Parting ways with your diamond ring is never easy. The sentiment and memory behind the ring is almost always there when it comes time to selling your engagement ring. After doing some research and talking with friends, you’re beginning to realize that selling your shiny sparkler may prove to be more difficult than you thought. Where do I sell it? Who do I sell it to? How can I trust the buyer? Am I getting ripped off? There is so much to consider! Our Chrysella experts have come up with a few tips to sell your diamond in today’s marketplace. Let’s explore 5 things you should know and why considering all of them is so important.
It is important to have all the information about your diamonds.
When you are selling your diamond, you should be familiar with all of your diamond’s characteristics. Make the buyer aware that you know what you have, particularly the 4cs. Do you know your diamond’s 4Cs? Read below for a quick refresher:
Cut
Cut is not the shape of the diamond. Shape is Round, Pear, Oval, Etc. Instead, cut is how well your diamond reacts to light! A well cut diamond will absorb light, and radiate it back to you through fire, brilliance and scintillation. The higher the cut grade the better when you are trying to sell your diamond. A jeweler will likely pay you more for an Excellent Cut diamond than a poor cut diamond.
Color
Diamonds have a color scale that goes from the letter D to Z. D Color means the diamond is void of any color. Higher colors such as D color are rare and command a higher value. As you get closer to Z color, a diamond will begin to exhibit varying shades of yellow or brown that decrease the diamond’s value. Keep in mind, An entirely separate color scale is used for fancy colored diamonds like yellow, pink or blue diamonds.
Clarity
Clarity refers to the internal characteristics of your diamond. Clarity ranges from Flawless to Heavily Included (I3). Check out this awesome resource to learn more about clarity. We use a holistic approach to determining clarity. The number of inclusions, type, color, placement and effect on durability are all factors that diamond graders use to determine whether a stone is VVS2 or SI2!
Carat
As humans we weigh ourselves using pounds or kilos. Diamonds weigh themselves in Carats! 0.2 grams equals 1 carat, and it has a huge impact on the value of your diamond. Thus, carat is also a popular aspect many people consider about diamonds. Color, Clarity and cut being equal, carat can be one of the biggest determinants of value. How much does your diamond weigh?
Never sell your Engagement Ring without an appraisal
Before visiting your chosen place to sell your engagement ring, come prepared! Does your diamond ring have an appraisal by a GIA gemologist or other qualified professional? If it doesn’t, you may be leaving the 4cs we described above to be determined by the buyer! Having an appraisal will give you a better idea about your engagement ring’s quality. Appraisal values are often inflated for insurance purposes, however, it’s always wise to ask the appraiser what he or she thinks may be a fair re-sale value if sold to a consumer or online. The confidence in knowing exactly what you have will allow you to sell your ring for the most value on the secondary market.
Explore your selling options and always set a realistic price
When it comes time to sell your engagement ring, you’ll likely come across these 3 options of where to sell:
- The original store the ring was purchased from
- A local jewelry store that purchases jewelry
- General public on online marketplaces
No matter which option you choose to sell your diamond through, remember that you need to set a realistic selling price. Armed with your appraisal, you should also seek the opinion of 1-2 jewelry stores and have them give you a ballpark of what you may be able to sell your ring for. If you have an appraisal or diamond grading report, you can do a quick online search to see what your exact diamond is retailing for on places like bluenile.com or brilliantearth.com. Doing so will give you a clear idea of what the maximum and minimum prices may look like for your ring in the secondary market. Remember you can always start high and work your way down on the price!
Also, remember that online marketplaces may take a hefty fee to list your item on their platform. Find out what those fees may be! If the commission or service charges seem to be high, you may want to re-consider selling on that specific platform.
Stranger Danger
If you have been to 1-2 jewelers and also tried online marketplaces like worthy.com but still are not satisfied with what you have been offered, you may want to consider selling it directly to a consumer. But how? Craigslist.com and facebook.com offer free online listing platforms where you can upload a few pictures, your appraisal and some pictures to list your engagement ring all on your own. The benefits to doing this is that you get the most for your item because you’ve essentially cut out the middleman! Ready for the downside? Stranger danger! This option, although may yield you the highest return, may expose you to strangers meeting you or asking you to ship the ring to them. Never do the latter. As far as meeting them, we always recommend meeting the potential buyer inside a public place like a jewelry store or bank to conduct any transaction. Never go alone, always take 1-2 people along with you for added safety. Chrysella allows citizens of our community to conduct any jewelry transaction in our store with our gemologist present! All you need to do is make an appointment!
Pictures speak a thousand words.
Be sure to have your ring professionally cleaned prior to selling it. Most jewelry stores offer a complimentary cleaning. Ask your jeweler to polish the ring if it’s gold or platinum. If your ring is white gold, we recommend asking your jeweler to polish and rhodium to restore its bright white original finish. Once complete, take some pictures of your ring in good lighting during the day. A freshly cleaned ring with high quality pictures can make all the difference to a potential buyer.
Selling your diamond ring with these things in mind can help make a difficult process a bit easier. If you live in northern Virginia and are interested in selling your engagement ring or diamond jewelry, schedule an appointment with our experts and we can purchase your engagement ring! If we are unable to purchase your ring, we will guide you through the process of selling it on your own! Good luck!
