with WP Diamonds is easy and fast. Simply complete our online form and we will promptly get back to you with a tight price quote.
4. Sell your diamond ring
Once you have received your price quote, you are ready to get a firm offer for your diamond ring. We provide two convenient options for receiving your final offer:
- Mail-in your diamond ring: We provide a free, overnight mailing service that’s secure, fully insured and trackable. When your diamond ring arrives at our office we will inform you of its safe arrival, open the pack on camera and have it evaluated by one of our diamond experts. We will then shortly contact you with a firm cash offer which you can accept by check or wire. However, if you would rather have your diamond ring sent back to you, we will do so for free through the same secure mailing service.
- Schedule an appointment: You may schedule an appointment at one of our modern and secure offices in New York, the UK or Hong Kong. During your appointment you will meet with one of our expert gemologists who will thoroughly evaluate your diamond ring and provide you with a firm offer on the spot. You can accept payment by check, wire or cash (in-person appointments only).
Click the button below to get your offer today.