Sell Diamond Ring-5 Methods Reviewed in 2022

1. Diamond Auction Online-example: Worthy

2. Non-specific Online Auction-example: Everything But The House

3. Overnight Online Buyer-example: WP Diamonds

4. Social Media Marketplace-example: Facebook Marketplace

5. Marketplace for pre-owned diamonds-example: Diamocycle

Across our publication, The Dispatch, we empower buyers and sellers with the knowledge to make informed choices with their diamonds. Our legacy in diamonds and jewelry began in 1857, over 150 years ago.

1. Diamond Auction Online-

Example: Worthy

An online diamond auction sells your diamonds to either a professional or retail jewelry buyer. The former pays less than the latter. Your goal is to sell your used diamond for the highest price, so selling to a retail buyer, not a member of the diamond trade, is your goal. If you sell your diamond to a member of the diamond trade, they will resell it to a jeweler, who will resell it to a consumer instead of a direct consumer-to-consumer sale. This model is a quick sale but a low net proceed. Worthy is an example of an auction with a network of professional buyers competing to purchase your diamond. 

Example: Worthy

Score:

Speed=8/10(fast)

Cash Recieved=3/10(low)

Safety=10/10(high)

Ease of Use=10/10(high)

Fees=5/10(high for a low net proceed)

2. Non-specific Online Auction-

Example: Everything But The House

A non-specific online auction has many different types of items in it, not just jewelry. The ideal auction sells to retail customers, not professional buyers. Auction fees vary by the amount of the sale. 

Example: Everything But The Houses

Score:

Speed=8/10(fast)

Cash Recieved=6/10(low)

Safety=10/10(high)

Ease of Use=10/10(high)

Fees=7/10(reasonable as doing the work of selling to a retail customer)

3. Overnight Online Buyer-

Example: WP Diamonds

Overnight diamond buyer provides you with an offer range for a GIA-certified used diamond. The company emails you a pre-paid, insured shipping label. You then drop it off at Fed-Ex, and they give you a firm offer when the item is received. Selling online via this method is the fastest method. Unfortunately, the quickest way does not equal the most money. Overall though, if you net out fees, this can be close to what an auction that sells to professional buyers pays. 

Example: WP diamonds

Score:

Speed=10/10(fast)

Cash Recieved=4/10(low)

Safety=10/10(high)

Ease of Use=10/10(high)

Fees=10/10(reasonable as doing the work of selling to a retail customer)

4. Social Media Marketplace-

Example: Facebook Marketplace

You are leveraging the power of social media to sell your ring. Social media marketplaces can be a suitable method with a few caveats. You have to worry about your safety when you sell your ring, and the buyer will be concerned about the authenticity of your listing, leading to a reduced offer amount. You also have to do the most legwork with this method, so be prepared to put in the time. We do not recommend this method for transactions over $2000.000

Example: Facebook marketplace

Score:

Speed=5/10(slow)

Cash Recieved=7/10(medium/high)

Safety=1/10(low/risky)

Ease of Use=3/10(low)

Fees=10/10

5. Marketplace for pre-owned diamonds-

Example: Diamocycle 

A marketplace for pre-owned jewelry is our preferred choice for the following reasons. First, your diamond ring’s end destination is reached. Your ring is sold to a retail customer at the highest market price for a low service fee. The transaction is secure, and it’s very little work. You maintain physical possession of your ring until buyers send their funds. You take at least three quality images with a cell phone, and the marketplace does the rest of the work. You will have to print a FedEx label and send your ring insured when a buyer purchases it to a 3rd party gem lab. It’s inspected for authenticity and forwarded to the buyer. You are paid after the buyer return period is over. If the ring is returned, it goes back to the 3rd party lab that inspected it to verify it is unaltered, so there is no risk of fraud. This method enables you to get the highest price and is the lowest risk to personnel safety. This method will take longer than either two of the auctions or the overnight buyer. It will likely be similar in length to the social media marketplace but without the safety or fraud risks, and also will probably net you a higher price as buyer confidence is higher in this method. Start selling here. Submit a Listing — Diamocycle.

Example: Diamocycle 

Score:

Speed=5/10 (slow)

Cash Recieved=10/10 (high)

Safety=10/10 (low risk to safety)

Ease of Use=8/10 (easy)

Fees=10/10 (low)