If you’re wondering, “How can I sell my diamond engagement ring?” you’ve come to the right place. There are several methods of selling diamond rings. Choosing the right buyer is crucial as it will provide you with your ideal payout and a pleasant experience.
If you are looking to sell a wedding ring, then your best bet is to go with a private buyer. This is because an auction is an unsafe place to sell an engagement ring as it is highly unlikely that someone will be willing to bid a high amount on a pre-owned ring. If you are looking to sell a diamond ring online, then you should understand that selling a diamond ring online comes with an entire host of risks and obstacles.
Selling something as valuable as a diamond can be a very intimidating process. If you’re wondering how to sell your engagement ring, keep the following tips in mind to find the best diamond buyer:
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.
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 agree to the offer, they will supply you with a cash payout, cashier's check, or wire transfer. All you need is your diamond ring and photo identification.
A typical appraisal process takes about fifteen minutes.
First, the appraiser will test your diamond ring in nitric acid to distinguish any gold from other base metals. Then, he or she will measure the height, width, and weight. This will determine the diamond's carat size.
Then, he or she will inspect the diamond’s surface with a 10x magnifying glass for any inclusions. This will help him or her categorize the clarity of the diamond.
Determining a diamond's color may be the hardest part of all. Experience plays a huge factor here. Placing the diamond on a white piece of paper to observe the color is the most common practice.
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: What is the general suggested price?
-Quality: Does your ring have any damage, abrasions, or inclusions? Is the diamond chipped anywhere?
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 on 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 their molecular density, diamonds usually sink. If your diamond floats, it is probably counterfeit or is only diamond plated.
Even if your diamond passes these tests, it is still best to get your diamond professionally appraised for an expert’s opinion.
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.
The true resale value of your diamond ring will depend on a combination of the 4Cs, its market value, and any brand name association.
The GIA assesses diamond value based on the 4 Cs.
Cut – The diamond’s cut doesn’t only refer to its shape. It also refers to the effects of the cut. How the diamond is cut from the original stone will affect how light reflects from the diamond. Diamonds with better light refraction sparkle more than diamonds that are poorly cut and will be appraised for more. Cut is graded from excellent to poor.
Color – Determining a diamond’s color may be the hardest part. Diamonds can range from colorless (graded as a D) to heavily colored (graded as a Z). Colorless diamonds are the most expensive. To get a better idea of the color of your diamond, check it against a white piece of paper.
Clarity – The appraiser will inspect the diamond’s surface with a 10x magnifying glass for inclusions. This will help the appraiser determine the clarity. Diamonds without inclusions will go for more than diamonds with inclusions. Clarity is graded from I to IF, I being the poorest grade and IF being the best.
Carat – The appraiser will measure your diamond’s height and width, as well as weight to determine its carat size.
The GIA grades the color and clarity of a diamond using a numerical system. The color actually 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. For clarity, the quality is graded by using a 10x magnifier to look at both the inside and outside of the diamond. The best clarity of a diamond is flawless, meaning it has zero inclusions on the inside or surface of the diamond.
No, you do not need a GIA certificate. However, having one may be beneficial because it proves the authenticity of your diamond ring. Since GIA certificates include information about the 4Cs, an appraiser will test your diamond ring and compare it to the document.
There are several advantages of selling your diamond ring to a jeweler rather than at an auction, online marketplace, or pawn shop. Such as:
1. It’s trustworthy: A reputable buyer should have GIA affiliations and use equipment certified by your state. For example, Luriya uses scales certified by the New York State Bureau of Weights and Measures. Therefore, you know you are selling to a reputable company. -It’s time efficient: Once you find the right buyer, the selling process shouldn’t take longer than one hour, as opposed to selling a diamond ring online, which could take weeks.
2. It provides the retail price: Most appraisers will provide a retail price, which is more than wholesale.
Furthermore, when it comes to selling a diamond ring, you are more than likely to get the best value for your sale from private buyers as opposed to “cash for diamond” shops.
The way to know if you’re getting the best price for your diamond ring is to be knowledgeable about the value of your ring before you go to sell. This will be beneficial throughout the selling process. Research your diamond and setting to get an idea about how much it is worth. Once you have determined a ballpark retail price, you will be able to sell diamond rings with confidence.
The most valuable diamond ring brands in the industry are Harry Winston, Graff, Chopard, Van Cleef and Arpels, Bvlgari, Tiffany & Co., etc. Here’s a tip: Look for diamond ring buyers that consider the brand name during the appraisal, as this will maximize your payout
According to Lumera Diamonds, the ten most popular diamond ring shapes are round, princess, oval, marquise, pear, cushion, emerald, asscher, radiant, and heart. The prices vary depending on the current shape and popularity in the market.
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