How to Sell An Engagement Ring in 5 Easy Steps
Step 1. Have the Right Paperwork to Sell for The Most Money
Step 2. Determine What Selling Method is Right For You
Step 3. Submit your Engagement Ring and Get Estimates
Step 4. Field Offers from Buyers
Step 5. Collect your Money Securely
Across the Diamocycle Dispatch, we discuss the many ways to sell an engagement ring and get the most money. Our legacy in diamonds and jewelry began in 1857, over 164 years ago. We take pride in giving you the best advice we would share with a valued customer.
Step 1. Have the Right Paperwork to Sell for The Most Money
The best paperwork to have for an engagement ring is a diamond certificate. The pinnacle of diamond certificates is the GIA diamond certificate. Diamond buyers can provide you with a valid offer for your diamond engagement ring with a GIA diamond certificate. In addition, you may have a diamond certificate from another grading agency. The certificate will be viewed based on the quality of the lab. The following is how the diamond industry views diamond certificates.
Top Tier: GIA
Second Tier: AGS, HRD, GCAL
Third Tier: IGI, PGS
Fourth Tier: GSI
Fith Teir: EGL
What should I do if I don’t have a diamond certificate?
Only loose diamonds qualify for diamond certificates. If you inherited a modern diamond ring with a high-quality diamond center stone and are selling it, you should strongly consider having the diamond removed by a trusted local jeweler and submitting it to GIA for grading. While this sounds like much work, it is the only way for the industry to confirm with confidence what your diamond is and provide a market value for your diamond. You can submit a loose gem here. https://www.gia.edu/submit-a-gem-duplicate
If you cannot remove a diamond in an antique setting that could be damaged, then investing in an appraisal by a gem lab that grades mounted diamonds could give buyers more confidence in what you have. https://www.gemlab.com/. Now, if you have a bill of sale, you may be able to get offers or provide buyers with some confidence in the quality of your engagement ring. Diamond buyers will want to inspect your engagement ring before offering you a final offer.
Step 2. Determine What Selling Method is Right For You
We strongly suggest selling your engagement ring online to get the most money. The suitable selling method depends on the timeframe you need to create money. We strongly advise that the quicker you sell your diamond ring, the less money you will receive for your engagement ring. Let’s compare diamond engagement rings to selling a house. If you sold your home for cash in one day, you would expect less money than if you prepared it for sale with an inspection, cleaned it, staged it, and took amazing photos. The same is true when selling your engagement ring. You want to get the best buyer for your Ring, and you have to know how to sell it the best way. Our preferred venue is the marketplace for pre-owned engagement rings. Diamocycle is our online marketplace that provides a secure venue for listing engagement rings. We even offer buyers a diamond appraisal from a 3rd party gem lab when they purchase your Ring, so they are confident in buying. We do all the marketing work to find you a high-paying retail buyer and take a low service fee. We set the market price based on our proprietary formula and are incentivized to get you the most money. You are selling to a retail customer, not an overnight buyer who will resell your Ring at a high profit.
Step 3. Submit your Engagement Ring and Get Estimates
The best way to sell an engagement ring online is to have the proper paperwork, and with that paperwork, you can get estimates for what a diamond buyer will pay you. We believe the best way to get the most money selling online is in a marketplace for pre-owned engagement rings. The marketplace platform connects buyer and seller and provides a secure venue where the buyer’s funds and the Ring are protected throughout the transaction.
Step 4. Field Offers from Buyers
At Diamocycle, we do the work of fielding offers from retail buyers. With the proper paperwork, you can submit your diamond certificate to buyers online, and they can provide you with an estimated range of what they can pay for your diamond engagement ring. Our top five places to sell a diamond engagement ring are as follows. 5. Luxury Auction Venue Online: For Ring Over $25,000 +
Sotheby’s
Time Frame to payment Estimate: 30-60 days
Percentage of Retail Price Average: 25-40%
4. Non-Specific Auction Venue Online: For Ring Less than $500-$25,000
Everything But The House
Time Frame to Payment Estimate: 30-60 days
Percentage of Retail Price Average: 25-40%
3. In-Person Transaction:
Selling to a friend or colleague. Our advice is never to sell to someone you do not know in person for cash.
Time Frame to Payment Estimate: 90-365 days
Percentage of Retail Price Average: 50-60%
2. Overnight Online Diamond Buyer: For Ring $2000- $25,000
WP Diamonds
Percentage of Retail Price: 25-35%
Time Frame to Payment Estimate: 72 hrs
Percentage of Retail Price Average:25-35%
1. Online Marketplace: For Rings $2000- $25,000
Diamocycle Submit a listing here. https://www.diamocycle.com/sell-a-diamond
Time Frame to Payment Estimate: 30-90 days
Percentage of Retail Price Realized: 50-75%
Step 5. Collect your Money Securely
The above selling methods are all well-respected companies and charge fees of service for providing a venue to sell your engagement ring or provide an offer range and a final bid. Using a reliable selling method is the key to protecting your funds. Diamocycle has insured shipping, free inspection services, and safeguards buyers’ funds. Our goal is to get you the most money while you keep control of your engagement ring until a buyer sells it. With a family legacy since 1857, we understand reputations are hard to earn but easy to lose.