Want to sell your diamond ring or diamond jewelry? AaLand is here to help. No matter what the reason for selling your diamond may be, there are a few important things you have to consider.
You may feel eager to sell your diamond ring when the first offer arrives. It’ll feel good to get the deal out of the way, right?
Wrong. We don’t recommend this strategy. Patience, indeed, is a virtue. Just as buying diamond jewelry takes time, so too does selling it. So rather than accepting whatever option is first available to you, you should look for a legitimate diamond ring buyer—in other words, one who’s seasoned in appraising, buying, and selling diamond rings.
Learn the ins and outs of selling your diamond ring, courtesy of AaLand Diamond in Northwest Indiana.
What Should I Look for in a Diamond Buyer?
Where can I sell a diamond ring? How do I find a credible buyer?
Here are a few signs your diamond buyer is legitimate:
- They only offer in-person meetings.In-person meetings are essential for diamond buyers. How else will they assess your jewelry? If the buyer you’re researching only works through online transactions, that’s a big red flag.
- Customers leave reviews. Customer reviews are an important source of information when you’re seeking out a diamond buyer. Check out the buyer’s website or other jewelry store directories—the more positive reviews, the better.
- The buyer takes his or her time assessing the diamond. Does the diamond buyer takes one glance at the jewelry and spit out a price? If so, be warned. Experienced diamond buyers take time assessing your valuables. They’re communicative and transparent about their assessment process.
These are just a few features you should look out for when you search for a diamond buyer.
Do I Get More Money Pawning or Selling My Diamond?
Generally speaking, you’ll get more money for selling your diamond rather than pawning it. Why is this?
Because pawn shops lend you money. Say you need some cash, so you decide to part with your wedding ring. If you head over to a local pawnshop to get rid of it, the pawnbroker lends you money for your ring. Think of the ring in this situation as collateral.
Later, when you’re in a better financial position, you can return to the pawnshop and get your wedding ring back. Easy, right?
What’s the downside in pawning your ring? You get your beloved diamond possession back, so what’s not to like?
Well, you need to make recurring payments on time. Plus, large interest rates are usually tacked on to your payments. In other words, pawning is not selling. When you pawn your wedding ring, the pawnbroker is only lending you money you’ll eventually owe them. So you’re effectively not making much money at all.
Selling your wedding ring, on the other hand, is a much simpler endeavor. (You will, however, have to ready yourself emotionally.) In selling your ring, you’ll no longer own it. Nevertheless, diamond buyers pay more money for your ring.
And what’s best? Selling your wedding ring will neither cause financial risk nor leave you in debt.
Should I Sell My Diamond Ring Online?
A diamond engagement ring doesn’t just offer sentimental value—it offers financial value, too. Online sales are great for selling furniture, tools, books, and other knickknacks, but not for expensive jewelry.
So don’t sell your diamond ring online. Instead, do a little research and find a professional engagement wedding ring buyer. In doing so, you’ll get a fair price and a fair deal.
Can I Sell My Diamond Ring at a Jewelry Store?
Yes, you can sell your diamond ring at a jewelry store. Before you visit your local jewelry store, you should contact the store first, just to double check.
(Still shopping around for buyers? AaLand buys diamonds!)
How Do I Get to Know My Diamond?
Perhaps a grandparent gave you their antique diamond a few years ago and you don’t know too much about it. Maybe it’s been in your family for generations and you haven’t taken the time to learn more about its history. Even if you purchased it for someone in the past, you might not be aware of its actual worth.
All you have to do is visit a gemologist who can perform a diamond authentication test. This test accurately determines the diamond’s worth, its origins, and its authenticity.
Most importantly, in visiting a gemologist, you’ll be able to learn about the diamond’s grade. The grade of a diamond dramatically affects its selling price.
Before you even start looking for buyers, however, you should learn the four C’s of diamonds.
What Are the Four C’s of Diamonds?
As discussed elsewhere, the four most important components of diamond grading are cut, color, clarity, and carat.
- Cut. Diamond cut specifically refers to the quality of its cut and how the cut affects the diamond’s aesthetic appeal. What determines cut quality? Angles, proportions, scintillation, symmetry, and more. There is no ideal cut across the board. Rather, each diamond’s perfect cut depends on the stone itself.
- Color. It sounds simple, but this C is determined by how much color a diamond has. In comparison to its setting, you want your diamond to be colorless and clear. Any tinting or cloudiness could negatively affect this grade.
- Clarity. Clarity doesn’t have to do with the color of a diamond. Instead, clarity focuses on any imperfections on the diamond’s surface or within it. A grade of FL means a diamond is flawless.
- Carat. Also referred to as “carat weight,” this C is based on the diamond’s weight rather than its size. Depending on its cut, carat weights differ between diamonds of the same quality.
Now that you know what the four C’s of diamonds are, you’ll be better equipped to ask your Northwest Indiana diamond buyer thoughtful questions—questions that, hopefully, will earn you more cash at the point of sale.
Setting Realistic Pricing Expectations
Although diamonds are extremely valuable, you’re likely not going to get more than what you actually paid for. That’s okay.
Unfortunately, some people think that they’ll earn a significant amount of money from a diamond transaction.
The fact is that diamond ring buyers aren’t trying to take advantage of you. Rather, buyers are businesses, and they need to make a profit.
Do you have a diamond ring sitting around the house? If it’s been unworn or unused for years, you might want to sell it. Earning some cash from the sale will be well worth it.
Selling Diamond Jewelry: Common Mistakes
If you’re not careful, you can lose out on a diamond ring transaction. So how do I avoid financial trouble—how do I get the most money for selling my diamond?
Here are some diamond selling mistakes you should avoid at all costs:
- You don’t work with a diamond ring buyer. It’s true: Jewelry stores employ knowledgeable diamond buyers. Certified buyers are a great option, too. At the end of the day, you should sell your diamond jewelry to someone who’s credentialed and experienced in the trade.
- You don’t ask the right questions. From the moment you decide to sell your diamond jewelry, you should be asking the right questions—especially once the appraisal process begins. Ask the buyer how they arrived at the valuation, what factors they took into consideration, and if other buyers would give you the same deal.
- You ignore your instincts. If something feels off during this transaction, you might want to step away and reconsider. It can be easy to get talked into a price you’re not comfortable with. Instead, simply end the transaction until you’re ready.
A good diamond buyer will want you to feel at ease throughout the entire process. Make sure that whenever you decide to sell your diamond jewelry, you work with a credible engagement ring buyer, ask any many questions as you can, and always go with your instincts.
Contact AaLand Diamond for a Fast and Free Diamond Appraisal!
Now that you know how to sell a diamond ring, it’s time to start selling it!