8 Diamond Expert Tips for Selling a Diamond for Cash
#1 Should I Sell My Diamond for Cash or Keep it?
#2 Where To Sell My Diamond for Cash
#3 What To Know Before Selling My Diamond for Cash?
#4 What To Do Before Selling My Diamond for Cash
#5 Where is The Best Place for You to sell your Diamond for Cash?
#7 SELLING YOUR DIAMOND ONLINE-How to get the Most Cash: DIAMOCYCLE
# 8 What to remember when you sell your diamond for Cash?
When you need to sell a diamond quickly, the risk of getting taken advantage of is high. We are here to be your trusted guide. With a family legacy in the diamond business since 1857, we give you the knowledge we have discovered. Time and time again, people ask us: Who buys diamonds for Cash? Where to sell engagement rings for Cash? How do I get the most money selling a diamond ring for Cash? In this extensive guide, you will find these answers and more.
#1 Should I sell my Diamond for Cash or Keep it?
While selling a diamond or keeping it are two very different processes, both are contingent on knowing the cash resale value of your diamond.
Like real estate, diamonds are a financial asset. Much like you would want to know the value of your real estate, the first step to interfacing responsibility with your diamond ring is knowing its value. In the same way, you might have an agent inspect your home. Your first step is to get your jewelry appraised such that you know how much your diamond jewelry values.
Like homes, diamonds, too, are traded in several different markets, such as fine jewelry auctions, personal sales, pawnshops, and online peer-to-peer marketplaces.
Each marketplace offers its strengths and inconvenience to a seller. Much like a home, the best way to receive the highest offer for your used diamond is to have a bill of sale, a GIA Report, and an appraisal with a gemologist that considers your plans for your diamond rings.
It is worth noting that the faster you need to sell your diamond ring or the more in need you are of the funds, the more likely it is that you may receive a lower price due to your urgency and shortened timeline.
Much like a home, the more you know about the diamond rings and the more flexibility you can exhibit as a seller, the higher the price you may be able to fetch for your preowned jewelry.
Suppose you’re seeking to protect the value of your diamond rings. In that case, we encourage you to get an appraisal of your preowned diamonds or used engagement ring such that you can accurately insure your valuables should an unfortunate incident occur.
With an appraisal written for insurance, you will receive an estimate that indicates not the value at which you might be able to sell your preowned diamond or recycled diamond jewelry. Instead, the amount you would need to pay should you want to replace the item. Given the large variety of appraisals available, we strongly recommend you understand your goals and long-term plans around your used diamond jewelry and receive the appraisal type best aligned to your goals and suited to your needs.
#2 Where To Sell Your Diamond for Cash?
There are many places where you can sell your diamond for cash. Below, we’ve attempted to list the best ways to sell your used diamonds with a fair assessment of the trade-offs and advantages of going each route. The following is a detailed assessment of who buys diamond rings for Cash. This is your must-read list of cash diamond ring buyers if you need to sell a diamond.
In-Person vs. Online
Is it better to sell your diamond for cash online or in your area?
As you decide to sell your diamond, the first decision is whether to look online or in your community. We encourage you not to approach selling a diamond or using diamonds as a zero-sum game. You can pursue both in-person and online options.
As you’ll read below, selling your diamonds to a mutual friend is a slower route than a jewelry store but with potentially higher returns and profit. However, while specific in-person options listed above may offer advantages in immediacy, you may be at a disadvantage in terms of price or community reach. So while you wait to see what options your network may yield, we encourage you to get some additional price quotes.
The choice is yours, and we encourage you to make the decisions and select the sale process that feels best for you.
As mentioned, in-person brick-and-mortar stores may be an easy and obvious option for where to sell your diamond rings.
Suppose you have a relationship with a jewelry shop owner or another establishment. In that case, you may be able to get a fair offer for your stone. In addition, being able to drive to a store and make the sale today might align with the immediacy you need to liquidate your assets for Cash. That said, selling in person may also hamper the amount you can get for your stone based on the clientele and inventory available in your immediate community.
SELLING YOUR DIAMOND IN PERSON FOR CASH: JEWELRY STORE
Jewelry stores have a somewhat old inventory (especially in COVID times) and often hold their stock for a long time. As a result, many jewelry stores may not have the cash flow to offer you a fair market price.
The advantage of selling your diamond to a jewelry store is the immediate payoff of same-day cash-in-hand.
Suppose you’re selling your diamond to a jewelry store. In that case, we strongly recommend working with a trusted jeweler and getting multiple (at least three!) sales quotes to ensure you’re getting a fair value for your loose diamond or diamond jewelry.
Please note that jewelers may not want to honor a previous quote or offer from another institution and may commit to less if you return after receiving other quotes. It’s also worth knowing that jewelers will often take your diamond and sell it to a wholesaler overnight to get their working capital.
We strongly recommend that you know whom you’re working with and see the value of your diamond, especially if it’s over 1 carat.
For more on knowing the value of your diamond, please see our pieces on diamond inheritances
and diamond appraisals
DIAMOCYCLE SELLER SCORE: 2/10
SELLING YOUR DIAMOND FOR CASH IN PERSON: PAWNSHOP
To start, pawn shops are in the business of giving loans. So when considering a Pawn Shop as a place to sell a diamond ring, we strongly recommend you to remember that pawn shops are in the loans business, not in the business of buying diamonds for Cash.
Pawnshops make money by not evaluating and selling rings but by offering loans on valuable items. With that in mind, they do not have the staff or the business orientation to assess your diamond set or pay you a fair market price.
While some pawn shops have retail jewelry departments and trained gemologists, and may, as a result, be able to offer you a slightly higher offer, this type of pawn shop is rare and by no means a guarantee that you will get the best price for your rings. In addition, at best, these shops employ a fundamental formula based on the size of your used diamonds or recycled diamond engagement ring. Pawnshops do not consider the variety of conditions and attributes that should be considered when selling your diamond and getting a fair offer for your diamond.
We seek to discourage you from selling your diamond ring to a pawnshop unless you have minimal options in your area and need the benefit of immediate Cash that brick-and-mortar businesses offer.
DIAMOCYCLE SELLER SCORE: 1/10
Recommendations For Navigating Pawn Shops
While we strongly discourage you from selling your diamond for Cash to a pawnshop, sometimes it is the only option available to someone who needs quick financial relief. If you do decide to take this route, please keep the following Diamocycle Recommendations in mind:
Research The Value Of Your Diamond online on places such as eBay or Bluenile to understand the resale value of your diamond rings. You should expect to receive approximately 40% of the value of your diamond for Cash as the listed value of a similar diamond online with the Blue Nile. This is not an exact formula, and each diamond has an independent trading value, but it is a close approximation.
We also recommend looking at online pawnshops to understand the potentially standard pricing of your item. In addition, we recommend looking at the current market value for used engagement rings with similar specifications as your used diamonds. Finally, you might also visit a jeweler to understand and get a better idea of the value of your diamond before selling it for Cash.
Conduct a Personal Audit. If you truly are going to sell your diamond for Cash to a pawn shop with jewelry, how much money do you need to make sure your base or current need is covered? We strongly recommend coming up with an exact amount.
Also, know how much time it’ll take you to pay back a pawnshop jewelry loan. And whatever you imagine being likely, we recommend adding a few extra days to the length of your loan to make sure you’re well-prepared.
Examine Your Options. While pawning a diamond ring may seem like the obvious choice, we encourage you to look around your home and see if there’s anything else you might be able to pawn. Antiques, electronics, and power tools are all other high-value items that would be welcome at a pawn shop.
Prepare Yourself To Negotiate with your pawnshop owner to get close to the item’s value. Unfortunately, employees and owners often start low, hoping to take advantage of consumers unprepared to negotiate.
Your strength for negotiating is enhanced if you know the actual value of your diamond, the lowest you’ll be willing to go and if you’re eager to walk away. We also suggest letting your pawnbroker make the first offer and, from there, slowly working towards the number you want.
Know Your Pawn Shop
Visit various pawn shops with used diamond rings for sale to see who might be able to offer you the best price. Based on their understanding of diamonds and the diamond resale market, various pawn shops may be able to provide you with better prices.
Also, we recommend visiting local jewelry stores that buy diamond rings. While they won’t offer you a market price for your diamond, they may be able to provide you with a better price than your local pawn shop that sells diamond rings.
Deal only with pawn shops with jewelry that check IDs on every customer. Likewise, only visit pawn shops that work with local law enforcement to ensure that they are not purchasing or dealing in stolen property.
Read reviews of the pawnshop for jewelry selling to understand better the ins and outs of that specific place of business.
Rely on trusted relationships. Suppose you or a friend or family member has a pre-existing relationship with a pawnbroker or a pawnshop that offers diamond resale. In that case, we encourage you to rely on the strength of that relationship. The pre-existing trust and relationship may allow you to get a better deal on your diamond rings.
Understand Your Terms & Conditions
Check that all fees are clearly stated and know any hidden or contingent charges.
Read the fine print concerning annual interest rates. Before you sign anything, be aware of the actual cost of your pawn shop jewelry loan. Ensure you understand all conditions regarding extra fees and your potentially high-interest rate. If you’re unsure of any language in your contract, ask and clarify before signing.
We strongly encourage you to remember that if you miss your deadline, the pawnshop that offers jewelry loans has no obligation to take your money, even if you have the funds to pay back your pawnshop jewelry loan. Therefore, please make sure you agree to terms you genuinely believe you can meet if you decide to pawn your diamond ring.
SELLING A DIAMOND IN PERSON FOR CASH: JEWELRY CONSIGNMENT SHOP
While this is a much better open than selling to a pawn shop, be warned that the sales process often takes a significant amount of time. In addition, as it is a brick-and-mortar store, the business will also need to cover its overhead, which is deducted from your selling price.
As you navigate your local consignment shop, we encourage you to consider all of the pieces of advice listed above as they pertain to your consignment shop of choice.
DIAMOCYCLE SELLER SCORE: 3/10
SELLING DIAMOND FOR CASH IN PERSON: FINE AUCTION HOUSE
If you have a genuinely exceptional diamond of high value (something in the appraised value of $100,000), we would say that pursuing the fine auction house avenue is not a bad idea. Diamond dealers have been known to buy large and important diamonds at these auction houses.
The pros of an auction house such as Sotheby’s and Christie’s, are that you are exposed to wealthy buyers. In addition, the auction house will handle appraising, certifying, and marketing the sale of your diamond, creating the potential of selling your diamond rings for a high price.
If you’re approaching an auction house, we strongly recommend having a GIA Certificate, a detailed record of provenance (box, purchase receipt), and any past appraisals handy to help you get the total value of your diamond ring.
Generally, auction houses can charge both the seller and the buyer of the piece a fee, depending on the sale value of the diamond. Therefore, we strongly recommend researching past auction house sales for pieces similar to your diamond ring to get an idea of what your item might sell for.
As you may know, large and rare diamonds are similar to pieces of art. They can be sold and handled by auction houses for a well-facilitated trade in a quite distinct market from commercial diamond jewelry. If your piece merits the attention of a fine auction house, we recommend you proceed with caution.
DIAMOCYCLE SELLER SCORE: 7/10
SELLING DIAMONDS FOR CASH IN PERSON: THROUGH A MUTUAL FRIEND
If you have a friend or a friend of a friend getting married or searching for diamond rings, this could be a fantastic way to sell a diamond for Cash.
We strongly recommend getting your diamond appraised for a fair secondary-market price. At the diamond appraisal, we recommend asking the gemologist what they would sell the used diamond ring for were it in a consignment case, which will often be less than the new piece of jewelry.
A Quick Reminder: You are unlikely ever to recoup the cost of a new diamond. While unfortunate, it’s the sad truth of modern commercial diamonds. So the best thing you can do is try to limit your loss.
With this in mind, a private individual can be a great way to sell diamonds for cash and maximize your sale value. However, when selling diamonds to a private individual, make sure that you are not liable for charging or reporting sales tax. If you are, make sure you do so accordingly.
In addition, we again warn you to be careful about your safety. As well you can imagine, it can be potentially dangerous to sell a high-value piece to a buyer you don’t know. However, we estimate you should be safe if you are selling diamond rings within your social circle to a friend of a friend.
Seeing a ring from a divorce worn by a close friend may be socially complicated. However, selling a diamond for Cash to a friend of a friend (or someone who has a degree of separation from the event might lead you to sell a diamond ring) is hopefully far enough to spare any social friction.
Overall, selling a diamond within your social circle is a practical and relatively safe way to get the most for an item in the resale market without paying a middle man, auction house, jeweler, or pawnshop. While it may take some time and a bit of legwork, we think this is an effective way to sell a diamond ring with a high potential for recouping the cost of the recycled engagement ring.
DIAMOCYCLE SELLER SCORE: 8/10
SELLING DIAMONDS FOR CASH ONLINE
We believe you will get the highest sell offer with various online marketplaces to sell your diamond. It will not be Cash in hand today, but you could get 2X more money. So, if you can afford to wait for the payoff, it is worth it.
Simply put, selling your diamonds online offers you a level of exposure and expansion of a selling audience that a brick-and-mortar store cannot match. In addition, by sharing your used diamonds or diamond rings with an online audience, you’re increasing the exposure of your used diamond rings for sale beyond your immediate community and increasing the inherent demand for your used rings.
The increased exposure your diamond receives with an online audience and the ability to share your ring beyond your current geography are two compelling reasons you should strongly consider selling online.
Lastly, given the in-person selling options, our highest recommendation is to sell to someone you know. This type of personal network connection isn’t excluded when you sell online. You can even expand your reach by marketing to your private network by making an online post.
What to Look for in an Online Jewelry Buyer
No matter where and how you sell your diamond for cash, we recommend you aim to sell with an option that offers the following things:
1. Free & Insured Shipping and Return Shipping
Not all online diamond buyers are created equal. Therefore, we encourage you to look for online diamond resellers who will insure the shipment of your diamond. Also, cover your incoming diamond shipment. Finally, offer an option for return shipping should you decide not to sell your diamond to them.
2. Top-Quality Customer Service
While diamonds grace the shelves of various merchants – from Pawn Ships to Tiffany & Co. Jewelers, you can decide what type of online merchant you’d like to sell your diamond to. While sentimental value cannot factor into the amount you’ll receive for your diamond, you can at least decide to work with a vendor who treats you with respect and offers a confidential, luxurious selling experience.
3. The Option to Work with a Gemologist / Years of Experience in the Industry
It’s always essential to know the 4Cs of your diamonds (color, cut, clarity, and carat). Beyond that, we strongly recommend selling your used diamonds to an online diamond buyer that likewise can align with the specifications of your diamond jewelry or loose diamonds. The more your online diamond buyer knows and understands the value of your diamond, the better the price you’ll be able to receive for your loose diamond or diamond jewelry.
4. A Clear and Transparent Process
We agree that dropping a diamond in the mail to an online diamond buyer you’ve never met can be a daunting prospect. With that in mind, we strongly encourage you to only work with online vendors who offer a clear and transparent process. Along with insuring your package, you’ll want to understand what happens should you decide not to sell your diamond. Beyond that, we encourage you to fully understand any fees or charges that may arise through the diamond evaluating and selling process.
5. A Respectful and Timely Exchange
Beyond that, we encourage you to enter into a conversation with your online diamond buyer. Be clear with them about your hopeful price range that you’d be willing to sell your diamond and the anticipated timeline you’d prefer for receiving your funds. By making sure all parts of your online selling process are clear, you establish trust and set yourself up for success.
SELLING DIAMOND RINGS ONLINE FOR CASH: AN ONLINE POST TO YOUR SOCIAL NETWORK
One of the most profitable ways to sell your diamond for cash is through your community and network.
We encourage you to make an online post and share it with your community to increase your sale awareness and exposure. You don’t have to worry about any overhead or bureaucracy in selling your diamond by creating your post. However, we encourage you to cautious in transferring your used diamond to its new owner. Whether you’re doing so by mail or in-person, as you’re conducting the sale yourself – your safety and the safety of your stone are in your own hands!
DIAMOCYCLE SELLER SCORE: 9/10
SELLING DIAMOND RING ONLINE FOR CASH: VIA PEER-TO-PEER MARKETPLACES
The value of selling online to your network is that you have previously accumulated social capital to keep creating trust and support a high sale price of your diamond.
When you sell via an online peer-to-peer marketplace that includes an online audience outside your immediate network, you no longer have the social capital and trust to ask for the highest price for your diamond.
While we encourage you to consider selling your for Cash online, we also recommend you proceed with caution when using a peer-to-peer marketplace. Unlike online retailers and diamond resale businesses, an online peer-to-peer marketplace lets you interface directly with your buyer. While this allows you to eliminate user fees or intermediaries, you are also directly responsible for your safety and how your jewelry is sold.
DIAMOCYCLE SELLER SCORE: 4/10
OUR DIAMOCYCLE CHECKLIST FOR AN ONLINE JEWELRY SALE POSTING
Have you listed your item with a Credible GIA Report or Jewelry Appraisal?
Do you have multiple, accurate, high-quality photos from various standard angles?
Have you indicated whether your selling price is firm or negotiable?
What will you say about your item in the listing to attract potential buyers?
Have you priced your item reasonably based on your research?
In addition, as always, make sure that you must be safe and responsible in your online dealings. If you must meet to exchange the jewelry, please do so in a public place and let a loved one know about your transaction details.
SELLING YOUR DIAMOND FOR CASH ON eBay
While eBay may seem like a significant intersection of accessibility and reliability, we recommend eBay to the average user with several important caveats.
eBay has over 1 million pieces of jewelry listed. Many of these listings have the backing of specialized companies or accounts with their offerings of professional photos, strong sales track records, and often the ability to offer an appraisal or GIA report with purchase. While this might signal that eBay is the perfect place to sell your used engagement ring online, we strongly recommend remembering that all these sales and professional-looking listings are now your direct competitors.
Since fraud is an issue on eBay, especially with online diamond sales, most buyers feel more comfortable buying used engagement rings from a vendor with a long track record of success. Likewise, if you’re a first-time seller, we caution you to be on the lookout for fraud via your buyers!
eBay could be a great option if you already have an established track record of selling. Otherwise, we think your chances of successfully selling your used engagement ring online on eBay will be slim. Given both the newness of your account, the high value (and potential of fraud!) for your item, and your little history will make selling your diamond is extraordinarily difficult. We do not believe this is a quick or reliable way to exchange your diamond for Cash.
While eBay does sell everything, it doesn’t mean it’s always the easiest to sell anything.
DIAMOCYCLE SELLER SCORE: 4/10
SELLING YOUR DIAMOND FOR CASH ON CRAIGSLIST
While it is possible to sell a diamond for Cash on Craigslist, we do not recommend it. Similar to eBay, our top concerns are your safety in selling your diamond, the time spent marketing and selling on the platform, and the process of getting an independent appraisal to offer the diamond for sale.
Beyond that, if you’re not in the diamond trade, setting a price that reflects your diamond’s value and makes it accessible on Craigslist might be rather challenging. So when establishing a price, we suggest asking a jeweler, assuming you trust them and feel they have no conflict of interest.
Given that Craigslist purchases often happen in person, we strongly recommend that you are wise and take the utmost precaution if you take this route to sell your diamond for Cash.
DIAMOCYCLE SELLER SCORE: 4/10
SELLING FOR CASH ONLINE: DIGITAL AUCTION HOUSE
Online jewelry auctions for diamond ring buyers are an exciting way to connect jewelry sellers and diamond buyers. Please note that this section addresses not eBay but rather more specialized diamond-specific places to sell your diamond online.
In these contexts, we recommend keeping the following options in mind. First, the seller or online-auction space will often remove the diamond from the piece and have the loose diamond independently certified to ensure its quality. As removing the jewel from its setting can often damage the setting of the jewelry piece, we recommend understanding what happens if your loose diamond is removed and your diamond jewelry piece is not sold.
In addition, we strongly recommend that you understand the auction site’s fee structure, how they have served past clients, and their procedure if any damage is incurred in the removal of the diamond or, after removal, the piece is not sold.
While these are some of the obvious cons of selling your diamonds online via an online jewelry auction, it is also a valuable space as it connects a seller to multiple buyers. It is worth keeping in mind the site’s fee structure. The time it might take to find a seller. The inherent fluctuations in price depend on demand and who sees your listing. The fact is that there is always the uncertainty that a bidder may not be able to meet the price they have bid. A question worth asking the auction site is what happens if a buyer cannot commit to their stated auction price for your used diamond ring.
Lastly, we’d like to remind you that buyers come to an online auction price to get a good deal. Unfortunately, this means it is unlikely you will receive the total market value for your diamond, despite potentially having an accessible way to share your jewelry with multiple sellers.
While many online diamond auctions are seen as highly reputable, insured, and have long track records of exposing buyers to sellers worldwide, these sites are generally not open to the public. Unless you are a member of the jewelry and have been vetted by the company conducting the auction, with that in mind, auctions, in theory, are lovely. Still, they offer as much pitfall as they do potential in practice.
DIAMOCYCLE SELLER SCORE: 6/10
#3 What To Know Before Selling Your Diamond For Cash?
Know The Basics
What are the basics I should know about my diamond?
As you embark on the selling process, we strongly recommend that you understand how much your diamond is worth. Having a benchmark will allow you to set your expectations realistically and make prudent financial decisions regarding the sale of your diamond rings.
We encourage you to remember that when you sell for cash quickly, you can expect to get less money.
What Kind of Stone Do You Have?
It’s also invaluable to understand what kind of diamond your diamond is. Is it real, fake, synthetic, or natural? To learn more about diamonds and tell what your diamond is, visit our Diamycle Guide: How to Tell if a Diamond is Real.
DIAMOND BASICS: THE 4 Cs
We encourage all diamond buyers and sellers to have a solid working knowledge of the 4Cs of diamonds: color, cut, carat, and clarity.
For those of you who are new to Diamocycle, here’s a quick overview of what makes up a diamond:
Carat: A carat is the unit of weight for a diamond. The higher a diamond’s carat value, the heavier and more valuable the diamond. 1 carat is equal to .2 grams.
Color: Diamonds can vary and are rated by their color, measured on a scale from D (void of color) to Z (yellow in tone). The clearer a diamond, the higher its rating in the alphabet, and the more valuable it is.
Cut: The way a diamond is cut determines its shape. Where there is no value scale based on cut, the way a diamond is cut impacts its appearance and how it shines. Therefore, a diamond’s value is often determined by the current trends and the execution of the cut.
Clarity: A diamond’s clarity is determined by the presence of blemishes, scratches, flaws, or clouds found on the stone—the fewer the inclusions, the higher value of the diamond.
DIAMOND PRICE INDICATORS
Along with the 4Cs, several other indicators might affect the original sale value of your loose diamond or diamond jewelry and what you might be able to ask for its resale:
Overall Item Quality & Condition
While a gemologist will consider the 4Cs, this also includes the condition of your diamond and its appearance. The best way to get an excellent value for your diamond ring is to have a quality item. The higher the quality of materials, components, and the diamond itself, the more your diamond will be worth.
Place of Purchase
As brick-and-mortar jewelers have large overheads and markups, the price you pay for the diamond might impact the perceived value of your diamond jewelry. While you may have spent a significant price tag on your item, please keep in mind the chain of markups inherent in the jewelry industry. You compare what you originally paid with the potential value of what your diamond may be worth. ‘
If your jewelry has a brand-name designer, such as Tiffany & Co, it might be possible to sell your engagement ring to a jeweler for a higher price. While you’re usually selling your jewelry piece for the diamond’s resale value, some luxury brands can fetch a premium price in the selling.
Luxury brands charge a very high markup on their rings. Unless the brand makes a difference to your buyer, you may incur an even more significant loss if you cannot recoup any of the considerable brand markups you may have paid in purchasing the item.
The provenance of your jewelry is its history of ownership: who has owned it previously and how its current owner acquired it. A storied history can profoundly affect the value of a significant, large, or rare diamond, much like a piece of art. In addition, knowing the provenance of your secondhand wedding rings can help reassure buyers that the diamond was never acquired by evil means and is not a “Blood Diamond.”
Given the strong legislation around the mining of diamonds, a clear provenance saves buyers from worrying about authorities later confiscating the piece. Whenever the seller can supply the origin of the secondhand rings, it’s always helpful in reassuring the buyer’s worries.
Unique Features / What Makes Your Stone Special
If your jewelry is incredibly unique, it will be able to demand a higher price tag. That said, if its desirability is based on a particular trend or style, the current standing of that trend may positively (or negatively) affect the price of your diamond.
Is the setting unique, or does the setting (not the stone) have a value on the secondary market? As most commercial ring settings are recycled (not resold), their value is solely dependent on the value of the metal. The value of the metal is based on its gram weight and what material it is made from (10kt, 14kt, 18kt, gold, or platinum). Therefore, the value of the setting will affect the value of the jewelry piece in the secondary market.
While settings often demand a high price when bought, this hefty price tag usually covers the labor to make the setting and the retail markup charged by the manufacturer, the wholesaler, and the retailer. So while your setting may have been marked up by three distinct entities covering their costs and factoring in a profit, when you sell your used engagement ring, you can genuinely only charge for the base value of the metal.
If your piece is a signed important piece of jewelry, an antique, or an original vintage piece, you may be able to receive a higher offer for the setting than the market value of the metal.
Know The Industry
How does the diamond industry work?
THE DIAMOND INDUSTRY SUPPLY CHAIN
While diamonds are often constant in their pricing and a good investment, we encourage all of our clients to fully understand the diamond supply chain to temper their expectations regarding selling and making a profit appropriately.
While market diamond prices have stayed relatively consistent, the significant retail markup of any diamond will completely overshadow any small appreciation in value that you can reasonably expect over time.
Before you bought a diamond – your diamond moved through the following supply chain:
Diamond Mine Where the Diamond is Found, Extracted from the Earth
Diamond Manufacturer Cut and Polished, Sold with 20-30% Mark-Up of Base Purchase Price
Diamond Wholesale Market Where Stones are Bought, Sold and Traded / Each
Diamond Exchange Trade at a 20-40% Mark-Up / Stones Can Be Sold Various Times on the Market Before Making Their Way to a Jeweler.
Retail / Jeweler Where the Diamond Finally Reaches Consumer / Mark-Up of 30-100%
Given the significant markup across each link of the diamond supply chain, it becomes clear that the retail price you may have paid for your diamond will be hard to recoup on the secondhand market.
THE POWER OF SOCIAL CAPITAL IN INDUSTRY TRADES
Many of the prices agreed upon in the supply chain are based on decades-long business relationships. The trustworthiness of these relationships allows sellers to capture a price that accurately reflects the value of the diamonds and will enable buyers to know that they’re getting exactly what’s advertised. Unfortunately, as a first-time seller or someone not in the industry with little to back up their offering, you will likely have to sell your stone at a discount, given the lack of social capital to support your sale.
THE LONG-TERM TRENDS OF DIAMOND PRICES
While we’ve been conditioned to believe diamonds are a substantial investment over time, most commercial diamonds have decreased in value, besides a small selection of specialized and rare color diamonds.
While graphs make it seem that diamonds have gone up in value, that increase in value is often outpaced by inflation and a small fraction of the growth that your money might have accrued via traditional investment means. In addition, the pressure from synthetic diamonds in the marketplace has also contributed to a lower price of natural stones when you’re looking to sell an engagement ring.
When selling diamonds for Cash, it’s essential to keep these long-term trends in mind to temper your expectations of how much your diamond is worth.
Know The Diamond Resale Market
How can I get the highest price for my diamond rings?
As you begin to consider your options of where and how to resell your pre-owned diamond, we encourage you to take into consideration the following truths:
THE FEWER PARTIES INVOLVED, THE HIGHER THE PROFIT.
Wherever possible, we encourage you to cut out the middle man. For example, suppose you can sell your diamond directly to another consumer. In that case, you’re far likelier to take home a higher price than if you’re selling to someone who will sell the stone to someone else.
The fewer people standing between you and the final buyer of the diamond, the better. As you evaluate processes and potential options of where to sell a diamond, we strongly recommend that you cut out as many middlemen (or women!) as possible to receive the highest offer for selling your diamond for Cash.
FASTER SALE, LOWER PRICE.
Time is a luxury. The length of a sale timeline you have, the more likely it is that you’ll be able to fetch a higher price for your diamond. If you’re in a time crunch to sell your diamond, you may have to accept one of the first offers that come your way.
TAKE YOUR TIME TO MAKE THE SALE.
Given that the best way to maximize your profit is to sell without your social network (see below on Where to Sell Your Diamond), the more time you have to wait for the perfect buyer, the more likely you are to sell your diamond for a price that feels good for you.
Of course, waiting forever results in never making a sale. That said, the less pressure you feel to rush your sale, the more likely you are to be able to wait until the perfect buyer (and sale price) comes along.
#4 What To Do Before Selling Your Diamond For Cash
Are you ready to sell your diamond ring?
As you contemplate selling your diamond, it is crucial to make sure you are honestly ready to say goodbye to your diamond. While your diamond may have accrued sentimental and financial value over time, your selling price can only reflect the actual economic value of the stone.
Any sentimentality about selling your diamond or emotional attachment to your jewelry may hinder your judgment and cause you to walk away from a firm buyer offer. Unfortunately, diamond buyers will not take your emotional investment in your diamond into account as they search for a reasonable price from a calm and detached buyer.
REFRAME THE SALE
As you prepare to sell your diamond, the main thing to keep in mind is that you are focused on minimizing your loss. Keeping in mind the markup inherent in the jewelry industry, we remind you that it is doubtful you will make a profit off the retail price at which you bought your jewelry. While incredibly discouraging, we offer you this small piece of insider wisdom so that you can approach the sale realistically and with confidence.
The diamond resale value for a diamond sold for Cash is usually between 10% and 30 % of its original sale value. You can expect to be on the lower end of this scale for a quick cash sale.
Evaluate Your Item
How much Cash is your diamond worth?
RECEIVE A FEW INDUSTRY QUOTES
To best understand the range at which you’ll be able to sell your diamond, we encourage you to “sell around,” which is to say, to receive a few quotes from various industry jewelry buyers.
Most verbal quotes are only good for “day,” so returning to the same establishment might land you a different offer – but “selling around” can help you understand the market and the estimated value of your diamond.
Use Our Diamocycle Tools
To help you better understand the resale value of your diamond, check out our Diamond Weight Calculator – which offers a gentle estimate of how many carats your diamond might be and, in effect, how much you should sell your engagement ring for.
GET YOUR DIAMOND RINGS APPRAISED FOR A SALE
As every diamond is unique, the best way to understand the value of your diamond is to get an appraisal. As there are various appraisals, we encourage you to be clear with your appraiser regarding your ultimate goals for the stone.
Similarly, if you have already received an appraisal but for a different purpose, it is worth having your stone reexamined with these new goals in mind, as the value of the diamond can vary significantly based on the type of appraisal. (While it is non-ideal, it is simply the truth of the appraisal industry. Appraisers often shift the value of the assessment to satisfy their customers based on the other individual on the other end of the transaction, be it a potential buyer or an insurance company.)
Lastly, we encourage you to remember that an appraisal is never a promise of a sale price but simply a benchmark opinion of what your diamond is worth.
A Word of Caution: Understanding the Diamond Appraisal Market
Even when done explicitly for a resale value, Diamond appraisals often overestimate the value of the diamond and ultimately create high expectations for the seller of the used diamonds.
The appraiser is not purchasing your diamond, so they have little incentive to give you a realistic quote. They would instead leave with a happy customer than a customer disputing the legitimacy of their appraisal. However, in the end, this overestimation only hurts you, the seller, as sellers often then think (and hope!) that they can sell their diamond for more than they actually can get.
As a word of warning, we encourage you to consider your diamond appraisal as an upper boundary (but not a guarantee!) of how much your diamond rings are worth.
To learn more about appraisals, check our Diamocycle Appraisal Guide.
ACQUIRE A GIA REPORT
We strongly recommend having a GIA report for diamonds over 1 carat. You should never buy a diamond that does not have a GIA report. Your GIA report will help you receive a fair price for your used diamonds or preowned jewelry.
Suppose your diamond does not have a GIA report. In that case, we strongly recommend you investigate options to acquire one before continuing your sale. However, the presence of a GIA report will be a determining factor in you receiving the best possible price for your stone.
As you consider whether or not to pay the $250-400 for a GIA report, a good rule of thumb is to get a GIA report if your diamond costs more than $5,000-$10,000 in retail.
Pick a Process That Works for You
#5 Where is the best place for you to sell your Diamond for Cash?
There are various places and ways to sell your diamond for Cash. Each method of sale has its advantages and disadvantages. While we’re happy to offer guidance on sale methods that we’d recommend and discourage you from, this is your ring, and you must pick a process and resale option that works for you.
While you might not get as much as you like, we encourage you to remember that you can always go somewhere that will pay you a fair price and make the experience of selling your ring for Cash an easy and low-stress experience.
RESEARCH YOUR CASH BUYER
Before going to see a potential diamond buyer, do your research. We recommend researching any establishment you might sell your ring to on the internet to ensure they have an excellent reputation and a robust business model.
You can learn more about How to Sell Your Loose Diamond or Diamond Jewelry with Our Diamocycle Guide: Where to Sell Your Diamond Jewelry.
WHAT TO LOOK FOR IN A CASH DIAMOND BUYER
Make Sure Your Diamond Buyer Uses a Lab or Appraiser trained by GIA
We strongly recommend that you only sell your diamond to establishments and businesses that employ third-party labs with GIA-certified gemologists. The GIA certificate will allow the appraiser to ascertain value. You will have a better chance of obtaining a fair price for your used diamond. While a GIA certificate does not guarantee you a reasonable price, it does make your used diamonds a commodity that will be easier to trade at a fair market value.
While all businesses have their model of calculating a buying price for diamonds, having a GIA Report on your diamond allows you to advocate for a price that you feel is fair, knowing the 4Cs (color, cut, clarity, and carat) of your stone objectively.
Work with Someone with Whom You Feel Comfortable
Selling your diamond is an emotional decision. Therefore, we always advocate that you work with someone you feel comfortable with. You should always feel free to ask questions of your jewelry buyer. They’re the experts in the industry and should answer any questions with expertise and kindness. If you’re not treated with care, they’ll likely view your sale equally, lacking consideration or respect. With that in mind, we always encourage you to work with buyers who care about their customers and the industry’s overall reputation.
Work With Someone Trusted by the Industry
Given the longevity of the jewelry industry, we strongly recommend working with someone who has a long-standing reputation. This long-proven track record will put you at ease and will likely signal that your buyer has a solid and fair business practice. In addition, companies with a long history of success in the industry can ride out the short-term changes in the industry. They will be able to provide you with a better recession-proof price. Therefore, we strongly encourage you to work with someone like Diamocycle, who’s been in the diamond business for decades.
Look for a Diamond Cash Buyer Who Values Their Customers
While we know the value of getting a reasonable price on your ring, we encourage you to note your diamond buyer’s attention to customer service. This will likely create a more pleasurable selling experience. In our experience, it often also results in a higher buying price.
It is worth requesting and demanding a transparent and clear transactional process. Not the care your buyer takes with you at the beginning of the transaction, as that will reflect the care and thoughtfulness they’ll treat you throughout the consultation and sale.
At Diamocycle, we know your satisfaction is essential to our business. Therefore, we pride our processes and provide our customers with luxury service befitting the jewelry industry.
THE BASICS: DIAMOND RING APPRAISALS
What Is Diamond Appraisal?
A diamond appraisal is a process by which a gemologist or jewelry appraiser assigns a monetary value to a diamond or piece of jewelry. There are 27 different appraisals to value a diamond based on its purpose, including selling a diamond or trying to discover your diamond resale value. So it’s always good to know why and what you’re looking for!
Why Get a Diamond Appraisal?
People get diamonds appraised for various reasons, including inheritance, taxes, division of an estate between heirs, appraisal for jewelry insurance, an update on an insurance policy, or an outdated appraisal. If you own a diamond or are aiming to sell a diamond, we highly recommend knowing how much your diamonds are worth!
Given our long history in the diamond (and appraisal) business, we strongly recommend getting a diamond appraisal that meets your needs. Knowing what the diamond costs for inheritance taxes, insurance, jewelry resale, or just an estimate are all slightly different appraisal processes.
What Are The Steps To Getting Diamond Jewelry Appraised?
Cleaning. First, the jewelry is cleaned to ensure that the appraiser has a clear and complete view of the piece.
Condition Inspection. Next, its condition is reviewed for any damage. Its authenticity is tested to ensure that it is real (and not synthetic) diamonds.
Measurement and the 4Cs. Next, the appraiser ascertains the 4Cs of the diamonds and measures them.
Summary and Report, and lastly, the appraiser will write a report with their findings and assign a market value.
THE 4Cs OF DIAMOND GRADING
What Are The 4Cs Of Diamond Grading And Appraisal?
The 4Cs of Diamond Grading and Appraisal are as follows:
Carat: This is the size of the diamond, as determined by its weight. And in case you’re curious as to how much is 1 carat: 1 carat is .2 grams.
Color: While most diamonds look transparent at first glance, diamonds often have a slight brown or yellow tint. The color grade is determined on a scale from D (void of color) to Z (having a yellow tone).
Cut: This is the real way a diamond is cut, which is determined by the proportions and angles of each facet. Some standard cuts are Point Cut, Table Cut, Old Single Cut, Peruzzi Cut, Mazarin Cut, and Old European Cut.
Clarity: This is the prevalence of flaws, inclusions (internal flaws), blemishes, scratches, or clouds that might occur on the interior or exterior of the stone. Compared to a chipped diamond, a flawless diamond is rare and incredibly valuable.
What’s The Difference Between A Diamond Appraisal And A Diamond Certificate?
A diamond appraisal can be appropriate for diamond rings with tiny diamonds but not suitable for larger diamonds over ½ carat. A diamond certificate is appropriate for larger diamonds over ½ carat and above commercial quality. Unfortunately, it is not always feasible to get a diamond certificate. The center stone must be removed, and the diamond must be sent to a lab for certification. If you need to sell your diamond quickly for Cash and it is mounted, opt for the Diamond Appraisal. It is also not practical to disassemble antique rings. So, the logical choice would be to opt for a diamond appraisal. Colored diamonds should receive a diamond certificate. This is a must to ascertain if they are synthetic or earth mined.
A diamond appraisal will vary based on its specific purpose, and appraisers sometimes tend to overinflate the value of the diamond for insurance purposes or to confirm and inflate the value of a piece about to be sold. If you already own the item, please note that appraisals do not always reflect the selling price you might receive in the retail market.
As mentioned, we strongly recommend only using GIA for Diamond Grading. A diamond certificate is a universally accepted certificate that insurance companies, diamond merchants, and other professionals in the business can use to determine the value of the diamond. The grading report is conducted by a trained gemologist and rates your diamond on the 4Cs (color, cut, clarity, and carat) of diamonds.
Please note that grading a diamond on the 4Cs can be incredibly subjective, and we urge you, as always, to exercise the utmost caution when having the value of your diamond graded or appraised. In addition, we strongly recommend using a GIA-certified professional. Likewise, we encourage you to never purchase a diamond without a GIA certificate or Report, as having a report will make selling your diamond or discussing its value far easier in the future.
THE DIAMOND APPRAISAL PROCESS
Where Should I Go To Get My Diamond Appraisal?
Where you go depends on the value of your diamond. While jewelry stores, independent appraisers, GIA appraisers, and other professionals might offer an appraisal, it’s essential to consider the expert you’re asking to appraise your used diamonds or preowned diamond jewelry based on the piece.
We recommend hiring a trained gemologist with GIA credentials who’s well-versed in the qualities that make the piece unique and has extensive knowledge of the secondhand market.
That said, always remember that there’s no shame in asking for an appraiser’s credentials, what sorts of used diamond or preowned diamond jewelry styles they deal in, their specialty, and why they are best suited to appraise your stone. You’re about to hire them; there’s no problem interviewing them for the job!
What Should I Look For In A Diamond Appraisal?
A Certified and Expert Gemologist. Never be afraid to ask for your specialist’s credentials or expertise! You want to make sure your preowned jewelry is in expert hands.
A Process That Matches The Purpose of Appraisal. There are many different reasons to get an appraisal, and each reason will result in a different process. Feel free to discuss your motives with your gemologist and inquire into the process to ensure that they are well matched.
A Definitive Statement of Value with Authorized Approval. Make sure your appraisal ends with documentation that refers back to your gemologist. As mentioned, we recommend using GIA-Certified Gemologists for all appraisals.
A Declaration of Appraisal Purpose on Certificate. This will offer vital clarity as you move forward with the appraisal and your diamond.
A Strong Rapport and Trust in Your Gemologist. You’re trusting them with your diamonds; make sure you trust them fully.
What Does A Diamond Appraisal Cost?
A jewelry appraisal should cost roughly $50-$150.00 an hour based upon the complexity of the work, the geographic area, and the training and expertise of the appraiser.
Given the uniqueness of each diamond piece, if possible, it’s crucial to hire an expert who is knowledgeable in the quality of your diamond.
We strongly recommend avoiding low rates of service or percentage of value services for the integrity of your appraisal itself.
Diamocycle Marketplace is a secure marketplace to buy and sell luxury diamond jewelry online through a low-stress process that is easy, efficient, and confidential for both the buyer and seller.
How to sell your Wedding Rings with Diamocycle
#7 SELLING YOUR DIAMOND FOR CASH ONLINE: How To Get The Most Cash-DIAMOCYCLE
Unsurprisingly, we believe the best place to sell your diamond for the most Cash is to sell online with Diamocycle. We offer high resale value, a secure transaction, and have a family legacy in the diamond trade since 1857.
Based on our calculations, this can be up to 2X the Cash of a local same-day transaction and 20-40% more than a diamond auction. In addition, Diamocycle markets your diamond to retail buyers and takes a low service fee.
Unlike brick-and-mortar stores, we have the advantage of being a digital business. Likewise, our family legacy in the industry makes us a trusted business partner and a diamond expert, and our secure marketplace helps you capture the maxim value for your diamond. In addition, our legacy in handling diamonds gives us access to various resources that allow us to create a marketplace for used diamonds. At the same time, our appraisal process promises a smooth and efficient method to ensure you get a fair price for your jewelry.
We are accessible for retail customers of used diamonds, unlike diamond auction sites. We also differ from peer-to-peer networks. Our mediated and facilitated process promises buyers an excellent selection and sellers’ fair prices and vetted, confirmed buyers through a safe and efficient sales process. Lastly, we are insured through JM Shipping Solutions to offer you security every step of the way.
We take pride in taking care of our customers, and our hands-on customer support is there to help you every step of the way. Our vetted and insured process makes sure that you are always protected and can genuinely get the best value for your preowned diamond jewelry. Start the process here. Submit a Listing — Diamocycle
# 8 What to Remember on The Day you Sell Your Diamond for Cash?
You Should Never Feel Pressured to Sell your Diamond
You never have to sell your diamond. However, suppose your potential buyer pressures you into a transaction or makes you feel uncomfortable. In that case, we strongly encourage you to walk away. The diamond buyer who pressures you is not ethical or fair and is likely not offering you a total or genuinely competitive price.
Selling a diamond can be an emotional experience. Therefore, you never want to work with someone who may take advantage of your emotional vulnerability.
Include Supporting Documents & Paperwork for your Diamond Ring
Don’t forget to bring or include the supporting documents that will help you fetch the price you’re hoping to seek, no matter how you’re selling your wedding rings. Your supporting documents may include GIA reports, insurance apprisals, or original receipts.
By providing 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 high sales offer for your preowned jewelry.
Stay Safe During the Sale Process of your Diamond Rings
Given that you are conducting a high-value transaction – we encourage you to continuously operate with your safety and the security of your stone as your highest priorities.
If You’re Mailing Your Wedding Rings:
Insure the Diamond with Your Insurance Agency
Insure the Shipping Of Your Diamond 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.
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 your 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 selling process.