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. For example, 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.
Rings from well-known brands, such as Tiffany, can fetch better prices that non-branded rings.
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 yellowish 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 the ring’s diamond has a diamond report/certificate issued by the GIA or another gemological lab, it will provide additional evidence as to the quality of the stone.
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 or get a diamond report for it from the GIA by sending the diamond for valuation.
Know Where to Take the Diamond
You can take a diamond ring into a pawn shop, a jewelry store or a diamond/jewelry dealer.
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 probably going to give you as little as possible so it can turn a profit. This is because the shop will likely resell your piece to a jeweler or someone else who will want to buy it at a huge discount to the retail price.
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. However, you’ll likely be getting more that at the pawn shop, as the jewelry store is closer to the end customer, to whom your jewelry (or parts of it) will be ultimately resold.
A diamond/jewelry dealer specializes in buying diamonds and/or used jewelry and is likely to offer you the most money for the stone, or at least close to what a jewelry store would give you. Some of these dealers operate online — for example, you can go to WP Diamonds and fill out the valuation form on the site to get an estimated price for your jewelry.
The above are general recommendations. You should get different offers and compare them to see which one gives you the best price. It’s not impossible for a pawn shop to offer you a better price than a jewelry store, for example, and not all jewelers buy used jewelry.
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