Deciding to sell your diamond ring or estate jewelry
It’s not always an easy decision to sell your diamond ring, or any other piece of fine jewelry.
This is especially true if a ring or other item has sentimental value. But once you’ve made your
mind up, you need to be completely hard headed and approach the sale as a business deal that
you intend to benefit from.
The first reality that you’ll have to deal with when you sell your ring or loose diamond, is that it
will no longer be worth what you paid for it. This almost always applies to branded jewelry, as
well as to diamond earrings, pendants, necklaces, tennis bracelets and brooches. The only
possible exception is genuine antique jewelry or anything that might be a collector’s piece.
Many people are surprised and disappointed, or even offended when they receive their first offer
for what they always believed to be a valuable asset. This is especially true if they were
budgeting the expected sale price to cover a particular need like a mortgage payment or
“Get an idea of the state of the second hand jewelry
market, and the pros and cons of approaching different kinds of buyers.”
It absolutely pays to do your research, get an idea of the state of the second hand jewelry
market, and the pros and cons of approaching different kinds of buyers. There are a lot of
sharks out there and the best way to avoid them is not to go in the water in the first place!
Selling your jewelry: online versus offline
Sell my diamond ring quickly and safely!
Even ten years ago, the only option for most people who wanted to sell a diamond engagement or wedding ring (or any other piece of estate jewelry) was to visit a local jeweler or a pawnbroker. A lot of women found this embarrassing, shameful, or even slightly intimidating. It meant admitting that your marriage had failed and you needed money.
Buyers were quick to pick up on these vibes and would drive the hardest possible bargain. If they sensed desperation or naivete they would exploit it ruthlessly and pay the lowest price they could get away with. This was especially easy in a small town with few competitors.
Probably the best place to sell your diamond ring is to a reputable online buyer that specialises exclusively in buying estate jewelry. Look for an established company that is registered with the Better Business Bureau and has good reviews on Trustpilot or Google Reviews.
Selling to a local jeweler
Local jewelers usually face a lot of overheads. They have to pay rent, taxes, salaries and all the bills and expenses associated with operating a small business. They might be nice people, but they’re not about to do you any favors financially. If you decide to sell your diamond rings to a high street jeweler, expect to haggle for a low cash price, or an agreement to sell on consignment.
If you close the sale on the spot, you’ll probably receive a check and your next call will be to the bank. If you sell on consignment (your jewelry is displayed for sale in their store) you may have a long wait for a buyer. You’ll also pay a commission to the jeweler. If you live in a small town, it may be difficult to prevent the sale being talked about.
Selling to a pawnbroker
Pawnbrokers don’t have the best reputation and they are definitely not the best place to sell your diamond ring. Some pawnbrokers operate on the wrong side of the law, and most of them attract unsavory clientele. A successful pawnbroker is generally a tough and shrewd individual who is out to make easy money. Very few pawnbrokers are trained gemologists and they don’t have the specialist instruments to accurately value diamonds and fine jewelry.
If you go to a pawnbroker, expect to find a very uncompromising buyer. There will be some leeway for bargaining, but not much. The bottom line will be a take it or leave it offer that’s well below the market value of your diamond jewelry. On the plus side, you can be in and out of the store in just a few minutes and will almost certainly receive an on the spot cash payment.
Sell your diamond ring online
Probably the single best place to sell your diamond ring is to an online company like Gemesti. It always pays to work with professionals when you’re dealing with diamonds and jewelry. Online companies are highly organised and have the resources to offer a top quality service to their buyers. They also pay the best prices for estate jewelry.
Online buyers have created a business model that is built around speed, security and convenience. They work with major parcel couriers like FedEx and UPS to collect jewelry directly from sellers’ homes and securely ship it to a gemologist’s laboratory. Each item is then professionally evaluated and the price is determined entirely according to the resale value of the diamond or jewelery , and on the spot cash payment.
If you accept the final offer, you’ll get your money within 24 hours. If you decide not to sell, they’ll return your jewelry free of charge. Many people are relieved not to have to deal with the buyer face to face and find it a lot easier to conduct the entire sale process with a couple of phone calls and emails – and absolutely no bargaining or haggling.
Other ways to sell your diamond jewelry online
Some people will try to cut out the middleman and sell their diamond jewelry independently on Craigslist or eBay. This can seem like a good idea at first, but there can be a lot of hassles, and even a few dangers. You will need to take effective precautions to protect your personal security if you’re dealing with strangers.
There are a lot of fraudsters who specialise in scamming sellers, either during a face to face meeting or through an online sale. Even if you find an honest buyer who’s ready to pay a good price, you still have to deal with shipping, insurance, possible returns and payment.
Overall, the single best place to sell your diamond ring, branded jewelry or other diamond earrings, necklaces, tennis bracelets or pendants is an online company like Gemesti. The service is secure, it’s fast, you don’t have to bargain, and you’ll get the best possible price!