Diamond Articles

How to Sell a Diamond Ring

May 14, 2018 - Diamond Articles
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Maybe you inherited it. Maybe you have been through a divorce. But if you have a diamond ring that you simply no longer wear, you might be considering selling it rather than letting is gather dust. As a first time diamond ring seller, you may be asking yourself “how can I sell a diamond ring safely and easily?”. 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 and where you can get a competitive offer.

 

5 Steps for how to sell a diamond ring:

  1. Understand the difference between retail prices and resell prices for diamonds
  2. Gather information on your diamond
  3. Get a price quote
  4. Get a final price
  5. Get paid

 

1. Understand the difference between retail prices and resell prices for diamonds

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 ads we see everywhere from the big box 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 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%.

how to sell a diamond ring

This explains why jewelry resell prices typically range from 20% to 50% of what they were originally bought for, however there are 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. Once you have this you can decide if you are interested in following the steps to get a final price. While there are many factors that affect the value of your diamond ring, at minimum you should know your diamond’s carat weight, color grade and clarity grade:

  • 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 grade is to D, the better its price will be.
  • 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 little black 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.

Official documentation that came with your diamond upon its purchase, such as its GIA report, will detail all of these characteristics about your stone as well as 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 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.

 

3. Get a price quote

Now that you have the fundamental information about your diamond ring, you are ready to get a price quote. When working with a reputable and experienced diamond buyer, such as WP Diamonds, getting a quote is easy.

how to sell a diamond ring

Why should you get a quote from WP Diamonds? We are expert diamond buyers with an international presence that allows us to provide you with competitive offers for your diamond ring. Our team of diamond and jewelry experts can best evaluate your diamond ring in accordance to the second-hand market. 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+ rating from the BBB and hundreds of positive customer reviews.

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 who will provide a detailed explanation of your diamond ring’s qualities.
  • Mail your diamond ring: Our overnight mailing service is entirely free and your diamond ring will be fully insured and trackable. 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 mail service.

Click the button below to get your offer today.

GET YOUR OFFER
Author
Bio: Written by one of our diamond, designer jewelry or luxury watch experts. With over 150 years of combined experience, our experts are able to comment on trends, share industry knowledge and provide diamond, designer jewelry and luxury watch education.

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