How, Where, and Why to Buy Used Wedding Rings

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How, Where, and Why to Buy Used Wedding Rings

Discover:

Why buy used wedding rings from an investment standpoint?

Why buy used wedding rings as an eco-friendly choice? 

Where is the best place to buy used wedding rings?

What are the least safe places to buy used wedding rings? 

What used wedding rings to avoid 

How to safely buy used wedding rings

Across the Diamocycle Dispatch, our expert-advice publication, we discuss the many ways one can buy or sell-used wedding rings. We believe buying used wedding rings is the intelligent choice for your budget and a sustainable option for the environment. 

With a family legacy starting in 1857, we take pride in bringing you the hard-won advice of serving our loyal and valued customers for over 150 years. 

From an investment standpoint: Why buy used wedding rings?

Quick answer: It’s a better bang for your buck. 

New wedding rings purchased from a brick-and-mortar jewelry store depreciate immediately after purchase. The depreciation extends far beyond simply the value of the stone – Beyond that, their actual value is a fraction of the retail price. 

Used wedding rings depreciate far more than a diamond center stone. The markup on wedding rings is a product of the cost of manufacturing, marketing, channels of distribution, and materials cost. A used wedding ring that can not be sold is worth only the recycled value of the materials. This value can be 10%-20% of the price of a retail used wedding ring. While it is unlikely a buyer can purchase a used wedding ring for the cost of materials, they can reduce the depreciation expense of a new wedding ring. A buyer should look to pay approximately 50% of the retail price of a new wedding ring. So from a financial perspective, buying a used wedding ring is a way to save money. 

Why buy used wedding rings as an eco-friendly choice. 

Traditional Diamond mining is not an environmentally friendly method of harvesting diamonds. Buying recycled wedding rings encourages the sustainable harvest of diamonds through recycling. When you purchase a  used wedding ring, you actively participate in this recycling of diamonds and do not drive demand for new diamonds. At the same time, lab-created diamonds are less detrimental to the planet than mining a new diamond. Lab-created diamonds require lots of energy to produce. A recycled used wedding ring does not. So, a used wedding ring is the clear sustainable choice in eco-friendly jewelry. 

Where is the best place to buy used wedding rings

We believe the best place to buy used wedding rings is a diamond-specific marketplace for used wedding rings online. We discuss this in great detail in this guide. https://www.diamocycle.com/a-guide-to-buying-a-used-diamond

The Advantages of diamond-specific marketplaces for used wedding rings are.

  • The convenience of online shopping

  • A  selection of used wedding rings

  • All items are verified for authenticity 

  • Buyers’ funds are protected

  • Insured shipping. 

  • A return policy

  • There are no concerns for personal safety. 

  • Buying used means saving 50% of the retail cost of a new wedding ring. 

To start shopping for used wedding rings online. Start here. Diamocycle Marketplace

What are the least safe places to buy used wedding rings? 

There are two major concerns when buying used wedding rings. The first is to protect your investment and make sure you are getting what you paid for. The second is that if you purchase in person, you should use caution when transacting with cash. Given these two concerns. Here is a list of the top five riskiest places to buy used wedding rings. We cover these in detail in this article we published. 

https://www.diamocycle.com/diamocycle-dispatch/2022/4/29/top-5-riskiest-places-to-buy-used-diamonds

  • Craigslist

  • The local Pawnshop

  • A friend or Associate

  • A marketplace that sells treated and lab-created diamonds

What used wedding rings to avoid 

Here is the list of what wedding rings to avoid. We suggest reading this article in depth we created. https://www.diamocycle.com/diamocycle-dispatch/5-things-you-must-know-not-to-get-scammed-buying-a-previously-owned-engagement-ring-online

  • Avoid wedding rings with lab-created diamonds-treated diamonds. Resale value is pennies on the dollar of the retail price. They have a value fraction of that of a natural diamond. While it may appear like you are purchasing a much larger diamond for the money, they have a different market and should not be confused with natural diamonds. 

  • Avoid Treated Diamonds-These are poor-quality natural diamonds that have undergone treatments to improve their saleability. At the same time, they may appear to be a good deal. They are not. The diamonds selected to undergo these treatments are so low in quality they would be difficult to sell without them. These include the following: laser, fracture filling, irradiation, or coating. 

  • Understand that diamond certificates are not created equal. A diamond graded by a lesser lab is not of the same quality as a top-tier lab like GIA. 

  • Avoid Online Marketplaces that use an in-house employee, not a gem lab, to inspect your used wedding ring purchase as an in-house employee is far more likely to be biased when verifying a used wedding ring purchase. 

How to safely buy used wedding rings

The first step to purchasing a used wedding ring should be shopping in our preferred venue, an online marketplace for used wedding rings. Given the pre-mentioned safeguards should be in place. However, not all marketplaces are equal. Here are a few things to look out for when shopping for used wedding rings from diamond-specific marketplaces for preowned jewelry.

  • How are buyers’ funds protected-Our preferred method is an escrow account? However, Diamocycle has partnered with escrow.com to protect buyers’ funds.

  • Does the marketplace carry treated diamonds, lab-created diamonds, or diamond simulants like moissanite? We believe an ethical marketplace should not. Diamocycle does not.

  • How are diamonds priced in the marketplace? First, it would help if you understood who is setting and regulating the prices on the market for listing. For example, Diamocycle provides a listing price for white diamonds listed on its site D-M in color.

  • Does a lab or in-house employee verify your purchase- As previously discussed, we believe an unbiased lab should ascertain the veracity of the item purchased? A lab is in the business of identifying and understanding diamonds and not a marketplace.

  • Understand diamond certificates-As all diamond grading certificates are not the same. A diamond certified by EGL USA should not have the same listing price as a diamond certified by GIA with the same attributes. These diamonds are not the same commodity. So, a buyer cannot assume they are the same. If the prices are unregulated in the marketplace, it is confusing for buyers of used wedding rings. 

  • Understand the marketplace return policy. Is credit, a partial credit, or a refund issued for a returned item. 

To start shopping at the Diamocycle Marketplace. Start here. Diamocycle Marketplace

We enjoyed helping you navigate the complex world of diamonds and hope we can help you buy a used wedding ring at a fair price or sell a used wedding here. Submit a Listing — Diamocycle. We understand after 164 years that a reputation is hard to earn but easy to lose. 

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