If you’re wondering where to sell a diamond ring in Los Angeles, we recommend doing a tour of the Downtown jewelry stores centered around Hill Street. DTLA has a thriving jewelry scene and boasts its own Diamond District. You can easily get to the Diamond District by taking the Metro B Line to Pershing Station. The first of the 1,500 plus district jewelry stores begin a short walk southeast of the square.
The DTLA Diamond District attracts customers who are ready to buy jewelry from average to high price ranges. Most of the stores will buy any quality diamond ring with a center stone that is 0.5 carats or larger. There is also a steady market for pavé diamond rings. Alternatively, you can cut out the middleman and sell your diamond ring online for a high price.
The Los Angeles Diamond District
New York might be the diamond dealing capital of the US, with stores to rival Antwerp and Israel’s diamond bursa, but Los Angeles is the King of the Coast. The DTLA Diamond District doesn’t just cater to the world of showbiz, Hollywood actors and the super-rich, but also to LA’s professional and middle class. During the glory days of the city’s diamond trade, there were over 5,000 jewelry businesses in the district. Even today there are still an estimated 1,500 stores crammed into a six-block area roughly situated between 5th and 8th Street and bordered by Olive and Broadway.
If you’re ever in the Downtown area, and you have a spare hour, it’s worth taking a tour of the Diamond District just to do some window shopping and soak up the vibes. Not everybody likes the in-your-face atmosphere of the Diamond District, but it’s definitely an interesting experience. Very few modern cities have a traditional quarter that’s devoted to a single trade or business. A walk along Hill Street will take you past some famous stores including Icing on the Ring, Eli’s, Ritz and Oscars. If you love diamonds, or you’re a shopaholic, you’ll be in your element. If you want to sell a diamond ring in the Los Angeles Diamond District, you’ll have much less fun.
The first problem with the Diamond District is that not everyone is entirely honest. With over 1,500 retailers competing for business, that’s hardly surprising. Behind the smiles and the slick sales spiels, there is a tough attitude towards customers and any naivete is quickly exploited. If you’ve come to try and sell a diamond ring in the Diamond District, you can expect to see the harder side of the diamond trade. If you manage to sell a diamond ring for 70% of what you originally paid for it, you’ll be exceptionally lucky. Many sellers walk away with just 40% of the retail price.
Where To Sell Diamond Ring In Los Angeles for a High Price
With almost four million residents and some of the richest neighborhoods in the US, Los Angeles loves diamonds. LA is arguably America’s most glamorous and glitzy city and LA’s Hollywood celebrities and stars have attracted some of the most stylish and exclusive jewelry stores in the world. There’s no shortage of buyers if you want to sell a diamond ring in Los Angeles.
The bad news is that unless you’re selling super-expensive designer jewelry or collectible vintage items, you’re unlikely to get even close to what you originally paid for your diamond ring. The LA market for used jewelry is tough, and everything is stacked in favor of the buyers. The bottom line is that the average Los Angeles jeweler doesn’t need to buy second-hand diamond rings. They will snap them up at 40 – 50% below retail, but otherwise aren’t interested.
The problem for you as a seller is that the established supply chain is already highly efficient. Jewelers have access to online inventories and suppliers compete for their business. Every LA jeweler can easily negotiate sale or return deals with wholesale diamond merchants or even independent workshops. They can fill their display cases without investing a cent. Any item that doesn’t sell is simply returned to the supplier after an agreed time period.
Any jeweler who buys a second-hand ring is stuck with it. Jewelers need to know that they can make a (reasonably) fast turnaround and a quick profit on any used item they buy. This means offering sellers the lowest possible price on a take it or leave it basis. There’s some room for negotiation, but we’re usually talking in terms of a few percentage points. The Los Angeles jewelry market may be massive by the standards or most cities, but it’s still a tight community. The average jeweler can guess exactly what his competitors will pay for any used item.
Should I Sell my Diamond Ring to an LA Pawn Store?
It’s pointless to even consider selling a good quality diamond ring to a pawn store in LA. Their core business is based around portable white goods, guns, musical instruments and cheap jewelry and gold. Most pawn store managers have a working knowledge of diamond jewelry, but they’re certainly not trained jewelers or gemologists. They can usually make a big production out of checking a diamond with a jeweler’s loupe (and can tell if it’s flawed or not). If they think it has resale potential, they’ll try to offer you a rock bottom price.
When pawnbrokers do buy a diamond ring, they expect to go online and resell it immediately. They know that if they bypass the Los Angeles jewelry market, they can get a higher price. A few pawnbrokers have private eBay accounts and are willing to hold out for the right price. Most will go straight to a professional diamond buyer. Pawn stores should be the last on your list of where to sell a diamond ring in Los Angeles.
The good news is that if you’re an LA resident, you’re not stuck with the DTLA diamond district, or a neighborhood jeweler or pawn store. You can go online at any time and sell your diamond ring for top dollar in less than 48 hours from start to finish.
Sell your Diamond Ring Online
Clued up sellers in Los Angeles avoid the DTLA Diamond District. There’s no point driving downtown, finding parking, and walking around a dozen stores if they all offer you the same low prices. It’s not really a question of where to sell a diamond ring in Los Angeles, but whether you should even try selling a diamond ring in Los Angeles…
Even a few years ago, you didn’t really have a choice. Fortunately, it’s now easier to sell online than it is to sell Downtown – and you’re also likely to get the best price for your diamond ring. Professional diamond buyers like Gemesti identified a pain point in the market and were quick to come up with practical solutions for frustrated sellers. They identified 5 key seller requirements that traditional jewelers can’t – or won’t – meet:
- High prices for used diamond rings
- Fast and convenient sales
- A courteous and respectful service
- Personal security and privacy
- The option to sell a collection of personal jewelry
How to Sell a Diamond Ring Online
When you sell a diamond ring online, you need to know that you’ll get a good price, can close the sale and get paid within 48 hours, and that you can back out of the deal (without being penalized) at any time. You also need to be sure that there are no hidden charges, expenses or deductions.
Gemesti believes in keeping it simple and making the selling process stress-free. It’s also completely transparent. You know exactly what is happening at any given time, and have your own Client Services Manager as a point of contact.
- Visit www.gemesti.com and complete the quick online form. This helps you to describe your diamond ring. You can also upload photos or any certificates if you want.
- Your Client Service Manager will get straight back to you with a first offer. The ‘unseen offer’ is based on the info you provided in the form. If you like the offer, you can immediately begin the sales process.
- As a potential client, you’re entitled to free FedEx shipping for your ring. Your ring will go straight to the EGL US laboratory – right here in Los Angeles. A gemologist will appraise the ring and determine its exact market value.
- Your Client Services Manager will get an email report from the gemologist. He’ll call you back with a formal offer. If you’re happy with the offer (90% of clients are) he’ll email you a sales agreement.
- Upload the signed sales agreement and your money will be wired straight to your bank account.
Now that you know where to sell a diamond ring in Los Angeles – straight from your cell phone, laptop or Tablet – you’re good to go! All you need is some photo ID, a current address and a bank account (and a few spare minutes to complete the online form and take a call).
Check out Gemesti on Facebook and at the Better Business Bureau site.
