If you want to sell your used jewelry, you’ll find that the market is enormous. That’s why many people consider selling their engagement rings to earn extra cash. However, many wonder if it’s possible if this piece is made of diamond.
Besides being expensive, diamond rings are highly coveted. Therefore, selling one can be challenging and a bit overwhelming, as you want to ensure you get the most money and aren’t at risk of theft.
Fortunately, you can learn how to sell your perfect engagement ring here, whether you want to declutter old jewelry pieces or need some extra cash to buy new items. Here’s all the information you’re looking for!
What Is the Best Way to Sell Diamond Rings?
Did you know you can sell diamonds in different places? You can find a reliable buyer if you have loose diamonds or an expensive engagement ring. However, even if you choose the most popular and reputable one, you won’t likely get an offer close to your engagement ring’s total retail value. Luckily, the following tips can help you keep the bargaining power in your hands and get a fair offer for your ring.
Selling Your Diamond Rings to a Pawn Shop
If you want to save time and get money for your diamond engagement rings fast, a pawn shop is the best place to sell them. However, this isn’t the most lucrative option. You’ll probably receive much less than what you paid when you bought your ring.
Unfortunately, most pawn shops expect customers to purchase the diamond ring back for a slightly higher price. Therefore, they offer considerably low sums.
Posting on Craigslist
Posting on Craigslist is free, so it’s a cost-effective option for those who want to sell diamond engagement rings. However, this platform is usually riskier.
Besides safety issues and the high risk of scams, you’ll also find cheap diamond buyers. In other words, you’ll likely get lowball offers. However, many have had good results using Craigslist to sell engagement rings.
If you want to avoid risks when selling on Craigslist, don’t use this platform to sell overpriced items or ensure you have protection when showing what you’re selling to a potential buyer.
Do you know all the details about your stone? If so, eBay can also be an excellent option for selling diamond engagement rings.
Having the certification or getting the diamond ring appraised is essential, as you must know all the details about this piece of jewelry, including its color, carat weight, clarity, and cut.
Is it brilliant, earth or emerald green, and huge? Do you want to sell a small, classic, non-colored stone? This information is essential to post on eBay. Also, be honest in your listing and let potential buyers know if the diamond or ring is used.
However, remember that you must pay listing and selling fees to use eBay. Therefore, it isn’t the most cost-effective option. Also, items can always be sent back, so you have to be careful with each transaction.
Consider Consignment with Local Jewelry Stores or Auction Houses
If you don’t have a hurry to sell your diamond ring, you can choose consignment or auction houses. However, this isn’t the best option to make quick money since each piece of jewelry can take time to sell.
This method is the best option for sellers who want to set the selling price for their own engagement ring. That means you’ll be able to make more money if a buyer shows up. Also, the consignment fee is much lower than you pay to use platforms like eBay.
Understanding the Consignment Process
Curious about how a consignment sale works? Here’s a short but detailed explanation.
- Step 1: The seller and the local jeweler or auction house representative sign an agreement showing that they have agreed on the sale and set a specific period.
- Step 2: The jeweler or consignment house returns the diamond ring to the seller if it doesn’t sell during the set period.
- Step 3: The seller tries to sell the diamond engagement ring again at a different price or uses another selling method.
Is Selling to a Buyer the Same as Selling to a Local Jeweler?
Selling a diamond ring to a buyer isn’t the same as selling an item to a jeweler. Overall, a jeweler usually spends more money to sell these pieces. As a result, diamond buyers often pay more for rings and other items with these stones.
To know if a diamond buyer is reliable, check their website and look for reviews or testimonials from previous customers.
While diamond buyers don’t offer rings’ total value, you’ll get a significantly higher offer than you would if you chose a pawn shop. Also, they’re often willing to negotiate, and selling your diamond rings to a buyer is much faster than doing it through Craigslist or eBay.
Final Thoughts – What Is the Best Way to Sell Diamond Rings?
To find the ideal way to sell your diamond ring, you should do exhaustive research and set your preferences to make the best decision.
As mentioned, at a pawn shop, engagement rings sell for a lower price. Online buyers may pay more for these pieces, but safety issues exist. Therefore, you should answer the following questions:
- Do you need quick money?
- Can you wait until you find a suitable buyer?
- Are you willing to deal with the risks of selling to online third parties?
- Do you plan to buy more engagement rings after selling yours?
- Do you want to make the most money for this timeless piece or just want to sell it?
Analyze the answers and pick the best option accordingly. Remember that your safety should be your priority!
Contact Abercrombie Jewelry Today!
Are you sure selling your diamond ring to a professional buyer is the best option? Abercrombie Jewelry can give you a hand!
At Abercrombie Jewelry, we understand that you’re emotionally attached to this piece of jewelry. You don’t want to part with this meaningful item after choosing the ideal engagement ring setting and a beautiful yellow-gold wedding band for a special day.
However, we’re fully committed to offering the best price for your ring, whether it is intense white gold or silver, has a precious gemstone, or is a classic but beautiful model. Get an expert appraisal and a fair offer today. Call Abercrombie Jewelry!