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Sell A Diamond Engagement Ring

Why Should I Sell My Diamond Ring?

 

Everyone may have a different reason for selling a diamond ring. 

Whether it is to move on from a past relationship, or to simply upgrade your jewelry collection, now is the perfect time to sell your ring.  

With the prices of diamonds escalating, take advantage of the current market and get cash for your ring.

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Where Can I Sell My Diamond Ring? 

 

There are several methods to selling diamonds. Choosing the right buyer is crucial as it will provide you with your ideal payout and a pleasant experience.

-Online: Ebay and Craigslist are options, however, there are hurdels, and associated cost.

-Auction: Most auctions only buy the most valuable diamonds, and be prepared to spend all day.

-Private Buyer: Finding a trustworthy dealer may take time, however, once you find a reputable buyer with a good offer, you will receive full retail price for your diamond.

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How Do I Find the Right Diamond Ring Buyer? 

 

It’s not surprising that some jewelry establishments take advantage of customers by deceiving them about the true price of their diamonds. Keep these tips in mind to find the best diamond buyer: 

  • Search for companies with an outstanding rating on the Better Business Bureau. And, search for reviews on Google+ and Yelp when making your choice.
  • Be sure the company is certified and uses equipment certified by New York State. Don’t be afraid to ask questions.
  • Be sure the buyer’s policy includes an actual estimated price. Some companies will offer exaggerated estimates for marketing purposes only.
  • Know your Product. Such as, the cut, shape, and value. 

 

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What is the Selling Process? 

 

Most private buyers follow a simple process. First, he or she may ask you to fill out a form with information about your ring, then he or she will test the diamond and measure it.

Based on those results, you will be given an estimate. If you concede, they will supply you with a cash payment, or a cashier's check, or a wire transfer.  All you need is your diamond ring and photo identification.

 

How to Sell A Diamond Ring

What is the Typical Diamond Ring Appraisal Process?

 

A typical appraisal process takes about fifteen minutes.

First, the appraiser will test the diamond with nitric acid. Then he or she will measure the height and width, and weigh it. This will determine the diamond's carat size.

Than, he or she will inspect the diamonds surface with a 10x magnifying glass for any inclusions. This will help him or her determine the clarity of the diamond.

Determining a diamond's color maybe the hardest part of all. Experience plays a huge factor here. Placing the diamond on a white piece of paper to determine the color is the most common practice.

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How Is A Diamond Ring Appraised?

 

When selling your diamond, an appraiser will calculate an estimate based on the four C’s, and: 

-Current market value: Is your ring in demand in today’s market?
-Retail Price: Did you get a deal on your ring?

-Quality: Does your ring have any damage,  abrasions or inclusions? Is the diamond chipped anywhere?

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How to Authenticate Diamonds?

 

There are several ways to authenticate your diamonds at home before getting them professionally appraised. The most non-invasive methods are:

- The Fog Test: Breathe directly onto the diamond as you would a mirror. Real diamonds disperse heat, therefore, if your diamond fogs, it may be a counterfeit.


-The Water Test: Place your diamond in a cup of water. Due to the density of diamonds, they should sink. If it floats, it is probably counterfeit or is only diamond plated.

But, you should still get your diamond professionally appraised just to have a second opinion.

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How Can I Calculate the Value of a Diamond Ring?

 

According to the Gemological Institute of America, there are over twenty factors that contribute to the value of a diamond. But, the four most important are: Cut, clarity, carat and color. 

-Cut: The shape, symmetry and interior design of the diamond.
-Clarity: The quality of the diamond.
-Carat: The weight and measurements of the diamond.
-Color: Any hint of colors or color hue.
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What are the Four C's?

 

The GIA meaures diamond value based off of the 4 C’s, using a numerical or alphabetical system. 

-Cut: The cut is graded by the amount of light that reflects off the diamond. It is graded by Triple X (excellent) to poor. Excellent meaning it reflects all of the light. And, poor, meaning the diamond allows the light to escape from the sides or the bottom.

-Clarity: Clarity is determined by using a 10x magnifying glass and is measured on a scale of I-IF, I being the worst, meaning the diamond has observable inclusions, and IF, internally flawless, meaning the diamond has no abrasions or inclusions.

-Carat: A carat is calculated based on the measurments of a diamonds length, width and height.

-Color: The GIA’s scale is D to Z, D being colorless (perfect) and Z has traces of color pigments.

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How Does the GIA Grade the Four C's?

 

The GIA grades the color and clarity of a diamond using a numerical system. The color, refers to the lack of color because a structurally perfect diamond should have no color. Therefore, the grading system ranges from faint colors to colorless. And the clarity, or quality is graded by using a 10x magnifier which looks at the inside and outside of the diamond. The best clarity of a diamond is flawless, meaning it has zero inclusions on the inside or the diamond’s surface.

Where Can I Sell My Diamond Ring Near Me

Do I Need A GIA Report to Sell My Wedding Ring?

 

No, you do not need a GIA certificate, however, having one may be beneficial because it proves the authenticity of your diamond. And, it includes information about the 4 C’s, therefore, the appraiser will then test your diamond and match it to your document. (Include example)

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What Are the Advantages of Selling to a Diamond Buyer Rather Than A Pawn Shop?

 

There are several advantages of selling your diamond ring to a jeweler rather than at an auction, online, or at a pawn shop. Such as:

Trustworthy: A reputable buyer should have GIA certifications and use equipment certified by New York State. Therefore, you know you are selling to a reputable company.
-Time efficient: Once you find the right buyer, the selling process shouldn’t take longer than one hour. Versus online which could take weeks.

-Retail Price: Most appraisers will provide retail price, which is more than wholesale.

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How Do I Know I'm Getting the Best Price for My Diamond Ring?

 

Being knowledgeable about the value of your ring will be beneficial throughout the selling process. Once you have determined the correct retail price, you will be able to sell your diamond ring with confidence.

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What are the Most Valuable Diamond Ring Brands?

 

The most valuable diamond ring brands in the industry are Harry Winston, Graff, Chopard, Van Cleef and Arpels, Bvlgari, Tiffany & Co., etc. Tip: Look for diamond ring buyers that consider the brand name during the appraisal, as this will maximize your payout.

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What are the Most Popular Diamond Shapes?

 

According to Lumera diamonds, the ten most popular diamond ring shapes of 2017 are, round, princess, oval, marquise, pear, cushion, emerald, asscher, radiant and heart. The prices vary depending on the shape due to its current popularity in the market.

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What Luriya’s customers are saying
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At first I was reluctant to sell diamonds online, but a friend assured me I was in good hands. Turns out they send a check out to you faster than 24 hours, and you have the option to refuse. I was impressed.

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When searching where to sell diamonds, this place really knows what they’re talking about. They have e-books on the ins and outs of selling diamonds, gold, and other jewelry. I particularly found the part about the 4 c’s of diamonds useful.

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For anyone looking to sell diamonds, Luriya is the place to go. They pay well, instruct you about their prices, and let you take your time to make a decision on a deal. Will be back.