Owning a gorgeous piece of jewelry is one of the finer things in life… but only if you wear it. If you find your heirloom diamond ring sitting in an unworn box or you\’re ready to sell an engagement ring that no longer fits your life, you might wonder, \”Where is the best place to sell your diamond ring?\” When you want a change or upgrade your engagement ring, you should look for a reliable buyer who can get you the best value for your piece. At Sherman Diamonds, an elite Houston diamond exchange, we want you to feel comfortable and confident when selling your diamond ring. Use our guide to help you along as you look for the best places to sell your jewelry.
How can I get the most money for my diamond?
Since a diamond ring is so emotionally and financially significant, many people stress over the selling factor. Many individuals looking to sell a diamond beg the question of whether they\’ll get the top price for their precious prize. Several exquisite online jewelry buyers nowadays offer this much-desired service and even offer a diamond ring exchange. The famed \”4Cs\” of a diamond (cut, color, carat, and clarity) affect how much you can charge for a diamond. Ultimately, a more considerable carat weight means a higher price tag, but the perfect color and clarity can up the value of your diamond ring.
Our experts developed a top list of places to sell your diamond rings, considering the buying process, offer price, ease of use, and customer service. Ensure you have all GIA certifications and paperwork, then decide on the seller you want to exchange with.
How do I sell my old diamonds?
There are a variety of ways to sell your old diamonds. You can sell to an independent jewelry store or locally to a Houston Diamond Exchange or on 47th Street in New York City. The price and treatment you receive depend on the type of buyer you sell to and how well you know the seller. The top places to sell your old diamonds are:
- An Independent Jewelry Store
An independent jewelry store is an ideal place to sell your unused jewelry. But, for a store to invest in a piece of jewelry, they need to legitimize it by checking the certification and the 4Cs for the piece. In addition, the relationship between the seller and the buyer in this area is essential. For a jewelry store to use its money to buy a diamond from you, they are taking a risk, so make sure you find a reliable jeweler you can trust. Creating a strong relationship with a specific diamond buyer means you can return to this seller several times. You might also get a higher price for your diamond ring since there is no \”middleman\” in this negotiation. Just ensure you\’re building a relationship with a trustworthy local jewelry store.
- An Auction House
An auction house like Christie\’s or Sotheby will be able to get you top dollar for your jewelry but at a price. When the auction house sells your diamond ring, the selling process is often lengthy and tedious. When your diamond ring or necklace actually sells, the auction house will take a certain percentage of your profit, traditionally about 20% of the selling price. It does take a lot of the responsibility off of you as a seller, and auction houses often have built-in marketing plans to draw a wider audience, but only you can decide if that access is worth the cost.
- Pawnshop
Local pawnshops have a lot of benefits. You usually get cash immediately, and you can speak to someone to negotiate the price. For that speed, though, you\’re probably giving up a bit of profit. Traditionally, pawn shops are the place to go, but they tend to undervalue rings and often cost very little. Pawn shops offer extremely low prices to legitimize this quick pace.
- Direct-To-Consumer
While selling directly to the consumer who will wear the jewelry usually garners you the highest price, it\’s also usually the riskiest. Without a store that can provide a certification, warranty, official packaging, and other elements, neither the seller nor the buyer can know if the situation is authentic and safe. You can usually sell directly on websites like Facebook Marketplace, eBay, or Craigslist, but you\’ll have no way to verify if the buyer is safe. This is an optimal traditional buying situation, but you\’ll have to decide if the risk is worth the (potential) profit.
Are diamonds hard to sell?
Diamonds are easy to sell because they are always in demand! People get engaged daily, plus gifting happens for Valentine\’s Day, Christmas, graduations, and anniversaries. You can easily sell a diamond quickly, but ensure you get the best price using our tips.
Do diamonds increase in value over time?
Diamonds may increase, decrease or keep their value over time due to various factors. Not only do the 4Cs determine the value of your diamond ring, but trends, availability, and other factors can affect it. Buyers should protect their investment in diamonds like they manage a stock portfolio. If a diamond is not professionally certified by the Gemological Institute of America (GIA), get it certified. The certificate issued by GIA is considered indisputable in the diamond market and will grade the diamond appropriately. This certificate can appraise your jewelry and help you increase your diamonds\’ value over time. Contact us if you have any questions!