5 Tips on How to Sell an Engagement Ring for Cash and Get the Most Money

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5 Tips on how to sell an engagement ring for cash and get the most money.

  1. Should I get a GIA certificate?

  2. Consider possibly removing the diamond from the setting if it is uncertified.

  3. Have a recent appraisal for sale

  4. Should I sell my diamond to a friend or colleague? 

  5. Sell to used jewelry buyer near me? 

Where can I sell diamonds? Our suggestion is to sell your diamond ring online.  

Selling a used diamond is never easy, and when one needs to sell for cash quickly, it adds a level of stress to the process. We created this quick guide to give our top tips on how to sell a wedding ring for cash.  Here is a complete guide on selling a used diamond. https://www.diamocycle.com/a-guide-to-selling-your-diamond

1. Should I get a GIA Certificate?

Pros/Tips

  • Best way to sell your diamond ring? A GIA certificate enables you to market your diamond to online sellers, buyers, and the world. 

  • For those looking to sell large diamonds, this is a must.

  • A GIA diamond certificate makes your loose diamond a commodity everyone in the diamond and jewelry trade can understand and give you a bid for your diamond. 

  • It ends the debate about your loose diamond’s quality and provides you with a reference point. Get a GIA certificate here. Submit A Gem

  • It is easy to sell GIA-certified diamonds online. 

Cons/Tips

  • It will take time and money to submit your item, and you will have to insure and ship your item to GIA. Our preferred shipper is FEDEX. 

  • If you need to urgently sell your used diamond for cash today, this is not an option. 

  • GIA only accepts loose diamonds, so your diamond will have to be removed from the second-hand jewelry mounting. 

2. Consider Removing the Diamond from The setting

Pros/Tips

  • How to sell my engagement ring? An experienced local diamond expert would ideally want to see the diamond loose to inspect it; an inexperienced engagement ring buyer would not. (for diamonds over 1ct)

  • GIA only accepts loose diamonds. Also, you can rush the process for an added fee. 

  • You will be able to have the diamond weighed if you are not sure of its weight. For example, a diamond that is 1 carat is worth considerably more than one that is .99 CT. The slight fractional difference in weight changes the value.

Cons/Tips

  • You will need to find a reliable local jeweler to remove the diamond

  • It will most likely damage the setting and could make the setting less marketable.

  • How to sell my diamond ring? If the diamond is under 1 carat or less than $1000 in value, it may be advisable to keep it set.  As you need a fast sale selling it as– is potentially the way to go, especially if it is of commercial quality. A high-grade diamond of above ½ carat is worth certifying from GIA. 

  • This is a guide about diamonds to help understand their qualities. About a Diamond — Diamocycle

3. Have a recent appraisal for sale

Pros/Tips

  • Where to sell my wedding ring? If you are going to sell your wedding rings to a friend or colleague, an appraisal sets a starting point for the negotiation.

  • Best way to sell a wedding ring? It provides a potential buyer with a feeling of trust.

  • If you are selling on an online marketplace, the business may require it as the minimum to accept your listing. 

Cons/Tips

  • If your sell locally to professional jewelry buyers, they will not pay attention to the appraisal. An appraisal is only suitable for marketing online and selling to friends/colleagues.

  • An appraisal will cost you more money.

  • It will cost you more time, and if you need cash today you might not have it.

We linked to our guide on everything you need to know about appraisals here. https://www.diamocycle.com/a-guide-to-diamond-appraisals

4. Market to Friends and Colleagues First.

Pros/Tips

  • Where to sell used diamond rings? You will get a much higher price for cash from a friend than a local jewelry buyer.

  • Best place to sell a diamond ring near me? You might be able to get fast cash selling your wedding rings to a friend while also helping your friend get a deal. 

  • A transaction with someone you know is safe.

Cons/Tips

  • There are tricky social interactions involved when you sell wedding rings to a friend. 

  • Make sure you are not reliable for reporting tax.

  • Make sure the buyer understands this is a final sale. 

5. Sell rings near me?

Pros/Tips

  • This may be the only option to sell used engagement rings for those in need of cash today. 

  • Who buys used engagement rings? We recommend selling to jewelry stores that buy rings. A pawnshop or We Buy Gold shop is unlikely to pay a higher price for a high-quality diamond.

  • We recommend getting at least three bids from local diamond ring buyers and asking them to respect the bid for at least one week. Then, ask them to write it down on their business card and put their name on the offer, so there is no confusion. Save this and bring it back to them. 

Cons/Tips

  • The faster you need to sell to a diamond jeweler buyer, the less money you will realize for your used diamond. 

  • If you’re asking yourself, who are diamond ring buyers near me? Our response would be can you afford to wait to sell online. 

  • Who buys diamond rings? Selling in a Pre-owned online marketplace will get you more but take too long if you need cash today. This amount can often be 2x more. Example: Joe sells his ring to a local pawn shop for $500. He gets money today. Jim sells the same ring after he lists it online with a marketplace for preowned jewelry. He gets $1000 after fees. 

  • Where can I sell a diamond ring? Unfortunately, cash today is going to be less money than a check tomorrow. Those that can afford to wait by selling a diamond ring online will most likely get 2x times greater money. 

Please see our piece on the five secrets to maximizing profit. https://www.diamocycle.com/diamocycle-dispatch//5-secrets-to-maximize-your-profit-when-selling-a-preowned-diamond

Our Suggested Marketplace- 

To sell a used diamond engagement ring with a diamond center stone over .70 carats or over $1000 in value.

For those that can afford to wait to sell their used diamond, the local diamond buyer is rarely the best option to sell a loose diamond. While some sellers might ask, should I sell with a consignment jeweler near me? The jewelry resale value is likely to be 2x times greater online. 

Best website to sell loose diamonds online? We recommend the online marketplace as the preferred seller of loose diamonds or pre-owned diamond engagement rings. Diamond consignment online is a way to get maximum value for your used diamond. For those interesting in selling, please see our Sellers Guide here, Seller’s Guide — Diamocycle

, and feel free to submit a listing here. Submit a Listing — Diamocycle

Diamocycle is a family-owned business with a legacy of over 165 years in the diamond and jewelry business, which began in 1857. 

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