DIAMOND AUCTION ONLINE AND IN-PERSON –

EXPERT BUYING/SELLING ADVICE

The Diamond Auction –

There are many places where you can sell or buy used diamonds or preowned engagement rings. Below, we’ve attempted to discuss the pros and cons of the diamond auction with a fair assessment of the trade-offs and advantages of going each route. The following is a detailed assessment of the current online diamond auction. We have used Worthy as an example. Worthy is one Diamond auction for retail Sellers of diamonds that is not available to the public to purchase. Sotheby’s auction would be a prime example of a fine jewelry auction house for rare and important diamonds. We also discuss our preferred venue for buyers on sellers of used diamonds, the online marketplace for preowned jewelry. 

FOR BUYERS OF LARGE AND RARE DIAMONDS IN PERSON-FINE DIAMOND AUCTION

Used Luxury Jewelry 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

SELLING LARGE AND RARE DIAMONDS 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 used diamonds or recycled engagement rings 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 recycled engagement rings are similar to art pieces. 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 A LOOSE DIAMOND ONLINE AUCTION-EXAMPLE WORTHY

Worthy: NOT AVAILABLE FOR RETAIL BUYERS

Diamond Auction

For Sellers on Worthy:

Pros: 

• You get a diamond certificate and a fast sale. 

• The net proceeds could be higher than a local transaction to a pawn shop or diamond jewelry buyers. A Worthy diamond auction could be advantageous if you need a quick sale of your second-hand wedding rings.

Cons: 

• You get a price that reflects a fast sale at a diamond jewelry auction. 

• A diamond jewelry auction typically nets a lower amount than you can afford to wait for a retail customer in a used diamond marketplace. 

• You are selling to resellers, not the final retail customer, so your net proceeds will be lower. 

• Worthy does not sell to the general public so scoring a deal here is not an option unless you’re a professional diamond jewelry buyer buying used jewelry. 

DIAMOCYCLE SELLERS SCORE 6/10

SELLING AND BUYING ENGAGEMENT RINGS ONLINE-ONLINE MARKETPLACE

# 1 Diamocycle: 

An Online Marketplace for Pre Owned Diamonds.

For Sellers: 

If you’re selling a diamond – here are the pros and advantages of using Diamocycle: 

• Very specialized. Diamocycle only deals in used diamonds, recycled diamond rings, second-hand wedding rings, and second-hand diamond earrings that are earth mined.

• Sellers can achieve a higher price than online diamond auctions for those looking to resale jewelry. Sellers guide found here. Seller’s Guide — Diamocycle

• Online diamond auctions sell your ring fast for less. 

  • Diamocycle markets your item and does not get paid unless your used diamond ring sells. 

  • Diamocycle spends thousands of marketing dollars exposing your preowned engagement ring for sale to thousands of potential buyers through paid ads, original content, social media, and youtube productions. Sellers can create a listing here. Submit a Listing — Diamocycle. 

• A seller no longer needs to give physical possession of their used diamond, unlike consignment jewelry stores.

• Our online marketplace is a secure place to find large diamond rings for sale. 

Cons: 

• A seller can not get immediate cash for their second-hand engagement ring. Instead, a seller must wait for a retail buyer to purchase their pre-owned diamond at a higher market price. 

 

For Buyers:

If you’re looking to buy a used diamond or a pre-owned engagement ring, here are the advantages of a seller using Diamocycle. 

Pros: 

• Diamocycle only sells used earth mined diamonds and pre-owned luxury jewelry.

• Diamocycle only believes the pre-owned diamonds marketed on their platform should be earth mined because of the risk of confusing buyers. 

• Diamocycle’s competitors often sell manufactured diamonds that are losing value, diamond simulants, and used jewelry composed of treated diamonds.

• Diamocycle sets the market price. As a result, buyers get a fair market price on affordable diamond rings. In addition, an independent gemology grading agency, not a biased in-house employee, confirms the validity of pre-owned diamonds before shipping to the customer. 

• Pre-owned diamond rings for sale are genuinely environmentally friendly jewelry. 

• Your second-hand diamond jewelry purchase helps the environment. For each diamond sold in the marketplace, a  tree is planted. Read Our Environmental Impact — Diamocycle. 

• The CEO has a  family legacy in the jewelry business dating to 1857 and is an expert in pre-owned diamonds. Check out Our Company Info — Diamocycle 

• Buyers can read the Diamocycle Buyers Guide here Buyer’s Guide — Diamocycle. 

• Diamocycle’s verification process dramatically reduces the risk of purchasing second-hand jewelry online. 

Cons: 

• Diamocycle has limited inventory compared to some competitors. It is still gaining market share in the diamond ring resale industry. It has fewer diamonds for sale online than some of its competitors. 

Over 164 years in the jewelry trade, we’ve built a business and our legacy on trust and impeccable customer service. Over five generations, we’ve continued to take our reputation seriously and still place our integrity over profit. We truly stand by the notion that a reputation is hard to earn but easy to lose.