How to Get the Most Money When Selling Diamond Ring?

 

Parting ways from your diamond ring can be overwhelming and emotional. The circumstances leading to this might be painful and you would not want to go through a tedious and challenging process to sell your diamond ring. There are now dedicated companies working to make this experience pleasant and with a positive outcome. One of these companies is iValueLab.

How Much is It Worth?

The essential thing that you need to consider when you want to sell diamond ring for cash is to minimize the loss. One thing you need to understand is that you will never recover what you paid. In general, you might be able to receive 20% of the original value to maybe 50% on rare occasions but obviously the amount also depends on the jewelry itself and the current market conditions. There are various places you can consider, and each place might offer you a different value. There is no formula according to which they decide the value of the diamond ring. They use the details about the diamond and the selling price of similar options to determine the price they want to offer you.

Determining the Value.

There are certain things that are taken into consideration when making an offer for your diamond ring.

1. Place of Purchase: You must understand that retail stores have a very high markup some stores more than others. You will pay more than the actual market value of the item as they will add the cost of labor, brand name and any other overhead charges.
   They themselves purchase the diamonds from wholesalers after which they add a markup and then sell it to you. Therefore, when you step into the market to re-sell your diamond, the buyers would like to purchase it at a price even lower than wholesale.
   
   
2. The Diamond: The harsh reality is that your center diamond is what carries the most value. So, you will receive your offers based on the diamond alone. The focus will be on the details of the diamond which are:
   
   

·       Carat weight

·       Color of the diamond,

·       Clarity/Quality of the diamond and,

·       Cut/Shape of the diamond.

 

There are more details that a professional diamond buyer will consider, and you can find that information on your diamond certificate as well. It is always a good idea to ask your buyer to explain the reason for the price they have offered.

3. The Brand: Items of Luxurious brands like Cartier or Tiffany & Co. can get you higher offers. As they are the most sought-after brands. Even if you want to sell your old rings, pieces from these brands are usually always in style. And the buyer can receive a much higher amount from the next buyer.
   
   
   
4. Ring Setting: Unfortunately, the setting will not bring you back any good amount of cash. As the buyers might just want to melt it for the gold. When you purchase it you pay for the labor and for the markup. So, the center diamond is what determines the value, and the setting might be just for a couple hundred bucks.
   
   
   
5. Appraisal Value: Don't get yourself confused between the appraisal value and resale value. The appraisal value or the replacement value mentioned on your jewelry appraisal is usually the amount that you would have to pay to replace your item. It is in no way the market value of your piece. When you are looking to sell your unwanted rings do not expect to receive the amount mentioned on the appraisal. It is a very unrealistic expectation and will only lead to disappointment.

Having discussed all the points to determine your ring's value now you just need to find the best place to sell it. And at present online professional diamond buyers are the most popular and reliable option. You deserve the best offers, and you can get that at iValueLab. When selling to them you will eliminate any service charges or any kind of fee. You will get the most professional customer service, a smooth and positive experience.

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How Much Is My Wedding Ring Worth?

A person’s relationship with their diamond is quite complex. You want to get rid of the negative emotions, but because of all the memories attached to that small piece of jewelry you cannot seem to get rid of it. 

When you finally decide to part ways with your beloved piece of jewelry the next question that pops in your mind is where can I sell diamond rings?

There sure are a lot of options to choose from:

1- Jewelry stores: 

In case you walk into a retail jewelry store to sell your wedding ring. It is highly unlikely that they will purchase it from you. 

Almost always these retail stores get their diamonds from wholesalers on consignment or buy it from them for a significantly cheaper price. Hence, they will make no profit by purchasing it from you for market price. Only if the diamond jewelry you are offering is a rare kind or is extremely beautiful that it has caught their eye, they might end up providing an offer. However, they will want to purchase it from you for a price, way below the market value.  

2- Pawnshops: 

The only reason you will want to even consider going to a pawn shop is if you need the cash right that minute. Otherwise, it is not the smartest option as you will not get the right price for your item. These shops tend to purchase jewelry items at the cheapest rates possible. 

3- Auction:

 This might get you something close to what you are looking for however it can take forever to just receive that offer. And you will only get a higher price if your item is one of a kind and people are unable to find such options elsewhere.

4- Consumers:

 You can try selling your wedding ring to the general public by putting it up on Craigslist or eBay. But the chances of being able to sell there are quite low. If you think ‘Hey, I will value my diamond ring for a higher price on this platform and get back my money’. Well, you will end up never selling it because if someone is searching for secondhand jewelry online, they already are looking for the cheapest options. Otherwise, they can just purchase it from a retail store and get insurance and packaging as well!

Diamond ring resale value is usually not what you expect when you decide to sell your diamond rings.

You cannot get back the money you spent and most certainly cannot make any profit out of it. It is about time that people understand that diamonds are not investments. What you need to do is, to find the right buyer who will appraise your diamond for the right price.

How to appraise diamond ring you might ask? There is no right answer, but there sure is a simpler answer- iValueLab. The company has the most experienced and highly qualified gemologists on their team to provide with the fairest offer for your wedding rings. You will get an estimated value for your jewelry online within 24 hours. And if you wish to proceed you can send it your item for evaluation by the gemologist and get the final offer. If you agree you will get the funds in your account within 24-48 hours with no service charge or percentages taken out of the amount offered. And if you are unhappy with the offer provided, they just send your item back with a free insurance appraisal! Now that is a deal we like! 

Tips for Selling Diamond Rings for Cash

Investment in the diamond rings is made with the intention to use it forever. Some diamond rings are even passed down generations as a family heirloom. 

 

But inevitable situations like financial problems or even trouble in paradise can lead us to search for “Where to sell my old diamond ring” on the internet. Even though buying the jewelry may seem like an easy task, but the other way around is a bit challenging. 

Where Can I Sell My Diamond Ring For Cash?

 

So, here in this blog, we will provide you with easy tips so that you can sell the GIA certified loose diamonds conveniently for cash. 

 

1- Provide An Authentication Certificate:
 

When you go out to sell the Diamond jewelry, the authentication certificate is the first thing the buyer will ask. So, it is better that you establish a certificate from legal gemological labs such as the GIA. This way, the buyer of the gold jewelry will get proper knowledge about the stone. If you want, you can even get the diamond assessed and appraised before selling it. 

 

2- Approach A Jeweler:

 

Not just the distributors, even the jewelers purchase used jewelry from the owners. But, keep in mind Jewelry stores that buy rings are looking for a profitable business. And that means they will try to purchase the diamond from you below the dump-price. So, be sure to never fall for any value that is lower than 40% of the Rapaport value. Always negotiate the first price they tell you. 

3- Sell On Your Own:

 

If you wish, then you can even sell your diamonds on your own. That means you will require sourcing the buyers. You can either put the advertisement for the rings on websites like eBay, craigslist, etc. You can even place ads in the local newspaper. Or else, there is always an option of talking with colleagues, friends, or families to see if anyone is interested.  

 
4- Place It On A Consignment Basis With A Local Jeweler:

 

If selling on your own seems daunting, then you can stay away from the hassle and let the local jeweler help you sell it on a consignment basis. Even though you may require paying service fees, but you can stay away from unnecessary headaches. Plus, consigning the jewelry is the Best place to sell rings as it can offer better profits.

 

Bottom line

 

We know it can be the hardest decision to part your ways with the diamond jewelry that you once relished. However, if selling is the only solution, then use our article as a guide for sell your diamond ring conveniently. 

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