7 Steps to Sell a Diamond Ring for The Most Money
Prepare Yourself to let go emotionally of your Diamond Ring.
Take a Personal Finacial audit regarding the timeframe to sell your diamond ring.
Where & How you Sell Your Diamond Ring Determines How much it is Worth.
What to Rember & Where to Sell Your Ring for the Most Money
Have the Correct Paperwork to Sell Your Diamond Ring for The Most Money.
How Should My Ring be Shipped?
What to Remember on the Day you Sell Your Diamond Ring?
We created this guide to demystify the diamond ring selling process. We think understanding the diamond resale market should be a little easier for those selling a used diamond or a diamond ring. Across our publication, the Diamocycle Dispatch discusses the many ways to sell a diamond ring for the most money or purchase a preowned diamond ring at a fair market value. With a family legacy founded in 1857 and over 164 years in the diamond business, we take pride in helping you navigate the sale of your diamond ring.
Step 1. Prepare Yourself to Let Go Emotionally of Your Diamond Ring
Diamond Rings and Major Life Events
Used diamonds and diamond rings find themselves on the secondary market for several reasons, and most are major life events. These life events can be positive, and some are less so. We endow diamond rings with memories of our loved ones and failed relationships, and letting go of these memories can be a positive experience. Our advice is to remember that a diamond ring is an object. Your memories are still intact, and it can be cathartic to let go of things that burden us emotionally.
Create New Memories
By monetizing a diamond ring, you can make new and positive memories. This could be taking the trip you wanted or releasing yourself of a burdening credit card debt. While your loved one may have passed, or your relationship may have ended, you are still alive, and the funds received can help you improve the quality of your life.
Remember Monetary Value is not associated with Memories
You should be emotionally prepared to sell, and remember that a diamond ring is a commodity. While we place value beyond the actual market price of a diamond ring, you are unfortunately not going to get paid for an emotional value.
Do Not Rush into a Sale
While selling a diamond ring can be an uplifting experience. We urge you to take an emotional audit and move forward at your own pace. Please do not let a buyer rush you if you are not ready to sell. It’s crucial that you come to terms with the emotions of a sale. Also, being hasty to sell is a poor strategy.
2. Take a Personal Finacial Audit regarding your Timeframe to Sell Your Diamond Ring.
The truth is that the faster you need to sell a diamond, the higher the likelihood of you receiving a lower amount. This is true for any asset. Think if you sold your house tomorrow for cash. The price would be far less than if you prepared it for sale and had an expert team slowly market it to the best buyer. If you need to sell today, we have created a guide on how to sell your used diamond, and it extensively covers selling your diamond online and in person. https://www.diamocycle.com/a-guide-to-selling-your-diamond
We want you to get about 2x more money for your diamond ring. So, please read on and follow our tips.
3. Where & How You Sell Your Diamond Ring Determines How Much it is Worth.
The reality is that there are several markets for used diamond rings. Therefore, your diamond ring’s price is different for each buyer and their level of access to the diamond market. Below is an example. Where you purchased it, its provenance, quality, certificate, age, brand, and condition all factor into its value. As an example below, we are using a ring purchased on Blue Nile for $5500 with a GIA diamond certificate.
Example: 1 Carat Diamond halo style ring
Brand: Blue Nile
Diamond Center Stone Cost: $4000.00
Diamond Certificate: GIA
Diamond Centerstone Shape: Princess Cut (Square Modified Brilliant Cut, Rectangular Modified Brilliant Cut)
Diamond Setting Cost: $1500.00
Year Purchased: 2018
Local Pawnshop Buyer for Cash:
Time Frame: Immediate
Whom Does the Pawnshop Sell To?
Option 1: A professional Diamond Buyer for $1500.00; in this scenario, the diamond ring is sold 2 times more until it reaches its end retail destination. It is most likely removed from its setting.
Option 2: A retail pawnshop buyer for $2000.00
Option 3: The pawnshop has trouble selling it, could have overpaid, and auctions it for perhaps $1200 at a corporate jewelry auction for wholesalers. It would then be resold 2 more times.
Local Jewelry Store Buyer For Cash?
Time Frame: Immediate
Whom Does The Jewelry Store Sell to?
Option 1: They keep it in their jewelry case and sell it for $3500.00
Option 2: They sell it to a professional Diamond Buyer who pays them $2000.00 and may sell it two more times until it reaches its final destination.
Option 3: They put it in an auction for diamonds for Jewelers and may get $2500. They receive multiple bids from many diamond buyers. It is again sold 2 more times before it reaches its retail destination.
Online Diamond Auction?
Time Frame: 2-3 Weeks
Net Proceed After AuctionFees: $1750.00
Who Buys it from the Online Auction?
Option 1: A professional jewelry buyer pays $2500. The diamond ring could be sold two more times before reaching a retail buyer.
Overnight Online Diamond Buyer?
Time Frame: 72 HRS
Who Buys it from the Overnight Online Diamond Buyer?
Option 1: A significant buyer could keep it for inventory and sell it to a jewelry store in need of a diamond for approximately $3800.00
Option 2: A smaller buyer might sell the ring for $2500 to another wholesale who may sell it to a jeweler or a final retail customer.
Online Marketplace for Preowned Diamond Rings
Time Frame to Sell: 30-180 days
Net Proceeds After Fees: $4128.00
Who Buys it from the Online Pre-owned Diamond Specific Marketplace:
Option 1: Is a retail shopper looking to save money and not pay the original retail price. So This option has bypassed at least two sellers. It takes quite a bit longer, but the payout is hugely different. As a result, this is our preferred selling platform for those that can afford to wait. Start selling here. Submit a Listing — Diamocycle
4. What to Rember & Where to Sell Your Ring for the Most Money
The Same Diamond Ring has many Values.
Your diamond ring is worth a different price to who the purchaser is and their intentions and access to the diamond market. The example above illustrates what a GIA-certified diamond purchased on a competitive online vendor like Blue Nile might sell for.
The Orginal Purchase Prices do not always dictate net proceeds
A diamond ring purchased at a brick and mortar store or large chain jewelry store has a higher mark-up than Blue Nile, so as a result, a seller can expect to recoup a lower percentage of the original purchase price.
The value you receive for Your Diamond Ring varies by the method you sell it.
If your goal is to get the most money for your diamond ring, selling it through the right source is crucial. As we illustrated above, we suggest you sell your diamond ring through an online diamond-specific marketplace.
The End Customer for Your Diamond Ring is ideally a retail shopper
When you look at the examples above, you can see why the end-user of your diamond ring should be a retail buyer to get the most money. It seems evident that the other methods have two sellers in the supply chain before the retail shopper.
Your Timeframe to Sell affects your ability to Sell to a Retail Shopper
In the example above, the more time you have to sell, the more you will recover for your diamond ring. While it seems obvious, not everyone has the luxury of time. For those that can afford to wait, the payoff is enormous.
5. Have the Correct Paperwork to Sell Your Diamond Ring for The Most Money
Diamond Certificate vs. Jewelry Appraisal
In the market for preowned diamond rings, the GIA certificate is the king. This certificate enables you to market your diamond ring across more platforms for the most significant money. It is a universal map for buyers globally. A knowledgeable buyer can make an accurate bid by looking at this certificate worldwide. If they have never seen a diamond ring. If you are marketing your diamond on our preferred platform, this will be helpful to sell your diamond ring for the most money. If a GIA certificate did not come with your diamond ring, a second option would be an appraisal from a GIA-trained gemologist. Please read this guide to diamond and jewelry appraisals. Diamond & Jewelry Appraisal — Diamocycle
How Do you obtain a GIA Certificate?
A GIA certificate is only available for loose unmounted diamonds, so it is not an option for most diamond rings that do not have one. However, there are cases when it is worth unmounting a diamond from a setting and certifying it. Then the diamond can be sold loose or remounted into the setting. The risks are that the setting could be damaged during this process. In almost all cases, a professional diamond buyer will, with a diamond over 1 carat, unmount and certify the diamond with GIA before reselling the diamond.
6. How Should My Diamond Ring be Shipped?
Who pays for shipping?
Our preferred shipper is FedEx, and this is the preferred shipper of the diamond industry except for Brinks for very high-value diamonds. The online seller should cover both the shipping costs and use a reliable insurance company to ensure the shipping of your diamond ring. They should tell you both the name of their policyholder and the amount your diamond ring is insured for in transit.
What Should I do if I need to Ship My Ring?
If you have to purchase insurance and ship the ring yourself, we suggest first you should have an appraisal for your diamond ring, and second, you send insured overnight via fed-ex or registered mail through the United States Post Office. In the event of loss, you will need to defend why your ring is worth the insured value, and they are unlikely to pay the insurance claim without some proof of what your article is. There are two scenarios when you might need to ship a diamond ring yourself. The first is if you do not have proof of your article and are trying to sell it to an online buyer. They are unlikely to provide you with a pre-paid shipping label. The second scenario is when sent to a lab like GIA for certification.
Pro-Tips for Shipping
One special note is that GIA has different addresses for different shipping methods, so read their website carefully. We also recommend you never ship on a Friday, as your item has a greater chance of loss if it’s in a carrier station instead of in transit. We suggest you double box your item. A small box inside a medium fed-ex box with all edges sealed with packing tape and a carrier label inside the small box. Confirm the amount of the insurance, and save all of your shipping records. You should be able to enter your email address or phone number for shipping alerts when the status of your shipment has changed. Please don’t panic if there is a shipping delay. This can happen due to unforeseen forces like the weather outside the carrier’s control.
7. What to Remember on The Day you Sell Your Diamond Ring?
You Should Never Feel Pressured to Sell
You never have to sell your diamond. However, if your potential buyer pressures you into a transaction or makes you feel uncomfortable, we strongly encourage you to walk away. The diamond buyer who pressures you is not an ethical or fair buyer and is likely not offering you a total or genuinely competitive price.
Selling a loose diamond can be an emotional experience, and you never want to work with someone who may take advantage of your emotional vulnerability.
Include Supporting Documents & Paperwork
No matter how you’re selling your stone – don’t forget to bring or include the supporting documents to help you fetch the price you’re hoping to seek. This may consist of GIA reports, insurance apprisals, or original receipts.
By bringing and including this documentation, you’re helping your potential buyer understand the value of your diamond and that you know the value of your diamond. In addition, by offering this context to your diamond buyer, you’re helping set the stage to get a firm sales offer for your loose diamond.
Stay Safe During the Sale Process
Given that you are conducting a high-value transaction – we encourage you to continuously operate with your safety and the security of your diamond ring as your highest priorities.
If You’re Mailing Your Diamond Ring:
Insure the Stone with Your Insurance Agency
Insure the Shipping Of Your Stone with USPS
Enable Tracking & Delivery Signature
Communicate to Your Seller the Steps You’re Undertaking to Ensure a Successful Sale
If You’re Meeting In-Person:
Meet in a Public Place
Ensure That Someone Knows Where You Are
Never Give Your Address to a Stranger
Only Accept Cash and Make Sure You Test or Can Identify Counterfeit Bills
Stay Present and Trust Yourself.
As mentioned, selling a diamond can be a daunting and emotional experience. We encourage you to trust your gut, stay focused on your priorities, and choose the process that feels the best to you.
While selling a diamond has its challenges, it can be a rewarding and liberating experience that allows you to pursue opportunities and live the life you’ve imagined for yourself.
We wish you luck in your diamond ring selling process. Please, if you have a Diamond Ring to Sell, Start Here. Then, submit a Listing — Diamocycle. At Diamocycle, we help Sellers get a fair market value for their Diamond Rings. Please read our Seller’s Guide Here. Seller’s Guide — Diamocycle.