5 Secrets To Buying a Pre-Owned Engagement Ring

 

1. Invest in the Diamond Center Stone

2. Buy A GIA or AGS-certified Diamond

3. Compare Diamond Market Prices Online

4. Save Money on a Preowned Ring

5. Buy From a Trusted Source

 

Across our publication, the Diamocycle Dispatch, we discuss the many ways to purchase a pre-owned engagement ring. In this installment of the Dispatch, we discuss the 5 secrets every buyer of pre-owned engagement rings should have to make a successful purchase. We began our legacy in diamonds as a family in 1857, over 150 years ago. 

The diamond center stone represents almost the entire value of a ring, and savvy buyers should understand this. Overpaying for elaborate diamond settings is a waste of Money, as these settings have little value on the pre-owned market. The exception is an original antique setting from a noted era like the 1920s or a diamond setting from a storied maker like Cartier or Van Cleef&Arpels. So, when buying a pre-owned engagement ring, budget most of the purchase towards a ring with a larger diamond center stone, and remember that the diamond setting is a small fraction of the value of the actual ring. 

 

2. Buy A GIA or AGS-certified Diamond

The diamond center stone should be certified by GIA or AGS. In some instances, this is not possible. For example, antique Rings or Vintage important rings were not sold with these reports, and it is impossible to take apart the ring without compromising it. In this instance, an appraisal from a GIA-trained gemologist will be critical. When buying pre-owned diamond rings with other certificates, it is essential to understand how the seller has priced the diamond center stone. When purchasing pre-owned engagement rings online, we suggest contacting the marketplace to understand their policy of establishing pricing guidelines for sellers. 

 

3. Compare Diamond Market Prices Online

The only way to determine if you are paying a fair market price for a commodity is to compare it to the same it to the same thing. Diamonds can be very confusing; even two diamonds with the same grade can have a different market value. Their unique set of attributes creates an intrinsic market price. So, how can a novice purchase a diamond reasonably? The answer is to shop in the right place, but you should compare prices online. However, given the complexity of diamond pricing, it is not very likely, even when comparing two diamonds online, that you can understand which has the higher intrinsic market price. So, it would be best if you relied on the seller to have a standard pricing methodology that creates a fair market for buyers. 

 

4. Save Money on a Preowned Ring

Diamond Settings depreciate on the preowned market. So, by purchasing pre-owned engagement rings, you capture a massive advantage over the new buyer. By buying pre-owned, you can get a much more delicate quality ring with the same budget. The pre-owned ring should be worth more than a new ring purchased with the same funding. Take, for example, a budget of $10,000. The new diamond ring purchased for $10,000 as soon as purchased is worth perhaps $5000.00-$7000.00 on the pre-owned market. A $10,000 budget on the pre-owned market can buy a ring that once had a retail price of close to $20,000. Given this information, it is hard to understand why a buyer would choose to purchase a new diamond ring. 

 

5. Buy From a Trusted Source

The easiest way to purchase a pre-owned engagement ring at a fair price is to buy it from a trusted source. We recommend shopping online for a pre-owned engagement ring. Online sellers have lower overhead than brick-and-mortar sellers. Marketplaces are where the educated buyer shops. Marketplaces must have the following policies in place to protect buyers’ interests. 

 

Policies of PreOwned Marketplaces

• A flexible return policy

• A 3rd Party Inspection from a GIA-trained Gemologist

• Established Pricing guidelines or market prices easily viewable to buyers

• Secure holding of buyers’ capital

• Insured Shipping by a reputable insurance carrier

• A Verification process for sellers to combat anti-money laundering

• A separate section or easily identifiable listings are manufactured or treated earth-mined diamonds. Or not allowing these listings at all.

 

We at Diamocycle have all these policies and allow buyers to shop confidently, knowing they are paying a fair and honest price. We enjoyed helping you navigate your purchase of a pre-owned ring. Please get in touch with us with questions at https://www.diamocycle.com/inquiry. Start shopping here. https://www.diamocycle.com/market-place.