There are three basic choices for anybody who wants to sell a diamond ring in Massachusetts. The first is to sell to a local jeweler or pawn store, the second is to sell on eBay or Craigslist, the third choice is to sell your diamond ring online to a professional buyer like Gemesti. If you live in Massachusetts, we absolutely recommend that you look for a nationwide option when you decide to sell a diamond ring. This article will explain how to bypass small local buyers, and sell your diamond ring for the highest possible price.
Part of the charm of Massachusetts is that it’s a state made up of fairly small towns, even Boston has fewer than 700,000 residents. Compare that to New York with over 19 million inhabitants! Worcester, Springfield, Cambridge, and Lowell all have between 100,000 and 200,000 people. Every other city in the state has fewer than 100,000 residents. This can be great for your quality of life, but it’s a disadvantage if you want to sell your diamond ring for a high price. Put simply: there’s unlikely to be a wide choice of jewelers in your town.
Towns like Fall Rivers, Springfield, or Cambridge typically have less than half a dozen jewelry stores. Smaller towns may only have one or two stores. Unless you’re willing to drive into Boston, your choices are restricted. Prior to the COVID-19 pandemic, Boston had over 200 jewelry stores. It’s not immediately clear how many of these survived the lockdowns and are currently open for business. Sellers undoubtedly still have a large number of stores to choose from, but visiting them is a mission.
Can I get a high price if I sell a diamond ring in Massachusetts?
The chances are that you won’t get a high price when you sell a diamond ring in Massachusetts (or in any neighboring state). Before you consider where to sell a diamond ring in Massachusetts, you need to understand the issues involved. It’s important to know how small town economies function, and how prices for used diamond jewelry are determined. Once you have a basic overview of the second-hand jewelry market, it’s a lot easier to make an informed decision about where to sell your diamond ring.
When jewelers buy used diamond jewelry from ‘walk-ins’ (members of the public who walk into a store uninvited and offer an item of jewelry for sale) they work on a very simple pricing formula.
- Calculate the current retail price of an identical item of jewelry or check the original receipt for your item of jewelry. This is the starting point.
- Deduct any shipping expenses and the 6.25% Massachusetts sales tax.
- Deduct 25-30% to allow for the jewelers mark-up.
- Deduct another sum to compensate for the lack of a supplier’s sale or return deal.
- Deduct as much as they can from the final sum, based on their assessment of your street smarts, negotiating skills, and how badly you need to close the sale.
You could easily be offered less than 50% of whatever you paid for your diamond engagement ring when you first bought it. If you take the ring to a pawn store, you could easily be offered 20% of it’s retail value. You can spend an entire day visiting every jewelry store in town or even driving to nearby towns. You might get lucky, and get a significantly better offer, but the chances are that all the offers you receive will be in the same basic range.
In any small town, the local jewelers all know each other professionally. They may also be social acquaintances. Many of them buy from the same suppliers and they know exactly what’s going on in the local jewelry market. Any shrewd jeweler can guess to the nearest ten bucks each way, what any of his competitors will offer for your used diamond ring.
Should I sell a diamond ring on eBay or Craigslist?
A listing on Craigslist will give you exposure to potential buyers across Massachusetts. The problem is that you’ll have to take responsibility for arranging the actual transaction i.e. you’ll have to meet with the buyer and let them see the ring. If you live in a small community and are dealing with a local buyer, this needn’t be too problematic. It’s easy enough to check out a local’s credentials before agreeing to a meeting. You can also arrange a meeting in a mutually acceptable public place. If you’re in Boston, or one of the bigger towns, it gets a little shakier.
Massachusetts has been rated the 7th best state in the country for public safety. Outside certain problem areas, crime rates are generally fairly low. Nonetheless, diamond rings (and actually all jewelry) is a magnet for thieves. If you do try to sell your diamond ring on Craigslist, you may be targeted by criminals. The risk of crime aside, selling on Craigslist can take months and require repeat listings. It’s also recommended to arrange for a professional ultrasound clean and jeweler’s polish for your ring before you photograph it and show it.
eBay is safer than Craigslist. There are an estimated 52 million American eBay users, not to mention over 100 million foreign users. Your listing will gain massive exposure, but will also face a lot of competition, including from professional jewelers. Their listings are professionally created with top-quality digital images and copywriting. You may struggle to attract the attention of reliable buyers. When you sell a diamond ring on eBay, you’ll also have to decide whether you can offer returns and free secure shipping. It’s generally not a good idea to get into buyer/seller ping pong with a high-value item like a diamond ring. The problem is that many buyers will be put off if you don’t allow returns.
Where to sell a diamond ring in Massachusetts for top dollar
If you’re based in Massachusetts and you want to sell a diamond ring, your best bet is to sell online. Gemesti welcomes sellers from across Massachusetts and provides free FedEx shipping for anybody who wants to sell their jewelry online. Rather than accept local prices in your own town, or face a drive to the nearest town, it’s better to get the national market price for your personal jewelry. Gemesti buys diamonds and diamond rings across America, but bases all its offers on the actual resale value of each individual item.
How does it work?
- Go to our homepage and complete the short online form on the home page. This helps you to easily describe your diamond ring. You can also upload digital photos or certificates if you want to.
- Get a fast call back from your client services manager. He may ask you some more questions about your jewelry and will make an initial offer. Remember, this is an unseen offer based on the info that you provide. The better your description, the more accurate the initial offer will be.
- If you think the offer is fair, and want to continue, you’ll qualify for free FedEx shipping for your jewelry. All diamond rings are shipped by secure overnight courier and are insured up to $100K. All you have to do is liaise with FedEx to arrange the shipment.
- Your ring will arrive at the prestigious EGL US lab the next morning. It will be independently appraised by a gemologist. The gemologist’s report is emailed to Gemesti who can call you back and make a formal offer.
- If you’re one of the 90% of clients who accepts the final offer, all you have to do is complete a sales agreement via email. Your money will be transferred straight into your bank account.
- If you prefer not to sell, there won’t be any issues. The ring is still your legal property and will be returned to you by a secure courier. When your FedEx package was opened, and your ring examined in the EGL lab, the whole process was filmed. There will be no doubts about which ring is yours or the condition it arrived in.
Instead of wasting time wondering where to sell a diamond ring in Massachusetts, it’s better to go online and sell to a national buyer. When you sell to Gemesti you can have money in the bank just 48 hours after completing the online form. Instead of just being a seller, you are a client receiving a service. Pretty much everything is done for you and your client services manager will help if you have questions. When you sell to Gemesti, you can expect to be treated with respect. That’s not always the case when you take your diamond ring around a succession of jewelers stores in search of a fair price.
If you need any more information about where to sell a diamond ring in Massachusetts, or how to sell a diamond ring online, check out the website or see client comments on Facebook.