Many people are surprised to come across old diamonds and diamond jewelry they have had hidden in the back of a drawer or sitting in an old jewelry box for years. In many cases, these diamonds are in rings that were kept for some emotionally significant reason or relationship that no longer exists. Sometimes, diamond rings may even serve as a painful reminder of the past that is best forgotten. If you come across loose stones or a diamond ring among your belongings, maybe it’s time to turn that old treasure into something you can use today, such as a vacation or a special shopping trip for yourself. Selling a diamond ring is fairly easy, although it does require a bit of footwork to get the best price possible. Following are a few steps that will lead the way.
1. Investigate auctions. Many people use the eBay auction site to sell their diamond rings because the website is easy to use, attracts millions of buyers worldwide, and gives you a glimpse of the selling prices for other, similar pieces of jewelry. If you decide to go this route, post a clear, close-up picture of your ring and include additional photos of any certification or appraisal paperwork you have on the ring or the diamond. This method takes time, and there is no guarantee your ring will sell for your asking price, but you could get a good price for your diamond ring if you are willing to be patient.
2. Post your ring for sale on Craig’s list. Supply the same types of photographs you would use in an eBay auction, so people can see what you are offering. Craig’s list does not use an escrow-type payment service like eBay does, and you will possibly need to meet the buyer in person. Exercise caution when doing business with people on Craig’s list.
3. Visit jewelers that could sell your ring for you. Jewelers may be able to resell your ring, especially if it fits in with the style of their overall collection, has unique features or is antique, although many jewelers will only sell your ring on consignment. This means that, instead of buying the ring from you, they keep your ring in their shop and try to sell it. Once it sells, they pay you the money, less their commission. This commission could be as much as 40 to 60 percent of the selling price. This method also takes time because you need to wait for an interested buyer to come along. You might wonder why you can’t just take the ring back to the original jeweler that sold it. Even if you have the receipt, the original jeweler would only buy the diamond ring back at wholesale, so they could resell it at a profit. The problem is, diamond markups are very high, and jewelers don’t want to risk revealing their markup, so don’t expect them to agree to buy your ring back. Additionally, some stores will not even consider your diamonds unless they are .50 carat or larger.
4. Take your diamond ring to a gold buyer. Many gold buyers, such as WeBuyAllGoldAndSilver.com, buy diamonds in addition to gold and silver items. Shop around, and compare offers between gold buyers until you find one that gives you the price you want. You can do some of your shopping around online, because some online buying sites will give you a range of what they will pay per carat for diamonds. This will at least give you a benchmark so you know what price to expect. It’s also highly beneficial to walk into a gold buyer location, like one of our over 13 stores in New Jersey. This gives the staff a chance to look closely at your diamond ring, review certification or appraisal paperwork, and give you a much more accurate price for your diamond ring. The best part about selling your diamond ring this way is the cash that you will walk away with that very same day. This is the fastest way to sell your diamond ring, since online buyers still take a few days to have you ship your ring, wait for their offer and then wait for a check.
Selling your diamond ring can become a time-consuming process if you don’t know where to start. Now you should have a little better idea of places to sell your ring, and the amount of time you can expect to wait before you see the proceeds from your diamond ring sale. As you can see, this depends completely on which venue you choose to rely on for selling your diamond ring. As a gold buyer, we can get you money faster than any other buyer.