Everything you need to know about selling your diamond ring

Whether you inherited a diamond ring or feel it's time to upgrade your original, it might be time to sell. If you have a diamond ring you no longer want, selling it might make you a small profit. However, sometimes this can be easier said than done.

How and where to sell a diamond ring are two questions many ring owners ask. But before you get ahead of yourself, it's imperative to know the value of your jewelry. Knowing what your diamond ring is worth can guide you in pricing it, picking a place to sell it, and negotiating the final sale.

If you don't want your diamond ring anymore and are considering selling it, read this first!

Understanding the value of your diamond ring

It's why so many jewelers discuss researching the quality (4Cs) of diamonds before buying – value. A diamond's worth isn't only based on its carat weight. Instead, many factors can affect its value.

First, the diamond should come with some sort of certification. Certifications by institutions like the GIA usually indicate the stone's clarity, cut, and color. These characteristics can significantly impact how much your diamond is worth. If you do not have certification, you will need to get your ring appraised. Even with certification, a professional appraisal can ensure your diamond is still in beautiful condition.

To seek an appraisal, you will usually need to visit a jeweler. Jewelers are typically more trustworthy than pawnbrokers, though the latter can generally offer estimates. You might consider seeking multiple appraisals just to be confident about your diamond's worth. Researching your ring can help too. The research will inform you about the diamond and whether or not the design is trending, and the price point of comparable diamond rings are listed.

Preparing to sell your diamond ring

After appraising your ring, the appraiser may ask if you are willing to sell. After all, jewelers and pawn shops are two of the places you can sell your diamond ring. Dealing with a jeweler or pawn shop can be the quickest way to sell your jewelry. Typically, they have several buyers each day looking to purchase jewelry. However, you may not receive as much money as you paid for the ring.

Alternatively, you could sell directly to a buyer. Generally, this is done through online marketplaces. A direct sale may fetch you the best price because, unlike a jeweler, they don't have access to wholesale prices. However, be careful of which site you use and who you sell to.

In either case, you will want to prepare your ring for sale. Taking your ring in for a professional cleaning is often worth it. If you have certification or any paperwork associated with the diamond ring, you'll want to find it. Finally, if you are selling to a consumer, photograph your ring and compose a nice description that truly illustrates its value.

Pricing your diamond ring

The most important part of your ring sale is the price. While getting an estimate from a jeweler may be the most straightforward way to learn your ring's worth, it may not be the most accurate. Instead, consider these tips.

• Research other diamonds. You may want to start by researching other diamonds with the same carat weight and the same cut, color, and clarity grades. This can give you an idea of your diamond's value.
• Shop listings. Try shopping other listings on online marketplaces to see what other comparable rings are currently being sold for.
• Consider trends. When selling a diamond ring, it's essential to consider not only the value of the stone but also the ring as a whole. Consider whether the materials and design used are still on trend, as they may fetch a higher price.
• Be realistic. Even if you find a ring that matches yours exactly, don't expect to get the same price. When reselling a ring, you'll likely only get back anywhere from 40 to 75 percent of the original value.

Negotiating the sale of your diamond ring

Now that you know your ring's worth and how much you hope to get, you are better prepared to negotiate. Whether you're negotiating with a jeweler who plans to resell the ring or a consumer buyer directly, here are a few things to remember.

• Know your bottom line. Before going into negotiations, calculate the absolute lowest price you would take for your ring.
• Don't start too high. Even though you don't want to begin with your bottom line, starting too high may immediately turn buyers away. Instead, pick a starting number only 20 to 40 percent higher than you hope to get, leaving you lots of room to counteroffer and negotiate.
• Don't be confrontational. Negotiating can be frustrating, nerve-wracking, and emotional. However, it's best to stay calm and respectful.
• Go in with a plan. You're trying to sell your ring for the best possible price, with the keyword being sell. Therefore, educate yourself on your ring's value, why others might want to buy it, and why it is special. These things may help you make the sale.

Conclusion

A diamond ring is often valuable, making it a great item to resell if you so choose. However, remember that most diamond rings, like engagement rings, can also be tied to emotions. Reselling it may bring mixed feelings, so don't rush it. Take your time, research, and come to the sale prepared. There are online tools you have at your disposal to educate yourself on the value, including doing comparative research on jewelry websites. Then, when you're ready, you can secure the best price for your diamond ring!