Diamonds are highly admired by everyone for their timeless beauty, which is the reason people prefer them when it comes to getting a new piece of Jewelry. They are considered the first choice for engagement rings or rings in general. But, what happens when you want to sell old diamond rings for some quick cash? Do you get the same value that you invested when buying it?
Let us dig deep and understand how the diamond ring resale value is evaluated and where you can further sell your ring for the best price.
Look For the Certifications
As you are pondering over the thought, “How to sell a diamond ring for the best value?” here is the tip! Gather all the proof that you can, indicating its authenticity and quality. How to do that?
First off, think about whether or not you received a grading certificate while buying the ring. If you did not, it is time you send the diamond to a diamond grading lab or GIA (the official authority that grades diamonds based on universally set standards) and get the grading certificate of the stone. This serves as proof of the diamond’s genuineness, and the grades are an excellent way for estimating your diamond engagement ring resale value.
Do not forget to look for the original proof of purchase while you are planning to sell used diamond rings. If you had bought the ring from a reputable jeweler, then the documents of proof will make things easy for you.
Look For the Diamond’s Condition
Are you confused and asking yourself, “how to value my engagement ring?” then stop for a second and look at the condition of the piece of diamond you are looking to sell. Are there any blemishes and marks on the surface of the diamond, or is it visibly flawless? The clarity of the diamond plays a huge role in determining its reselling value.
Another thing that you must keep in mind is its weight in the carat. Carat is the measurement of the weight of a diamond, and the bigger a diamond is, the higher it ranks in terms of carats and the more it costs.
Carat and clarity are two of the 4Cs that signify the quality of a diamond. GIA introduced 4Cs as the universal norm for determining the quality and grades of diamonds.
Where to Sell the Diamond Ring and Secure a Good Price?
If you are all set to sell your diamond ring, then let us help you with the information about where you can sell it for the most amazing prices.
- Reputable Jeweler: One of the most common ways to sell old diamond rings is by visiting a reputable jeweler in the city. But, it is very unlikely that you will get a good price as the jewelers generally purchase diamonds in bulk from the wholesale market at quite cheaper rates. Buying them from you will actually be of no benefit to the jeweler unless you have got something that is rare to find.
- Online Diamond Buying Businesses: Selling a diamond ring online is one of the wisest decisions that can help you get a good value for the diamond you are willing to sell. The online diamond buying businesses have a team of diamond grading and quality experts with deep knowledge about these priceless stones. This is one of the major factors; it is considered one of the best options for selling your diamond Jewelry.
- Auction Sites: Auctioning your diamond ring or any piece of Jewelry at auction sites may help you secure a good deal if everything goes in your favour! But, there is no certainty about it happening, that too, without any prior knowledge about how bidding works.
- Craigslist: Craigslist is an online listing site where you can put the details of your diamond ring and showcase it to a large number of online buyers who are willing to quote a good value for your solitaire. The risk lies here as you can never be sure about the buyer’s identity unless you meet them in person. Also, you can keep your expectations high and quote the diamond as per your assessment of its value, but there is no guarantee of it selling anytime soon.
- Pawnshops: If you are in need of some quick cash and willing to sell the diamond ring as soon as possible, then pawnshops are perfect for you! Needless to say, they do not guarantee you a good price for the deal if you are in a hurry. A jeweler would be a preferably better option than pawnshops.
Whether your diamond-studded engagement ring no longer fits right or you are suffering a financial crisis, it is important to analyze diamond ring resale value. Also, knowing the places where you can sell it for the best price can smoothen the process.
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