Selling a diamond ring can be an emotional proposition. Generally when someone is looking how to sell a diamond ring, it means a tragedy has happened. Whether a loved on passed away, or a relationship ended, these are events that hold a great deal of emotion, to a physical item.
Diamond Ring Selling Experience
Because of this, selling a diamond ring, can be a very emotional experience. As a result most buyers do not want the hassle of trying the find a retail buyer, even though it may bring additional money. Often times the process of selling a diamond holds too much emotion and pain, for sellers to prolong the process.
As a result of the increased demand, many buyers have begun to pop up in the industry. This includes pawn shops, jewelry stores and hundreds of online options. With a few simple google searches, a seller can become overwhelmed by the options. They end up asking themselves some very important questions. How can I sell my diamond and know I am working with someone who will offer a fair price? How can I know what my diamond ring is worth?
Guide to Sell Diamond Ring
Here is a guide that will help to simplify the process and enable you to sell your diamond ring, let go of the emotional attachment it holds, and pocket some cash in the process.
First, do a little research on what your diamond ring is worth. If you have the original paperwork it will give you the quality of the diamond. You can then research its current value. If you do not have the paperwork it may be necessary to have the ring appraised.
Once you find the retail value find the Rapaport value for the ring. This will give you more of a wholesale price, which is where dealers will start when making an offer. It’s like knowing the book value for a car, before asking a dealer how much they will offer you. It’s always wise to understand its value.
Second, do a little research online for potential dealers to do business with. The online dealers will generally offer you more for your ring than a local dealer because they do not have a storefront built into their expenses.
While top quality companies online will offer you the most, this is also a place that is filled with companies that are looking to scam customers. There is nothing worse than having a heartbreak and then feel taken advantage of, while you are trying to sell the ring.
As a result this is a real important step. Research the company. Check the Better Business Bureau for complaints. Contact the company and talk with them about their process. How do they evaluate your stone? What percentage of the Rapaport value will they offer? Do they use a gemologist to establish value? These questions will provide you with a lot of good information and help you screen for the best company.
Third, is to send your diamond ring to the company for an assessment. It is common for companies to pay around 60% of the Rapaport value. This will help you establish accurate expectations on what you can expect to receive.
If they make an offer that you are not happy with, you always have the option of having them mail you back the piece.
Following these few basic steps will provide you with the best results, when it comes to selling your diamond ring.