They say a diamond’s a girl’s best friend, and they’re not wrong. While it was rocky in 2020 due to the pandemic, the diamond industry significantly recovered in 2021; revenue increased by 29% for retailers!
As you can see, there’s a huge demand for diamonds. So if you’ve got pieces sitting around and collecting dust, you should consider selling them for some extra cash.
Where should you start though? Some avenues won’t be as profitable as others, so you need to be smart.
Read on to find out how to sell a diamond ring so you get top dollar for it.
Have It Appraised First
You might’ve bought your old ring for $1,000, but that doesn’t necessarily mean it’s worth that much. This is especially true if the seller was unscrupulous.
The current value also depends on how old your ring is and what condition it’s in. In any case, you definitely won’t get the same price as what you bought it for.
The best thing you can do is have your ring appraised first. It’s easy to find a jewelry appraiser, as there are plenty of online resources to choose from. Just pick the closest one and bring your ring over.
These experts can examine your diamond ring and then give you an estimate. If you aren’t happy with it, feel free to have your ring appraised at several places, so you can get an average.
Now that you know how much your jewelry’s worth, here are some ways to sell it.
Your Social Circle
There may be a chance that your family members or friends are planning an engagement or wedding. This is the perfect opportunity to offer your ring up to them.
This is a win-win situation because both parties know and trust each other. You can count on your loved ones to pay you, and they can count on you to deliver what you promised. And if you live near each other, there’s no shipping fuss either.
If you go this route, you might want to throw in a small discount. Otherwise, your social circle has no real incentive to buy from you rather than another seller.
Selling online is easy and convenient; you only need to post a listing, and interested parties will respond. You can then pick a buyer, get their payment, then ship out your diamond ring.
The downside is that there are lots of scammers and flaky people. This means you need to be careful and take your time to sell, rather than quickly choosing someone without vetting them first.
It’s helpful to use reputable marketplaces, especially ones that have rating systems. That way, you can take a look at people’s profiles and determine if they’re reliable buyers before selling a diamond ring.
Another downside is that you might not always get top dollar for your ring. In the worst-case scenario, you might not even get any interested parties!
This means you might have to go with the best offers, which can be only a fraction of what you wished to sell for. Otherwise, you’ll have to be patient and keep relisting to get some bites.
Jewelry stores are a solid option, but unfortunately, not many will buy second-hand jewelry. Often, most (if not all) stores focus on selling new pieces, as it brings in better profits.
Do note that the jewelry store itself probably won’t keep your ring around to sell to its customers. Instead, it’ll sell the ring to a dealer, who then sells it to a wholesaler. Because the ring needs to travel through so many avenues, you might not get a very high price from the jeweler.
But if you’re diligent and try several jewelry stores, you might hit the jackpot and get a decent offer. It’ll just take some time.
Pawn shops are a great choice if you need money fast. However, the biggest downside is they don’t offer much cash.
For this reason, we suggest you try the other methods on this list if you can wait. But if it’s a matter of keeping the lights on or staying in your apartment, then pawn shops do in a pinch.
“We Buy Gold” Stores
These are similar to pawn shops; “we buy gold” stores are basically agents who will help you sell your diamond ring to someone else. Naturally, this means you can get cash fast too.
All you have to do is walk into one of these stores and have them look at your ring. Some may also have online estimates. They’ll then give you an offer, and if you accept, you’ll have cash in hand immediately.
You’ll usually get the most money through diamond specialists. These diamond dealers will buy directly from you and won’t resell your ring, so you’ll get the most bang for your buck. They’ll buy your ring, reuse your diamonds, and melt down the setting for another purpose.
You’ll get fast cash here too, but diamond specialists may be a bit harder to find than pawn shops and “we buy gold” stores. But if you can find one, it’ll be worth your time.
Sell a Diamond Ring Successfully
With this guide, you can sell a diamond ring for a pretty penny. We’ve given you a wide range of options on how to sell your jewelry, so you can decide on the one that’s best for your personal situation.
In any case, you should be careful and thoroughly consider your choices. And if one doesn’t work (such as selling online), it’s always a good idea to try the other options. That way, you’ll have more chances of success!
For more fashion and beauty tips, take a look at the rest of our blog page.