An Expert Guide to Buying a Second Hand Engagement Ring Online or In-Person

An Expert Guide to Buying a Second Hand Engagement Ring Online- or In-Person

Included:

Why Buy a Second Hand Engagement Ring?

A History of Diamond Center Stone Markup

Diamond Setting Markup Explained.

Resale Market Explained Second Hand Engagement Ring 

Where to Buy a Second Hand Engagement Ring Online or In-Person?

What you must know Before Buying a Second Hand Engagement Ring Online. 

Additional Resources for Second Hand Engagement Ring Buyers

Across our publication, the Diamocycle Dispatch, we discuss the many places one should buy or sell a second-hand engagement ring or a used diamond. Coming from a family legacy since 1857 in the diamond and jewelry business, we are proud to help pass on the wisdom we have gained over 164 years.

If you are a savvy buyer, you will choose to buy a second-hand engagement ring online from a vetted marketplace. These marketplaces are where smart shoppers scores deals on a cheap diamond ring for sale. Any luxury consumer in the know should be aware that America used diamonds occupy the center stage as the world’s largest source for previously owned engagement rings. Therefore, they would be wise to capitalize on this buyer’s market for second-hand engagement rings. Now that there are secure online marketplaces to shop for previously owned rings, buyers no longer need to query in their online search to buy used jewelry near me; not only do we demonstrate how used engagement rings are the smart financial choice for budget-minded consumers, The eco-conscious shopper can appreciate how environmentally friendly jewelry is also the best choice for the planet.

A History of Diamond Center Stone Markup

The following is an example of the potential markups for your diamond center stone in different retail outlets. It should be used as a guide and not a hard and fast rule. A brick-and-mortar jeweler cannot compete with an online marketplace because of the cost dynamics. However, new diamonds go through several markup channels, so buying used can save you money. It used to be that a brick and mortar jeweler in the 1990s, for example, would mark a diamond up with what they called a triple key  Or a 300% markup  With savvy customers now shopping online and at least comparing their in-store purchases, they can now only mark up the center stone to the level of the customer’s knowledge  Often an independent store will not have a standard price markup but will gauge how savvy the shopper is and where they are comparing prices  Remember, used diamonds are the same as new diamonds, and there is no price difference in the wholesale diamond trade for a used diamond compared to a new diamond. 

Diamond Center Stone Example:

History of Price Markup by Seller:

The year 2000  =

Brick and Mortar Jeweler buys a diamond center stone from a diamond dealer and sells it to a retail customer  for $5000 sells for $15000

The year 2022 =

New Online Diamond Merchant:  Sells New diamond center stone ( example, Blue Nile): Buys the  center stone diamond for $5000 and sells for $6000

Same Diamond Center Stone: Your Cost $6000

Used Diamond  Marketplace Sells the same center stone for $5500 at a discount to the new price  (example Diamocycle). A fee from the seller is received.

Same Diamond Center Stone: Your Cost is $5500

Brick and Mortar Jeweler:

Buy the same diamond for $5200 as it does not have the capital to buy in the same market as large online sellers like the Blue Nile and sell the same diamond for whatever they can hope to get  Often, they fluctuate their mark up by how savvy the shopper is  There is no advantage to being a loyal customer as the jeweler often assumes these customers have their trust and will not research the price they are getting online.

Same Diamond Center Stone: Your Cost is $6200-$9000. 

Winner: Second Hand Engagement Ring Marketplace:

Potential Approximate Saving on  Repurposed Diamonds Centerstone: 9%-67%

Start Shopping Here for A great place to look for loose diamonds GIA certified!: Buyer’s Guide — Diamocycle

History of Diamond Setting MarkUp across Retail Outlet: 

In 2000, a brick and mortar jewelry store made most of its profit on the diamond center stone. Today, that has changed. In 2022 a brick and mortar jeweler could make a significant dollar profit on the diamond setting depending on the size of the diamond center stone purchased by the buyer. 

Perhaps the one advantage over the online marketplace is that a buyer can try on a setting in person. Diamond settings are also very personal to the buyer, giving them a gift if a buyer can fall in love in person. 

The changing tide of young consumers shopping online and virtual reality tools where shoppers can take a picture of their hand and see what a preowned wedding ring looks like further changes this dynamic.

Diamond settings depreciate more than diamond center stones and have little value on the used market. Therefore, a knowledgeable buyer would choose to purchase a preowned diamond setting. 

We illustrate this extreme depreciation of the second-hand engagement ring below.

Diamond Setting Example: 

The year 2000

Brick and Mortar Store=Buys it for $1200 from a manufacturer sell for $2400-$3600

The year 2022:

Brick and Mortar Jeweler: Buys for $1200 sells for approximately $2400.00

Same Diamond Setting: Your Cost $2400.00

Online New Diamond Marketplace: Buys for $1200 sell for $1800-$2200

Same Diamond Setting: Your Cost $2200.00

Used Diamond Marketplace: Brokers Sale for $1000-$1500.

Same Diamond Setting: Your Cost $1500.00

Winner: Second Hand Engagement Ring Marketplace

Potential Saving on a Preowned Engagement Ring Setting: 20%-260%

Start Shopping Here: A great place to look for preowned wedding rings  Buyer’s Guide — Diamocycle

How your used wedding ring depreciates:

You paid: $2400.00 for your new diamond setting.

Your Setting is now only worth materials in the Recycled Market

Gold or platinum ( market dependant)= average settings weight4-6 grams=approximate $250

Net Recoverable diamonds value (.5 carat total weight  at $200/PC example)=$100.00

Net Materials Recovery Value=$350.00

Potential Depreciation:$2400 ( original cost)-$350 (materials value)

Your Loss on your preowned wedding rings = $2050.00

Second Hand Engagement Ring  value explained:

 The labor and marketing expenses required to make and sell a diamond setting are not recoverable; purchasing a used diamond setting is the smart choice as you minimize your Loss on this purchase for those looking to buy and sell diamonds. 

If you’re shopping for Second Hand Engagement Ring, please feel free to use our massive educational resource, The Diamocycle Dispatch.

We help buyers purchase used diamonds on our secure marketplace Buyer’s Guide — Diamocycle, and sellers get a fair price for their used diamond rings. Submit a Listing — Diamocycle. We have been specialists as a family since 1857 in fine jewelry resale.

Where to buy Second Hand Engagement Rings 

Buying Second Hand Engagement Rings from Consignment Jewelry Near me?

Pawnshops & Second Hand Engagement Rings

Second Hand Engagement Rings& Fine Auction Houses

Should you ever Buy Second Hand Engagement Rings on eBay? 

Critics Pick: Second Hand Engagement RingsSpecific Online Marketplaces

Second Hand Engagement Rings from My Friends?

Our Selection: Where is the best place to Buy  Second Hand Engagement Rings? 

Buying a can be an overwhelming experience, especially when looking to buy a used diamond or preowned engagement ring. However, buying a used ring can be a rewarding journey given the right tools.

We created this short guide to help you start this journey to find your partner the perfect preloved diamond ring.

Buying Second Hand Engagement Rings from Consignment Jewelry Stores

Pros

  • You can try on preowned jewelry in person

  • A used jewelry store near me.

  • You might have an existing relationship with your neighborhood jeweler.

  • You might be able to negotiate the price in person with the jeweler if you pay in cash.

  • You can trade in an existing gold or diamond jewelry item as part of the deal.

Cons

  • Jewelry stores that buy diamonds have extensive overhead operating costs and charge a hefty markup to make a small profit.

  • You are not getting extensive choices in preowned engagement rings

  • There are no guidelines for setting a market price on previously owned diamonds in a brick and mortar jewelry store.

  • Jewelers often charge retail prices, not wholesale prices, for jewelry, so they will likely inflate the retail price of this item to represent their understanding of the market.

  • Check out our complete guide to buying used diamonds here  https://www.diamocycle.com/a-guide-to-buying-a-used-diamond

Pawn Shops &  Second Hand Engagement Rings

Pros

  • You could purchase a deal on a unique vintage jewelry piece.

  • Diamond jewelry for less.

  • Pawnshops give jewelry loans, so they own used diamonds at low costs so that they may sell you a large diamond at a low price.

  • Pawnshops can be flexible in their prices, and savvy customers can use their negotiating skills to save money.

  • Pawnshops have an ever-changing inventory, so checking frequently and acting fast with cash in hand is a must when shopping for second-hand wedding rings at a pawnshop.

  • Check out our complete guide to buying and selling used diamonds at a pawn shop, A Diamocycle Guide to Selling or Buying Diamond Jewelry in a Pawn Shop.

Cons

  • Pawnshops have limited ways to test for synthetic and diamond simulants, and you could purchase one of these unintentionally.

  • Pawnshops generally do not employ trained staff knowledgeable enough to identify treated diamonds. Treated is the term used to describe diamonds that undergo procedures to improve their appearance. As a result, they are significantly less valuable than unaltered diamonds.

  • Used wedding rings are not certified as authentic.

  • Pawnshops do not regulate their prices by any market other than store or chain policy, so there are no engagement ring resale value standards. Check our diamond price calculator here  Diamond Price Calculator — Diamocycle

Second Hand Engagement Rings at Diamond Auction ( Fine Auction Houses)

Pros

  • Second-hand rings priced in the six-seven figure range are not uncommon.

  • For the wealthy, a way to monetize or invest in preowned luxury jewelry

  • A steep discount to retail and the suggested platform for buying valuable and important used jewelry with a storied provenance.

  • Depending on the auction timing, attendance, and overall economy, purchasing at market price or below market price for a preowned luxury item is possible.

  • Buyers have accessibility to significant collections of jewelry from the estates of collectors.

  • A genuinely riveting shopping experience.

Cons

  • A knowledgeable concierge can add value when shopping in this ring auction. In addition, consumers would be wise to hire an expert advisor to guide them on jewelry resale value.

  • Diamond auctions are a market for the ultra-wealthy and are not assessable to the average person who buys and sells diamonds.

  • Diamonds fluctuate in value, and an investor can quickly lose money buying or selling in a diamond auction.

  • A buyer’s premium is a standard policy of diamond auctions.

  • See our piece on diamonds as an investment  What to Know Before You Begin to Invest in Diamonds — Diamocycle

Second Hand Engagement Rings on eBay

Pros

  • eBay has thousands of second-hand engagement rings to purchase, so you will not run out of options as a diamond jewelry buyer.

  • eBay has recently employed the services of Escrow.com to make your shopping experience safer for used luxury jewelry.

  • Buyers give feedback and can choose to shop from vetted stores.

  • eBay is a proven marketplace and takes a relatively low fee.

Cons

  • eBay is a complex market for consumers who wish to buy preowned jewelry as there is no market guideline for pricing.

  • Historically fraud has been an issue for buyers and sellers transacting on eBay. As a result, there is no independent 3rd party verification before receiving or returning the used diamond item.

  • It is possible to pay a retail price for a used diamond ring.

  • Return policies can be tricky to navigate.

  • See our piece on Buying a used diamond ring here  https://www.diamocycle.com/a-guide-to-buying-a-used-diamond

Critics Pick: Second Hand Engagement Ring 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

Buy Second Hand Engagement Rings from My Friend?

Pros

  • You’re helping a friend get cash for their used diamond.

  • You are safer than shopping on craigslist with a friend buying or selling diamonds for cash.

  • You get to see the discount engagement ring in person before purchasing.

  • You could get an excellent price on a previously owned diamond ring.

Cons

  • Tricky social interaction

  • Minimal choice of preowned diamond jewelry

  • Risk of unknowingly purchasing a diamond simulant, treated diamond, or fake diamond.

  • Inability to return or receive credit for a diamond purchased with cash.

  • Check out our content on How to tell if a diamond is natural. Here is How to Tell if a Diamond is Real — Diamocycle

Why Buy Your Second Hand Engagement Ring from an Online Jewelry Marketplace?

We want you to pay a fair and honest price for your second-hand engagement ring. With that in mind, we strongly recommend that you begin (and hopefully) end your search for where to purchase a preowned engagement ring online with a used diamond marketplace.

Given that they’re online – when you purchase a second-hand engagement ring online, you’ll eliminate the fees added to your diamond sale price that local consignment jeweler needs to charge to cover their physical overhead. Beyond that, their expertise and niche in the market allow them to market lower prices for preowned engagement rings and, as a result, offer you a fair and reasonable price on used diamonds. So, given the combination of fast, secure, and fair market prices, buying online from a diamond marketplace truly is the place to buy a preloved diamond ring.

Diamocycle is proud to help Buyers get fair prices for diamonds in our secure marketplace  Buyer’s Guide — Diamocycle

 We also assist sellers in capturing an honest price for their diamonds. Sellers can submit a Listing — Diamocycle. Our Family’s legacy in the diamond jewelry business was founded in 1857, over 165 years ago.

What you must know Before buying a second-hand engagement ring online

Know the difference between natural and lab-created used diamonds.

Know the difference between treated natural pre-owned diamond and untreated natural previously owned diamond.

Understand that all gemological grading reports are not equal.

Does the online marketplace for second-hand engagement rings have your purchase inspected by an independent lab or an in-house employee?

You must educate yourself about second-hand engagement rings before purchasing pre-owned jewelry online. 

Diamonds are complex, and there are many ways that sellers can misrepresent used diamonds to the unsavvy consumer buying second-hand engagement rings. America’s used diamond market is the largest globally. Unfortunately, it is a complex market to grasp without a guide to recycled engagement rings. The following are a few of the tricky ways sellers can fool you into thinking you have purchased a pre-owned engagement ring at a low price.

What to look out for buying a second-hand engagement ring?

 Know the difference between natural and lab-created diamonds.

A lab-created diamond is chemically identical to a natural diamond  They look identical  Think of them as a vintage Porsche replica  That looks, drives, and feels like the real thing and costs a fraction of the price  So, what is the problem  If you’re buying a copy and are happy, that’s fine, but if you’re buying a real vintage car, you would not expect to pay the same amount  Also, natural diamonds every year are going down in production costs  More players are making them as the technology gets less expensive  Therefore, their value is ever going down  So, unlike a rare vintage car that goes up or tracks with inflation, a lab-created diamond is a depreciating asset no different from a home appliance purchase  As production increases, they are getting less scarce and less valuable each year, leading to an ever-decreasing jewelry resale value  Also, when you try to sell them, there’s very little understanding in the wholesale market as to their value  As a result, there are far fewer interested buyers to purchase them than natural diamonds  Therefore, lab-created diamonds carry financial risks, and we do not recommend you purchase them.

Know the difference between a treated natural diamond and an untreated natural diamond.

So, you decided to buy a second-hand engagement ring online; Please read the fine print with the listing when getting a used diamond ring. An inexpensive used diamond engagement ring can be treated. “Treated” is a term used to describe one of the following alterations to natural earth mined diamond fracture filling, laser treatment, irradiated,  and coated. A reputable gem lab will not even grade the majority of these diamonds, except for laser treatments. We do not recommend you purchase any of these treated diamonds. We believe they should be flagged by the sites handling them. Their value is that Reputable low sellers do not carry treated diamonds.

Diamond Certificates are Not all of Equal Caliber

So, you purchase a second-hand engagement ring online or second-hand diamond earrings and see its graded color f, vs2. Did you know that one lab will grade this stone in a different color and clarity based on the caliber of the lab? The following is a list of labs and commonly understood standing in the diamond industry. Do we believe that the diamond grading is inaccurate below? A third-tier lab?

Top Tier: GIA

Second Tier: AGS, HRD, GCAL

Third Tier: IGI, PGS

Fourth Tier: GSI

Fifth Tier: EGL

Who Should Inspect your Online Purchase of a Second Hand Engagement Ring?

When purchasing a used diamond online, it should be inspected by a reputable gem lab not affiliated with the marketplace. An in-house employee is not an ideal party as they may approve the sale of your used diamond to earn a commission.

Before Purchasing, you Should have some Basic Buyer Knowledge. 

You can buy from a reputable online marketplace. Still, to be ultimately successful, especially when navigating the complex world of diamonds, it pays to educate yourself. If you have made it this far, you have begun this process and started the steps to buy a used diamond successfully. We offer tons of other content for buyers and sellers of used diamonds and used rings. We also provide a vetted secure marketplace to help you go forth and shop confidently, buying used jewelry. We are here for you, so feel free to reach out with any questions. We’re proud to be from a legacy dating back to 1857 and take pride in giving you the tools to be an educated consumer of used diamonds and second-hand jewelry. The following are some additional resources we recommend you familiarize yourself with when shopping for recycled engagement rings.

Additional Resources for Second Hand Engagement Ring Buyers:

In-Depth Resource for Buyers of Repurposed Diamonds:

For our complete guide on buying a used diamond onlinehttps://www.diamocycle.com/a-guide-to-buying-a-used-diamond  In this guide, we tackle where and how to buy a diamond online and questions like should you ever purchase diamonds on eBay, and are diamonds on eBay so cheap?

Basics Diamond Knowledge with courtesy of the GIA:

To help with a basic understanding of diamonds, we suggest you look at this educational page  https://www.diamocycle.com/a-guide-to-your-diamonds. In addition, you will learn GIA clarity characteristics from a GIA diamond grading chart. The GIA is the foremost diamond laboratory that certifies diamonds in the world.

Should you buy a diamond near me or consignment jewelry near me?

This guide can also help with your local purchase of a used diamond near you. So you can be fully knowledgeable when shopping places that buy and sell jewelry. Check out this guide for a detailed guide on buying and selling a diamond near me in a pawnshop  https://www.diamocycle.com/diamocycle-dispatch/sellingorbuyingpawnshop.

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