Sell Diamond Ring Online?-
Diamond Expert discusses the best place to sell rings.
We often hope that diamonds (and the relationships that bring them) are forever. Whether through the end of a relationship, an inheritance, or some other life event, we frequently encounter diamonds that we no longer want.
That’s 100% okay. There’s never any shame in selling your diamond ring. As selling diamond rings is not as straightforward as selling gold, we at Diamocycle are pleased to offer you our Diamocycle Guide to Selling Your Diamonds Ring Online. For our complete Guide to selling a used diamond, start here. https://www.diamocycle.com/a-guide-to-selling-your-diamond
The Changing Tides of Selling Diamond Rings
It’s long been in the interest of the diamond industry to dissuade consumers from reselling their diamond rings. Keeping diamond rings off the resale market limits supply and allows diamond providers to keep their prices high.
In addition, the difficulties of safely selling diamond rings to reliable buyers in one’s community also posed a significant barrier to selling. With the growth of online shopping and reselling, selling a diamond has become more accessible, and the route of selling a diamond or diamond ring online has become one of the most popular and eco-conscious ways to alleviate yourself the bother of selling diamond jewelry or your loose diamonds.
In Our 2022 Guide to Selling My Diamond Ring Online, we’ll share some baseline assumptions for selling your diamond rings, what to consider when looking to sell your diamond rings online, and what we think a diamond-grade process for selling your diamond ring to a buyer online.
WHAT TO KNOW BEFORE SELLING YOUR DIAMOND RING
Make sure you’re emotionally ready to sell your diamond engagement ring online.
Over time the sentimental value a loose diamond, diamond ring, or diamond jewelry accrues is often far more significant than its actual value. Given this additional variable, we often encourage first-time diamond sellers to make sure they’re truly ready to sell their diamond before asking for an estimate or proceeding.
Unfortunately, diamond buyers cannot consider your emotional investment in your diamond, which can make selling processes drawn out or offers to feel disappointing. With that in mind, if you genuinely want to successfully sell loose diamonds online or a diamond ring, we encourage you to be fully detached from your diamond before proceeding with the process.
It is nearly impossible to profit from selling a diamond ring you bought for a retail price.
While the myth of investment diamonds has persisted, it is often challenging for the average consumer to make a profit on a previously purchased commercial diamond or engagement ring. While the base value of diamonds has increased across the decades, the in-store mark-up of any retail diamond is so significant that any increase in the value of a diamond will be negligible compared to the loss you will incur when selling a retail diamond or engagement ring back to a local retailer.
To further explain, we encourage you to consider how a diamond retailer covers its business expenses, overhead, and overall costs. They purchase a loose diamond or a piece of diamond jewelry at a base or wholesale price, which they then mark up to make a profit on such a transaction. When you resell a diamond ring, your buyer will often only pay you a fraction of its wholesale cost (not including its total wholesale value or the commercial mark-up you paid when you purchased the diamond). As a result, the selling price of your diamond is going to be limited to far under what you paid for your diamond.
For reference, we encourage you to keep in mind that the retail mark-up of engagement rings can range from anywhere between 30-to 100% of the wholesale price of the piece.
Long-standing relationships are king in the diamond world.
Even if you’re satisfied selling your diamond at a wholesale price, odds are still high that a retailer won’t even offer you a standard wholesale price as they can get a diamond with your diamond’s specifications from a vendor they trust at that wholesale price. So instead, to mitigate the risk of buying from an unknown entity (you) – the price you will be offered for selling your diamond jewelry or loose diamonds will be significantly below wholesale market value.
There is a solution: Sell My Ring Online.
Given the above-stated facts of the diamond industry, how to sell diamond rings online can seem daunting, if not impossible. However, with the rise of online shopping – we strongly encourage you to turn to a corner of the diamond industry that doesn’t have to contend with paying for retail spaces or as much overhead as your traditional jeweler: the online diamond marketplace.
That said, selling diamond rings online can seem opaque and intimidating. Read on to discover our tips and tricks for getting the best price when selling diamonds online.
To get the full lay of the land of various ways and places you can sell your loose diamonds or diamond jewelry, check out our Diamocycle Guide to Where to Sell Diamond Jewelry.
SELLING DIAMOND RINGS ONLINE
OVERVIEW
We believe you will get the highest amount to sell your diamond engagement ring online. 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.
Sending your diamond engagement ring 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 loose diamonds or diamond rings with an online audience, you’re increasing the exposure of your diamond rings for sale beyond your immediate community and increasing the inherent demand for your diamond 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 fine jewelry resale 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 Ring Buyer
No matter where and how you sell your engagement ring online, 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 diamond rings 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 personal, 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 engagement ring 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 RING ONLINE: AN ONLINE POST TO YOUR SOCIAL NETWORK
One of the most profitable ways to sell your engagement ring is through your community and network.
We encourage you to make an online post and share it with your community to increase your sales 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 be 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 RINGS ONLINE: 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 supporting your diamond’s high sale price.
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 engagement ring 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 DIAMOND RING 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.
While Diamocycle is an online marketplace for jewelry to where you could sell a diamond ring or loose diamond online, we offer you this advice free of obligation and with the expertise of the industry and field at large. We encourage you to make the best choice for your unique and personal situation. Start selling here. Submit a Listing — Diamocycle
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.