Selling your diamond ring is a great way to earn some extra cash. Whether it’s because you no longer want it, it reminds you of a past relationship or you simply need the money, it’s important to know about your ring. The more you know about the setting and the diamond itself, the more you can earn – and avoid being taken advantage of.
Know the Setting
Find out about the ring that you have. Silver, gold and platinum are all valued differently – with platinum being the highest.
If you aren’t 100 percent sure what you have, take it to a jewelry store and ask for an appraisal.
This will ensure that when you go to sell the ring, someone isn’t telling you that it’s silver when it’s actually platinum.
Learn about the history of the ring, if possible. If you bought it at an auction and it actually belonged to royalty, this is going to add value to the ring.
You will need to bring documentation with you, however. No one is going to take your word that it belonged to the Queen of England unless you have the proper paperwork.
Vintage settings can be worth more because their style is a hot trend and few jewelers are using those settings any more. Any kind of documentation that you can bring to help the jeweler date the ring will be helpful.
Know the Diamond
You have to know about the diamond you’re trying to sell. There’s a difference between a low-clarity white diamond and a yellow one.
Remember the 4 Cs – cut, color, clarity and carat weight. You should find out what your diamond’s grade is on each of these criteria before you head into any kind of jewelry store.
If you were the one who bought the diamond, you may have the original certificate on it. If so, bring the document with you and make sure that the money you get is commensurate with the stone’s quality characteristics.
If you don’t have a certificate for the diamond, it may be a good idea to get your stone appraised.
Know Where to Take the Diamond
You can take a diamond ring into a pawn shop, a jewelry store or a diamond store.
Each one is likely going to provide you with a different value on the ring and offer you a different amount. You will want to go with the highest bidder, so it’s a good idea to visit a few different places.
A pawn shop is in the business to make money and is probably going to give you as little as possible so it can turn a profit.
The people at a jewelry store are likely going to keep what they like from the ring and melt down what they don’t. Therefore, you might not be getting your full potential.
A diamond store specializes in diamonds and is likely to offer you the most money for the stone.
It’s good to make sure you are selling to the person who will actually re-sell your diamond ring afterwards, if possible.
If you go with the “middleman”, who is going to be taking some of the profit, you won’t make as much.
Selling Tips Checklist
In order to get as much as you can for your diamond ring, keep these tips in mind:
- Clean the diamond ring well before going to get it appraised
- Get all appraisals and offers in writing
- Ask what the jeweler is basing their quote on
- Bring in any documentation that you have
- Be educated about your diamond when you walk in