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How To Sell A Diamond RingMay 14, 2018 - Diamond Articles
The bottom line is that selling your diamond ring does not need to be a complicated or intimidating process. Keep reading as we guide you through the 5 simple steps of how you can sell your diamond ring for the best price.
How to sell a diamond ring in 5 simple steps:
- Understand the difference between retail prices and resell prices for diamonds
- Gather information on your diamond
- Get a price quote
- Get a final price
- Get paid
1. Understand the difference between retail prices and resell prices for diamonds
Retail price: the price you paid
For first time sellers, the most surprising part of the selling prices may be seeing how greatly retail stores markup the prices of their jewelry. But consider the commercials we see everywhere from the big box fine jewelry stores. These ads cost millions of dollars to produce, print and air on television. These exorbitant marketing fees are reflected in the cost of a piece of jewelry from these stores.
The jewelry store’s expenses, employee wages, rent and the store’s desire to profit are all factored into their jewelry prices which you pay for in each purchase. And importantly, jewelry stores are not selling high volumes of diamond jewelry on a daily basis. Meaning that the sales they do make have to be highly marked up to finance all of their costs. Big box jewelry stores typically markup their products over 100% with some jewelers even going as high as 300%.
Resell price: the price you will get paid
These high markups explain why jewelry resell prices typically range from 20% to 50% of what they the original sale price. However there are, of course, always exceptions.
2. Gather information on your diamond
Before you can inquire with buyers about selling your diamond ring, you need to understand the characteristics of your stone. This information will help potential buyers ascertain its resale value and provide you with a price quote.
Information you will need
While there are many factors that affect the value of your diamond ring, at minimum you should know the following:
- Shape: Round, princess, oval, cushion, radiant, pear, marquise, heart etc.
- Carat Weight: This refers to how much the diamond in your ring weighs, abbreviated to ct. The center stone of your diamond ring is where the bulk of its value will come from. It is important to know the weight of the center stone, rather than just the total weight of the ring, which may include any side stones.
- Color Grade: This indicates how much color is apparent in your diamond. Color is graded on a scale from D to Z, with D as colorless and Z as a light yellow. If your diamond is a white diamond, the closer its color grade is to D, the more valuable it is.
- Clarity Grade: This denotes inclusions and blemishes that your diamond may have, on a scale of FL (for flawless) to I3 (for visibly included diamonds). These imperfections can look like small black or grey spots in the diamond. Even if your diamond may seem flawless, when examined under a loop possible inclusions and blemishes may be seen which will affect its value.
Where to find information on your diamond
Looking to sell your engagement ring quickly and safely? You may be unsure as to where to find this information. You can typically find this on any paperwork that came with the ring, such as a jeweler’s appraisal or GIA (Gemological Institute of America) certificate. It will also have other useful information such as the diamond’s florescence, polish, symmetry and more.
If you do not have any official documents for your diamond ring, there is another option. You can meet with a local jeweler to get a rough idea of your diamond’s characteristics, this can typically be done free of charge.
Once you have this you can decide if you are interested in following the steps to get a final price.
3. Get a price quote
Now that you have the fundamental information about your diamond ring, you are ready to get a price quote. It is important to sell your diamond jewelry to established and reputable diamond buyers. When working with a reputable and experienced diamond buyer, such as WP Diamonds, getting a quote is easy.
Why sell to WP Diamonds?
Our service is completely free, safe and fast; you can get paid in as little as 24 hours after filling out our online form. You can feel confident that your diamond jewelry is in safe hands thanks to our 100% trust guarantee, A+ Better Business Bureau rating and hundreds of positive customer reviews.
We are expert diamond buyers with an international presence that allows us to provide you with competitive offers for your diamond ring. Diamond prices are complex to calculate with a myriad of factors to consider.Unlike auction houses with no guarantee of a sale or pawn shops that often lack diamond expertise, we buy your diamonds directly and for competitive prices.
Whether you are looking to sell a diamond engagement ring or diamond pendant, we buy diamonds of 0.5ct or larger. We also specialize in buying designer jewelry, luxury watches and handbags. Simply fill out our online form and our experts will shortly provide you with a price estimate of your diamond.
4. Get a final price
Once you receive your quote and want to get a firm offer for your diamond ring, we offer two convenient methods for getting your final offer:
- Schedule an appointment: We offer appointments at our modern, secure and comfortable offices. During your 30 minute appointment your diamond ring will be thoroughly evaluated by our experts. We will provide a detailed explanation of your diamond ring’s qualities.
- Send your diamond ring: Our free, overnight and fully insured shipping service allows you to send your ring in at your own convenience. When your diamond ring arrives at our office we will conduct a detailed evaluation and inform you of its characteristics.
5. Get paid
We offer payments by wire, check or cash (in-person appointments only). The firm offer we give you for your diamond ring is exactly how much you will be paid. There are no hidden fees or commissions deducted from your offer.
If you would rather have your diamond ring returned, we simply send it back to you for free through the same overnight, insured and trackable shipping service. Click the button below to get your free, bespoke price quote from our experts.