A diamond engagement ring sitting in a safe, accumulating dust and spreading lousy energy? Sell it and earn cash though it, no matter how bittersweet. Whether you have it after a broken-up marriage, acquired it as part of inheritance, or as gift from a former “special” friend, you most probably have feelings towards the ring. The emotional connection to the ring may make the selling process harder for many. If you have decided to part with it, then focus on the positive side, why have it just sitting in your safe without any purpose, when it can help you make a significant amount of cash. A valuable ring can you give hundreds, sometimes even thousands of dollars.
The challenging questions are always “where to start, the value of your diamond, and who should I trust.”
There are several essential steps to follow while selling your diamond ring.
1. Do a Reputable Buyer Research
There are plenty of buyers and sellers of diamond jewelry, some being authentic and genuine, and others, scammers. Thorough research will help you find a reputable buyer, and you will get the right place to turn your jewelry into cash as well as a price for your diamond jewelry.
Consider a company that has better business bureau accreditations and credible views online. The buyer should offer free and transparent services. They should have diamond experts in-house, or be able to recommend someone, who has had training with the Gemological Institute of America (GIA).
Don’t just estimate the cost yourself, as the quality of the diamond is the only determining factor in the success of your diamond engagement ring sale.
2. Selling Options for Diamond Engagement rings
There are many selling options to consider. The choice will depend on the diamond quality, the timeframe, and the efforts you put in your research. Google will direct you to online buyers, jewelers, gold buyers, and auction houses, pawnshops, vintage, and estate jewelry stores. Each seller has pros and cons; thus, research is a must to avoid disappointment.
3. Determine Your Diamond Value
Some diamonds are real, while others are fake.
Take your ring for a full GIA certification before taking it to the market to avoid deception from fake brokers.
On grading diamond value, gemologists consider the 4 C’S of a diamond when you purchase the engagement ring.
- Color
Diamond can come in a variety of colors, either red, black, green, or blue. However, the natural diamonds have yellow or white shades, with a brighter white color being more valuable. Going for GIA certification, you will get the correct grade color, ranging from D to Z.
- Cut
The diamond cut focusses on the finishing of the stone. A specialist cutter makes accurate facets minimizing the flaws with an increased brilliance and beauty. The cut grades start from the excellent to poor.
- Clarity
A quality diamond has greater clarity, thus, few blemishes and flaws. There are 11 clarity grades of diamond with five categories that determine its value. So, your diamond grade will define your returns.
- Carat
Carat, to most uninformed buyers, is the biggest factor of the 4 C’S. It is a way of measuring a diamond weight. Although, poor quality in all other C’s will mean highly reduces sale price on even the biggest of rocks.
Other factors that will contribute to the premium sale amount of your ring are the symmetry type, polish and ring fluorescence.
Sell an engagement ring safely and upgrade your jewelry collection or break out from your financial burdens and pay off your credit cards or personal loans. Always ensure you research well and understand your diamond jewelry value before making any sale decisions.