Expert Guide to Sell Diamond Ring 

Including

What is the first step to selling a diamond ring?

Illustrated example of a diamond ring entering the supply chain. 

Should I sell my diamond ring for cash?

Should I sell my diamond ring in person or online

Top places to sell diamond rings online answered.

How do I get the most money

How long should It take to sell a diamond ring?

Should you need to sell a diamond ring, this guide will provide a strong foundation for getting the most money and provide you with some appropriate selling options. The right place to sell a diamond ring is different for each seller. Everyone has different needs based upon the value of their ring and the timeframe to monetize their asset. Our family legacy in diamonds and jewelry began in 1857, over 164 years ago. We are proud to share with you the best advice we would give a valued customer.

What is the first step to selling a diamond ring?

Understanding a reasonable value for your diamond ring is the first step. The majority of the value of a diamond ring is from the diamond center stone. So, understanding your diamond center stone is a must. GIA is the global authority on diamonds, and they grade diamonds with certificates. Diamond buyers use these certificates to appraise the value of your diamond center stone. For a good starting point, take a look at this page. https://www.diamocycle.com/a-guide-to-your-diamonds

Other considerations like whether your ring is an antique or is from a critical maker play a factor. We have included a link to our diamond price calculatorhttps://www.diamocycle.com/diamond-value-calculator. This is a good starting point. Diamonds go through many channels of mark-ups, so a seller can expect to get only a fraction of the retail price they paid for a diamond. Here are some basic pricing knowledge terms below.

Wholesale Price: The price a dealer sells a diamond for to a jeweler. A seller will likely receive 40-50% of the wholesale price if they sell for cash. The wholesale price is not the price you receive when you sell a diamond back into the supply chain.

Price Per Carat: Diamonds are sold at a price per carat. So multiply the price per carat times the total carat weight of the center stone to get a final price.

Retail Price: The final price paid by the retail customer. Usually, diamonds sold online have a lower mark-up than diamonds sold at brick and mortar jewelers.

Illustrated Example of a diamond ring entering the supply chain. 

Wholesale price=$10,000

 The example illustrated: Jim sells his diamond ring for cash at a local pawnshop.

The diamond ring follows this supply chain.

Jim receives 30% of the wholesale price for cash the same day. Paid: $3000.00

The pawnshop sells to a professional diamond buyer who pays 50% of the wholesale price. Sold for $5000.00

The Diamond Buyer sells to another reseller( Diamond Dealer) who is more prominent, has more money, and can afford to wait for a final buyer. They pay 65% of the final wholesale price. Sold for $6500.00

The Diamond Dealer sells to a jeweler at 100% of the wholesale price. $10000.00

The jeweler sells to a retail customer at 125% of the wholesale price for a final retail price. Jim’s ring has reached its last customer. $12500.00

Should I sell my diamond ring for cash?

Selling a diamond ring for cash is never the preferred way to sell, as you are likely to get 25-40% of the wholesale price of your diamond ring. Instead, we recommend selling online to capture a more significant portion of the wholesale price.

Should I sell my diamond ring in person or online

Online buyers are one step farther down the pipeline in the supply chain and are often the buyers who purchase from local cash buyers of diamonds. The question of where to sell online depends on your time frame for selling. If you need to sell a diamond ring today, you will be lucky to receive 50-60% of the wholesale price of a diamond ring. On the other hand, if you can afford to wait to sell in an online marketplace for pre-owned diamond rings, you can capture 85-100% of the wholesale price of a diamond ring. So, given this vast difference in return selling for cash is not the best choice.

Top places to sell diamonds Online. 

Overnight Online Diamond Buyer: WP Diamonds

Likely percentage of wholesale price=40-60%

Time Frame To Sell:72HRS

Diamond Auction Specific for Lower Value Diamonds: Worthy

Likely Percentage of Wholesale price=40-60%

Time Frame to Sell: 30 Days

Non-Diamond Specific Auction: Everything But the House

Likely percentage of Wholesale price=40-60%

Time Frame to Sell: 30 Days

Luxury Auction: Sotheby’s

Likely Percentage of Wholesale price=60-80%

Time Frame to Sell: 120 Days

Diamond Specific Marketplace: Diamocycle

Likely percentage of wholesale price=85-100%

Time Frame to Sell: 30-120 days. 

How do I get the most money?

As you can see above, a diamond-specific marketplace will likely get you the most money. Because you are selling to a retail customer and bypassing several intermediaries in the supply chain. The marketplace lists your diamond ring and inspects it on sale. At the same time, you are providing a secure transaction for both the buyer and the retail customer.

How long should It take to sell a diamond ring?

The estimated timeframe to sell a diamond ring is illustrated above by an online buyer. If you sell locally, you can receive cash today, but at a dramatic discount to selling online. The longer you can afford to wait for a qualified buyer, the more money you will receive when you sell your diamond ring. To start selling with Diamocycle today, submit a listing here. https://www.diamocycle.com/sell-a-diamond