5 Money-Saving Steps to buy a Used Diamond or Pre-0wned Engagement Ring
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Budget for your Purchase
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Determine Your Partner’s Preferences in Pre-owned Engagement Rings
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Learn About Used Natural Diamonds
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Where to Buy a Used Diamond or Pre-owned Engagement Ring
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Getting an Appraisal & Insurance for Your Used Diamond or Pre-owned Engagement Ring
Across our publication, The Diamocycle Dispatch, we discuss the many places a buyer could purchase a used diamond or pre-owned engagement ring and why purchasing used is the smart choice.
The Following Steps should provide the shopper of used diamonds a roadmap to getting the best overall value in a used diamond or pre-owned diamond engagement ring.
Our family legacy in the diamond and jewelry business was founded in 1857, over 164 years ago. We take pride in giving you the advice we would provide a valued customer and understand reputations are hard to earn and easy to lose.
1. Budget For Your Purchase
Setting a budget is the first starting point, and it should be a personnel choice. Some people spend their savings on a diamond ring, and others on a weekly salary. We believe the fundamentals are that this is highly personal. Diamond engagement rings are not an investment. They are a luxury asset that, when purchased new, depreciates. They are very comparable to a high-end purse purchase in economics or a luxury car. So, when you are buying this asset class, our job is to help you save money and guide you toward the smartest choice.
At best, we think we can help you lose the least amount of money should you need to sell in a short-term 30-day period. We make the argument for used diamonds, and pre-owned engagement rings below.
Understanding The Basics of Used Engagement Rings
We believe diamonds don’t have to be three months’ salary, and we don’t entertain any notions that most diamond purchases are a good investment. When you purchase a diamond or engagement ring, it is about minimizing your future loss should you sell your diamond. That said, buying used diamonds and pre-owned engagement rings is brilliant because you’re letting someone else buy the initial depreciation of the ring. Diamonds’ engagement rings, like cars, depreciate the moment you drive them off the lot. Unfortunately, new diamond engagement rings depreciate far worse than a new car. With this in mind, a savvy shopper will opt for used over new.
More Bling for The Buck
If you are thinking about a used diamond or pre-owned engagement, we highly suggest that you consider you can purchase a ring with the same budget that you would never be able to afford. For example, imagine you have the budget for a Toyota corolla but get the Porsche of your dreams with low miles. The best thing about used engagement rings is that you seldom have to take them to the shop for an expensive repair. So, there is an even brighter purchase than a used luxury car.
Used Natural Diamond VS. Lab-Created Diamond
Lab-created diamonds are the current rage. They enable buyers to get a larger eco-conscious diamond at a low price. We say buyer beware. These lab-created stones are going down in value each day. No one in the wholesale market understands the resale value, so you will get pennies on the dollar when you try and sell them to a dealer. The cost to make them is going down each year, so their value is ever dropping. We think there is a poor place to park your money.
Used Diamond VS. New Diamond
A used diamond is a smarter bet, as you may not recover the entirety of the purchase if you need to sell, but you will get back a large portion of your investment. You will also have an asset that you will appreciate. Example Below. This is for a diamond purchased and sold on our preferred online marketplace if you need to sell in 30 days.
Depreciation of Used Diamond, New Diamond, Lab-Created Diamond -(30-day model)
Used Natural Diamond Purchase Price: $4000.00
Resale Value on Marketplace after fees:$3440.00
Loss: $560.00
New Diamond Purchased at Brick & Mortar Retail Store: $6000
Resale Value on Marketplace after Fees: $3440.00
Loss: $2560.00
Lab-Created Diamond purchased Online: $6000
Estimated Resale Value:$1500.00
Loss: $4500.00
In Summary:
As you can see from the model above, used diamonds have the least depreciation and therefore are the best asset choice for an investment decision and an intelligent choice for the budget-conscious shopper. Also, the used diamond and pre-owned engagement ring enable the budget-conscious consumer to buy a diamond they never could afford. We also have warned the eco-conscious shopper about the economic perils of purchasing a lab-created diamond. A recycled diamond engagement ring or repurposed diamond can be a sustainable choice for your personnel’s finances and the environment.
2. Determine Your Partner’s Preferences in Pre-owned Engagement Rings
Taste & Style
Everyone has a preferred fashion taste and style. Used diamonds and pre-owned engagement rings should highlight one’s style and flair. We suggest getting to know your partner’s preferences before shopping. Be flexible and speak to their trusted friends and family, and often they will drop hints that can be obvious or subtle. Below we highlight some of the ways preowned engagement rings can be better than new ones. Start Shopping here. Buyer’s Guide — Diamocycle.
Antique Diamond Rings
Old European diamonds cut more than 100 years ago are increasing in popularity. No two are alike. Their facets are not uniform their geometry is funky. They reflect light subtly. Artisans from a bygone era crafted them. They are an excellent choice for the vintage lover or the sophisticated romantic. Check out GIA-certified old European diamonds from our marketplace. Diamocycle Marketplace
Used Luxury Brands
Buying a used engagement ring means being able to buy outside one’s budget. So if you were shopping for Kay’s, now you’re looking at Tiffany&CO. This is amazing, right. We think so. Used luxury jewelry is perfect for the fashionista who appreciates quality and wants their ring to be from a storied maker.
Sustainable Sourced Diamonds& Eco-Conscious Engagement Rings
Recycled diamonds and Reclaimed diamond engagement rings are also the choices of the environmentally-conscious shopper. Our diamond marketplace for used diamonds and preowned diamond rings plants one tree for every diamond ring purchased. Start Shopping here. Our Environmental efforts. Our Environmental Impact — Diamocycle
3. Learn About Used Natural Diamonds
Diamonds are very complex, and there are many ways sellers can fool an educated buyer. Here are a few, and we are linking to our guides as an educational resource. Remember, this is the first step. You will have to read the guides. We are giving you the “cliff notes” below, but we suggest reading the “Book Our.” complete guide on some of the trickly ways sellers hustle buyers. https://www.diamocycle.com/diamocycle-dispatch/5-things-you-must-know-not-to-get-scammed-buying-a-previously-owned-engagement-ring-online
Must Know Before Buying a Used Diamond
Know the difference between natural and lab-created diamonds.
Know the difference between treated earth mined pre-owned diamond and untreated earth mined previously owned diamond.
Understand that all gemological grading reports are not equal.
Does the online marketplace for second-hand jewelry have your purchase inspected by an independent lab or an in-house employee?
You must educate yourself about used diamonds before purchasing pre-owned jewelry online.
Suggested Educational Resources on Natural Diamonds
We suggest you also learn the basics of diamonds, and we have these educational resources compliments of GIA. About a Diamond — Diamocycle
4. Where to Buy a Used Diamond or Pre-owned Engagement Ring
We have created extensive guides on whether to buy a used diamond online or in person. We also discuss the advantages of shopping online and from a used diamond-specific marketplace. For our massive guide on the subject, start here. https://www.diamocycle.com/a-guide-to-buying-a-used-diamond
Here Are the Highlights of Diamond Specific Used Marketplace
Critics Pick: Used Diamond Specific Marketplaces
Pros
A marketplace that is entirely devoted to selling and buying used diamond rings.
Fine jewelry resale online.
Buy consignment jewelry online.
A diamond-specific marketplace is an excellent place to find GIA-certified diamond rings.
Deep discounts on second-hand jewelry.
Low markup on engagement rings.
Safeguards are in place to buy used engagement rings.
Cons
Not all marketplaces have strict listing policies, so it is essential to know if they sell “treated” synthetic or diamond simulants.
Not all marketplaces provide escrow services for buyers.
Not all marketplaces have a 3rd party gem lab to inspect the used diamond jewelry before purchase.
Not all marketplaces set pricing for sellers, so this is important to be aware of the marketplace’s pricing policy.
Check out our preferred diamond-specific marketplace here. Diamocycle Marketplace
5. Getting an Appraisal & Insurance for Your Used Diamond or Pre-owned Engagement Ring
Diamond Ring Appraisal
A diamond appraisal should be the last step in the purchasing process. Your seller may have provided one, and if it is up to date, this could save you money. In addition, you need to make sure your appraiser values your ring at a replacement value for insurance. Finally, your appraiser should be credentialled from GIA. We have created an extensive education resource on diamond and jewelry appraisals for you to watch before engaging with a professional. JEWELRY APPRAISAL – Tutorial. We also have this guide for Diamond & Jewelry Appraisal — Diamocycle.
Safeguarding Documents
Protecting your purchase requires you to have appropriate documents for your used diamond, our preowned diamond engagement ring. Ideally, this includes a bill of sale, A GIA diamond certificate, and a Diamond and Jewelry Appraisal. We suggest you store these documents safely, not in the same place as your jewelry items. A safety deposit box is an excellent location.
Preferred Insurance Carrier
Our Preferred Insurance carrier is Jewelers Mutual Insurance. We receive no fee from them. We have enjoyed working with them over the years on replacements. We have been amazed by their dedication and level of customer care.