Online marketplaces allow you to sell your engagement ring directly to another member of the public. Posting your ring at 70%-80% of the retail cost will make it compelling to anyone looking for a deal on a similar style ring. Good quality photos are essential if you decide to take this route. Include a detailed description mentioning all of the major characteristics of the ring and its diamonds. This includes the diamond’s 4C’s. Attaching scans of any receipts, diamond certificates or appraisals will increase a potential buyer’s confidence in the deal they are getting.
– Highest Return
– Instant Payment
– Can be done from your home
– Manually posting and photographing the ring
– Long wait and no guarantees that the ring will sell
– Commission taken by the online selling site, (Usually 8-10% of the final sale)
– Difficult to find high value buyers
A jewelry store is usually the first thing that comes to mind when someone is looking to sell their engagement ring. Taking your ring back to the place of purchase is a good option to consider, especially if the ring was bought within the last year. They may feel obligated to provide a reasonable offer when considering the price they charged. Don’t be fooled by the store credit or trade “deals” which you will be offered. Jewelry stores sell pieces at incredibly high markups. All of that store credit they give you will be eaten up by the inflated price of your next purchase.
Read more about the potential drawbacks of trades and store credit here: www.southfloridajewelrybuyers.com/blog/tips-for-selling-jewelry/why-you-should-never-trade-in-jewelry
Consignment is another selling method offered by jewelry stores. This involves leaving your engagement ring in the store’s showcase so they can attempt to sell it. While this may seem like a good option, it can take months or even years for them to sell you engagement ring and they have no real obligation to ever do so. It is a “win, win” situation for them while you are stuck hoping that they will eventually find the right customer.
Keep in mind that most jewelry stores do not have the necessary capital to consistently purchase engagement and diamond rings for their stock. For this reason, they often flip large diamonds, (1ct plus) to established diamond buyers and dealers.
– Experienced jewelry buyers
– Have a reputation to uphold
– Customers service
– Large amount of trade options
– Will push store credit
– Inventory Prices are inflated
– Need to make large margins, (A result of their high overhead costs)
Selling an engagement ring in a pawn shop or gold buyer is rarely a wise choice. While they do offer loans, the value you would be receiving is almost always a fraction of the appropriate resale value of your engagement ring. Pawn shop employees rarely have any real knowledge of diamonds or the diamond market. Their offers reflect a low fixed rate which will enable them to easily flip your engagement ring to any diamond buyers with whom they have a relationship.
– Option to take a loan
– Unqualified employees
– Rushed Service
– Rock bottom offers
– Lack of diamond buying experience
– Bad reputations
If you are located in a big city, there are probably a few established diamond buyers in your area. Their buying team should consist of one or more skilled gemologist. By going to a specialty buyer, you are ensuring that you will be meeting with a qualified gemologist who has insight into the diamond industry. Specialty buyers are usually heavily involved in the diamond trade and should be happy to provide estimates prior to the actual consultation, provided you have the necessary information on your engagement ring for them to do so.
– Qualified gemologists
– Insight into the diamond market
– They can provide estimates
– Usually willing to negotiate
– Rarely found in small towns
Online Diamond Buyers are specialty buyers who have expanded their service range using the internet. This allows you to receive their offer, no matter where you are located. They provide immediate estimates and offer free, insured shipping services. You should always research online buyers before shipping your diamond. BBB accreditation and professional associations are good indicators of a well-established and reliable buyer. Another thing to check for is whether or not they provide free insured return shipping, should you decide to reject their final price.
– Overnight Shipping
– Qualified gemologists
– Competitive offers
– Estimates are provided
– Not local
– Payment takes at least 24 hours