While diamonds maybe forever, this doesn’t mean they have to remain with one person forever.
A person may have numerous valid reasons for wanting to sell their diamond engagement ring. It may include wanting to upgrade the original engagement ring, a change in their circumstances, or because they need the money.
Regardless of the reason for wanting to sell a diamond ring, you will want to ensure you are getting your money’s worth!
For this to happen, you have to fully understand the various intricacies involved in the buying and selling of diamonds.
How to sell a diamond Ring
1. Start by Establishing What You Have
Realise that just because your fiancé said the diamond ring was precious doesn’t mean it is. This, in itself, doesn’t mean it’s a diamond. Therefore, before you rush off to the market, start by obtaining an accurate picture of its authenticity and quality. Approaching a qualified appraiser, preferably one who doesn’t deal in the buying and selling of diamonds will make for good value determination.
Such an appraiser will offer an unbiased opinion related to the stone’s condition and characteristics. Some may even go as far as highlighting the stone’s attributes (both positive and negative) which are likely to impact its overall value. If you don’t want to spend money on a professional assessment, a pawnbroker or pro diamond buyer can also offer a legit assessment.
2. Have Realistic Price Expectations
The surest way to get disappointed is for you to set unrealistic expectations as far as pricing is concerned. You can use two approaches when attempting to establish a good selling price:
- If you intend to get a professional appraisal, make sure to inquire about how much your diamond engagement ring is worth not just as a replacement value, but also as a ‘resale value’, which is likely to be lower. Professional appraisers often keep abreast of what’s happening in the market. They will, therefore, provide you with an accurate estimate of what to expect.
- You could also do all the legwork on your own. Go online and compare the prices from completed jewellery sales, especially for rings with matching characteristics. Doing the same for comparable diamond engagement rings in online and eCommerce stores will also help. Make sure to factor in a discount, as the ring is pre-worn.
3. Research Your Selling Options
Diamond engagement rings are typically confronted with two options: sell it to the public or the jewellery industry. Understand that the process of selecting a buyer shouldn’t be conditioned on the amounts, but rather on how fast the transaction can be completed. It’s also influenced by whether you have the stomach to market and negotiate with potential buyers.
Selling to someone in the jewellery industry is advantageous in terms of time. Any engagement ring holder interested in selling quickly and with little marketing fuss should approach pawnbrokers, diamond dealers, or jewelers. Remember the most essential thing is for you to select someone trustworthy.
4. Prepare Yourself for the Sale
Emotional preparedness is the hardest aspect of selling an engagement ring. Diamonds are given out as symbols of love or passion. This makes them the hardest jewellery items to sell or part with. However, you will need to keep your emotions in check, and away from the selling process. In your eyes, its sentimental value may be high, but it won’t have the same effect in the buyer’s mind.
While parting with an engagement ring may prove emotional, you have to realize the need to move on. If you are ready to sell it, then understand that a diamond engagement ring is nothing but a material item. What matters is your peace and state of mind!
